If you are thinking about buying real estate, there are many different types of properties to choose from. Many different factors will help you determine the kind of property that is best for you. Start by thinking about your lifestyle along with your interests, budget and where you plan to live along with your wants and needs.
You may be considering a property that is attached to others. There are different kinds of properties that fall into this category but the most common types are condominiums and townhouses or townhomes. If you are exploring your options in attached dwellings, you may wonder what the difference is. Here are the things you need to know when it comes time to pick between a condo and a townhouse.
While many people think they know the difference in condos and townhouses, chances are you may be mistaken. Condos and townhouses are not distinguished by the architecture of the structure but by the ownership of the property. In both condos and townhouses, the units are attached to other units and will have some shared areas even if it is only a wall.
With condos, you will own your individual unit plus you share ownership of the building and common areas with the other owners in the building. When purchasing a townhome, you will own your individual unit plus you also own the land the unit sits on. There will also be some kind of an HOA that manages any common areas and the exteriors of the building and the property.
These terms are sometimes used interchangeably by people though they may not be using them correctly. If you are looking for an attached dwelling to buy, make sure you understand the pros and cons of each style and compare them to your wants and needs to help you decide what will be best for you. In some cases, townhouse style properties are technically condos due to the lack of land ownership that comes with the purchase.
When you are weighing your options, make sure to consider cost, who will be responsible for maintenance and repairs on the exterior and common areas and the available amenities. Many people are drawn to condos and townhouses because they are able to enjoy the benefits of ownership without the full time responsibility for maintaining all aspects of the property though they will still be responsible for covering the cost of the maintenance.
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