Numerous house ownership opportunities exist, some difference explained:
Townhouses and condos which are the most popular in urban areas are some of the options buyers may consider. But there are several differences between condos and townhouses that buyers should be aware before buying one.
A townhouse is a narrow, tall building with at least 3 floors that is normally attached to its neighbors but could have a small space between outside walls. A condo could be a one- or multi-level apartment or even a townhouse
Difference between a condo and a townhouse
How much of the house you own is the biggest difference between a condo and a townhouse.
With condos, owners only maintain ownership of the inside of the house, But the exterior of the building, the common lands and the land are jointly owned by all the condo owners. Every condo owner has to be in an organization which manages the maintenance of the condo and other areas.
On the other hand, a townhouse is singly owned. A townhouse house owner maintains ownership of the house both interior and exterior, and the land that the townhouse sits on. Hence, the owner is responsible for repair and maintenance of the home, as well as the land.
Related to the type of ownership you choose, there are certain fees the owners must pay.
Generally, condo owners pay higher fees. This is because the exterior of the house and the land are co-owned. They are owned by an organization. This means the fees are used to cover all the maintenance of the unit. For example, if the house needs a new roof or there is an issue with the building siding, the fees are used to resolve these problems. In addition, the fees contribute to the maintenance of the amenities and other shared places.
Townhouse owners pay lower fees than condo owners. But they are personally responsible for repairs and maintenance needed outside the unit.
The main benefit of condo living is the massive collection of amenities that most complexes offer. Most condos provide amenities such as luxury gyms, recreation rooms, large parties and swimming pools.
But in townhouses, there are no such amenities. However, some offer minor services that include lawn care and waste pick up.
Condo association has strict rules when rules of property are concerned. Since all owners share the property, they play a role in keeping the property clean and ensuring it market value remains strong. While most townhouse owners look at the associations as a bother.