What Are The Differences Between Townhouses And Condos?
Those that live in apartments or detached houses might not know the differences between condos and townhouses, but there’s quite a few. Most everyone has dreams of one day owning their own home, and if you’re looking at either of these as your first, or even last, home, then it’s critical to know just what each is, as well as how they differ. Keep reading into the following three sections to learn descriptions of each, as well as the primary differences that distinguish them from one another.
These are houses that are rowed or terraced. A number of them are all roughly the same size and shape, sharing common walls between them. They’re often a single-family residence, with each unit having its own separate entrance. If you buy a townhouse, then you’re buying a special unit among a longer line of similar properties. The history of townhouses is sometimes traced back to the UK and Ireland, where aristocrats living in a capital city used these when in town for social functions or attending parliament sessions.
These are also known as condominiums, and they’re a type of housing tenure which also means common ownership. These are often something that was once part of a particular estate and then either sold or leased out to tenants. An owner of an entire estate did this. In modern times, it’s a term reserved as a substitute for special units or apartments that are purchased or leased.
-Specifications of ownership: As a condo owner, you’re the legal owner of all the interior. However, a monthly fee must be paid to the condo association for use of any external amenities. This association is formed by everyone owning condos.
-Property taxation: Condo owners pay property tax only on their individual area and living space. Townhouse owners pay for their own living area but also any physical ground it’s built upon. That often makes townhouse costs higher than condo prices.
-Townhouse owners have to pay the homeowner’s association for complex maintenance, but condo owners already have this covered through their monthly dues.
-Home structure: Regardless of the size of any townhouse you buy, it’s always going to be at ground level. There’s no floors above you, except perhaps a terrace, or something in a Cape Cod architectural style. Condos often have multi-floor complexes. Luxury buildings might have many stories, some with exotic views.
-Condos are often in close neighborhoods, making them safer.
-Townhouses have fewer neighbors, therefore more privacy.
Now that you know the general definitions and characteristics of both townhouses and condos, you can identify them accurately when out home-hunting. As you shop for your new home, keep the differences in mind to find the right place for you and your family.