What is the Difference Between a Townhouses and Condos?
What is the Difference When it Comes to Ownership?
Perhaps the most important difference between the purchase of a townhouse and a condominium is the ownership.
Townhouse Ownership
When you purchase a townhouse, you are taking on the sole ownership of the home, which includes the roof, and all of the land that lies below it. Now, it is true that townhouses are often a part of a community association, each homeowner still has their own separate living space.
Condominium Ownership
Unlike with a townhouse, when you buy a condominium, you are purchasing one unit that is located on a piece of property that is co-owned by a number of other condo owners. You purchase the individual living space as well as a portion of the land, property, and amenities. In other words, a condo owner shares ownership of just about everything located on the property with others, including the roof and staircases.
What is the Difference in Style?
When deciding whether you ought to purchase a townhouse or a condo, you will likely find that the general floor layout is the main point of difference.
Townhouse Style Living
Townhomes generally have multiple floors—sometimes as many as four or five in one unit for one common family. Some townhomes are attached to twin units, but each owner still has exclusive access to all the floors of their own home.
Owners of townhomes may also have the benefit of more convenient amenities, such as a private garage or driveway and a personal lawn where they can grow a garden. Condo owners must share just about everything with the others who own the unit.
Condominium Style Living
Many condos resemble standard apartments in that the living space is commonly consolidated to one floor or a portion of a floor depending on the buildings format.
Rules and Other Things to Consider
Rules When Living in a Townhouse
While townhouses also have homeowner associations, those associations tend to give residents more freedom in decorating their living spaces. Some people look at these associations as a parent, however, but many others prefer to the governance of a homeowner’s association to help keep the property clean, well-maintained, and valuable.
Rules When Living in a Condominium
Condo associations have a reputation for being very strict when it comes to the rules of the property. This tends to be the case, even more, when it comes to items that are visible to the outside community. Since many households share a common condo property, they all play a role in keeping its market value strong.
Conculsion
Both townhouse and condominiums have their own set of benefits and a wonderful lifestyle. It really comes down to price and what housing style best suits your life as the homeowner. The overall difference between these two popular home styles is that with a townhouse you are taking on much more responsibility and with a condo, you can expect to share a lot more with your neighbors.