Exploring condos and townhouses
Individuals have many options when seeking places to call home. Among those options are condominiums and townhouses. While quite similar, condos and townhouses are different. Learning what sets these residences apart can help people find the right fit for them.
Condominiums Condos are private residences owned by an individual or family in a private building. According to Realtor.com, condos are similar to apartments. However instead of paying rent, condo dwellers own the space. Condos share common areas, such as pools, recreation rooms, gyms, and outdoors spaces.
People may be attracted to condos because there is very little maintenance involved. Condos can be in large buildings similar to apartment buildings, and living spaces may be confined to one floor. High-rise condominiums may resemble skyscrapers, offers Coldwell Banker, which notes that a condo owner shares ownership of the land, the roof, the staircases, and the exterior of the condominium complexes. The only thing the condo owner may own outright is his or her individual living space.
Condo owners typically rely on maintenance companies and other contractors to handle the repairs and upkeep of the spaces outside of the interior of one’s specific condo. Residents typically pay condominium fees to a condo board to manage and cover these expenses. Because of the multiperson ownership, condos place strict restrictions on what can and can’t be done to the property.
Townhouses Townhouses are usually multileveled attached properties. Townhouses may fall within a row of other homes or be an end unit where only one side is attached.
Many people are drawn to townhouses because of their various levels and architectural styles. Some also feel that townhouses provide more of a traditional home feel than condominiums. Townhouses may come with a small parcel of land, a driveway or a private garage.
Although there may be some community amenities accessible to owners of townhouses, such amenities are rare. However, because townhouse communities do not handle as much maintenance — exterior repair and roof maintenance may be the responsibility of the townhouse owner — homeowners association fees tend to be less expensive than those incurred by condo owners.
Townhouse owners typically take ownership of the home, the roof and the land that lies below it.
However, both townhouse and condo owners are urged to read the bylaws of their communities, which should specifically list responsibilities of the owner versus the homeowner’s association or condo board.
Condos and townhouses have similarities and differences, but both can be ideal places to live for those who desire help with maintenance and worry-free living.