What is the difference between condo and townhome

They also come with some land that owners can landscape or use as they like. Condos tend to have lower insurance rates because the owner is required only to insure the interior.

Townhomes may have higher insurance rates because the owner must cover both the interior and exterior. Access to amenities, proximity to neighbors, and general lifestyle expectations can differ greatly between the two. Have you decided one is a better option than the other? No matter what you choose, head to NewHomeSource for local and nationwide listings of all new homes for sale.

By downloading our guide, you can also look forward to receiving our New Home short email series. You may opt out of this subscription any time you wish. Your email address will not be published. Get our FREE guide on how the home construction process works.

Leave a Reply Cancel reply Your email address will not be published. But what is the difference between a condo vs townhouse. Homebuyers are often confused about the differences between condos and townhomes.

The two property types share many similarities but also have some pretty significant differences, let's start by defining what each property type actually is. Condominiums or condo units are a type of real estate ownership. Condo owners are essentially buying the air space or living space on the interior of their unit along with a fractional co-ownership of any communal areas recreation centers, pools, etc… and common areas of the structures and land among all unit owners.

A townhouse is a style of building, typically seen as an attached structure of 2 or more stories with common walls in a community of buildings. The primary difference between condo and townhouse communities is that the townhouse owner actually owns the structure as well as the land under a townhouse.

This is not the case in a condo. The most obvious similarity shared by a condo vs townhouse is common walls. Townhouses will generally share one or two common walls with a neighbor. The end units of a townhome development, of course, share only one. Condos, on the other hand, could potentially share many more walls including ceilings and floors depending on the design of each unit.

This means that the owners share interests in common elements like clubhouses, fitness centers, pools, and parks. These amenities are funded by the owners of the units through fees or dues. That money along with the maintenance of the community and any common interests are managed by a homeowners association HOA. In the case of condominiums Association is often simply referred to as the "condo association".

One of the most important differences between a condo and a townhouse is what you actually own. In a condominium, you own an interest in the entire property. A townhouse is actually a type or style of property, you own the land your townhouse is built on as well as the actual townhouse structure.

In a townhouse development, the owners may or may not share ownership of the common amenities but they most certainly pay the dues to maintain and use those amenities. Condos tend to be part of larger buildings, similar to apartment buildings. They share at least one and in some cases many walls. Condo buildings are likely to also share neighbors both above and below. It's nearly impossible to distinguish between apartments and condominiums from an architectural standpoint.

Think of a condo as an apartment you own. Townhouses are similar to Condos in that they may share a wall or walls. Townhomes are more of a style than condos are. Townhomes tend to look more like single-family homes. Generally two stories and side by side like an east coast brownstone or row-house. Townhomes can come in a single level configuration as well but these are often referred to as "Patio Homes". The main differences between condos and townhouses are related to ownership.

Condominiums or condos are a type of real estate ownership. You are essentially buying the inside of the individual units along with a fractional co-ownership of any common amenities, things like recreation centers, pools, tennis courts, etc… and common areas of the structures and land among all unit owners. Townhouse owners actually own the land the home is built on along with the home itself.

In many cases, you will have a front yard and a small yard or private outdoor space in the back of the property that you own as well. Additionally, townhouse communities generally have homeowner associations HOAs. Owners pay monthly dues to cover insurance and maintenance of the community's common areas, as well as for services such as trash pickup and snow removal.

Some HOAs enforce community aesthetics rules, such as the colors of exterior paint permitted and the types of fencing owners can install. Owners also remain financially responsible for exterior maintenance and repair of their townhouses. A townhouse is right for people who want some involvement when it comes to maintaining their homes but do not want the responsibility of owning and maintaining a large lot.

Condominiums provide the most hands-off approach to homeownership. Many of these types of residences are physically indistinguishable from rental apartments, though some developers construct condos that look like multilevel townhouses.

Condos are often cheaper than townhouses, in part because they come with no land. The exterior of the units, plus the land around them, is considered a common area and owned collectively by all the condo owners in the community. Monthly cost and maintenance are the defining features of condos. Like townhouse owners, condo owners pay monthly HOA fees, though their fees may be significantly higher.

Condo community HOA fees cover the cost of unit exterior maintenance; the insurance required to cover pricey items such as roofs, elevators, and parking structures; as well as services like trash and snow removal. A condo works well for people interested in owning real estate at a reasonable price and close to where they work or play. Situated on their own lots, detached homes tend to provide owners with the most freedom when it comes to improving the structures or the land that comes with them.

The square footage of detached homes ranges from small to mansion-size, but the defining feature of this type of home is the freestanding structure; there are no neighbors with whom to share walls.

Like condos and townhouses, some detached homes, especially in urban and suburban areas, may have HOAs, but the fees are usually minimal and cover no more than snow and trash removal and shared road maintenance. And many detached houses have no HOAs at all. Those provide the most independence and freedom of choice. Detached houses appeal to people who want large yards for their children to play in and room for other structures, such as a detached garage or workshop.

Detached-home ownership is also the right call for people who do not mind yard work or who yearn for a big garden. Whether you want a condo or townhome, you must still have a good credit history and steady income to qualify for a home loan. Condos and townhouses also must meet the value during the appraisal.

Ask your loan officer to tell you more. Mitch Mitchell is a freelance contributor to Movement's marketing department. He also writes about tech, online security, the digital education community, travel, and living with dogs. At its most basic, the following two rules apply: A condominium is always owned, and may or may not be classified as a townhouse.

A townhouse may be owned, but it could also be a rental. And it may or may not be classified as a condominium. Condo vs. Townhouse What is a condo? A condo is a component of a larger property, such as a four-story brownstone in which each unit is a condominium, or a large complex of apartments, like those found in urban high rises consisting of dozens or even hundreds of units.

Condos typically have smaller square footage than townhouses and feel more like apartments.