Homes come in all styles these days and choosing the right one can be tricky. When thinking of your next home, consider a condo or a townhouse. Both are perfect for small families, singles, and first-time homeowners. However, they have some differences so it’s important to carry out research before settling on one. Here are the distinctions between a condo and townhouse for your next home.
Home Ownership Can Make a Difference
A condo, or condominium, is a unit in a large complex. The units in the building are owned by individuals and not a landlord. A condo is usually located on a property shared by other condo owners. This means you all co-own almost everything located on the property: the land, the amenities, even the staircases and the roof.
A townhouse, on the other hand, is a unit conjoined to others. Individuals own the units which resemble row houses as they share one or more walls. When you buy a townhouse, you completely own it. You own the land it’s built on and even its roof. A townhouse is normally a part of a community association.
The Architecture of the Building Can Give you Some Clues
Condos come in a myriad of styles. They can be a set of cottages, part of a high rise, or standard apartments. The living space in condos is mostly located on one floor or part of a floor, depending on the building’s layout.
Townhouses usually have multiple stories; a single unit can have as many as four floors. The owner of a townhouse can access all the floors in their home. One major benefit of a townhouse is its convenient amenities, like a private lawn, garage, and driveway.
Homeowners’ Association Fees and Insurance Rates
Condo owners pay higher Homeowners’ Association fees as they pay for services such as trash removal and lawn care. Townhouse owners pay lower Homeowners’ Association fees as they cater for the upkeep of their homes. However, some services are still handled by the Homeowners’ Association.
Condos have lower home insurance rates as their owners only have to ensure the interiors. Townhouse owners pay higher insurance rates as they ensure their homes’ interiors and exteriors.
Rules and Regulations
Generally, condo associations are strict regarding rules of the property, especially the areas that are visible from the outside. Condo owners are responsible for keeping common areas in tip-top condition.
Homeowners’ associations for townhouses give residents more freedom. However, they still help keep the properties well-maintained and clean.
The main difference between these two home styles is that condos have many shared amenities while townhouses don’t. Carry out some research to determine which one suits your lifestyle best.
Sell or Dwell Can Help You Find the Perfect Condo or Townhouse
If you’re looking to buy a condo or a townhouse, contact us. We’ll help you find the perfect property. Buying a house is a big investment, get it right the first time.