The main difference between a condominium and a townhouse usually comes down to the word possession. This difference also radiates throughout the life associated with each individual dwelling.
What you own, what responsibilities you have, and what shared living space you will have can differ between the two kinds of residences. Even the smallest of differences can have a large impact on the money you save and the quality of your home when you invest in a Condo or Townhouse. Here is a closer look at these differences so you can make the best possible decision regarding your investment.
Ownership is the most defining factor between a Condominium and a Townhouse. In a condo, the majority of the ownership is held by the owner, meaning that it is common to find shared ownership of common areas such as lobbies, elevators, parking decks, grounds, and many other common areas. In a condominium, the majority of the ownership is held by a single person or multiple persons.
This means that the property will be less common in terms of common areas and that you may have to pay a higher monthly or yearly maintenance fee based on the size and number of units you own. Additionally, in a Condominium there is no guarantee that the building will ever need repairs made.
Townhouses are family friendly
Townhouses on the other hand are designed to be more family oriented. The majority of Townhouses are still owned by the original owner, and will go through routine maintenance like new paint, new carpeting, and new appliances, but the majority of the common areas will likely still require some maintenance.
Some townhouses may offer potential buyers the option to” Townhouse Rent” or” Townhouse Lease” and these will typically have a lower monthly fee, but the potential buyer will not have ownership of the property. In the past, “Townhouse Rent” was popular in desirable locations, but this option is not quite as common now. The townhouse would require more work on the part of the owner, as well as potential additional fees.
Condominiums are built on a rotational basis and owners can share walls with other residents. However, there are some communities that do not share walls with any other community and are geared towards individual ownership. One of the most unique aspects of a Condominium is its ability to have limited common areas.
For instance, in a condominium in an urban area, the buildings would generally share open-air common areas, but each individual unit would have their own. In these settings, you would likely be able to find a condo that shares an open-air kitchen, stairwells, elevators, laundry room, clubhouse, or recreation room. In other situations, the units could share common exterior areas, but these too would be private and exclusive.
Maintenance and upkeep
In terms of maintenance and upkeep, both types of residences are comparable. Condominium owners pay a monthly common expense, which includes all of the bills associated with owning a home, like taxes, assessments, homeowner association fees, and utilities.
However, they also shoulder their share of maintaining the common areas like hallways, fencing, landscaping, elevators, parking lots, and shared spaces like pools and decks. In essence, condo owners are responsible for everything within their property, including the maintenance of the common areas. Townhouses on the other hand, are managed by the property owner and pay a fixed amount of HOA fees, which include repairs, replacements, and improvements.
The main difference between condos and townhomes is how they come equipped with common walls. In the case of a Condominium, this wall is generally vinyl with steel brackets to make it sturdy and more durable. Townhomes on the other hand come without a common wall, and instead of two-by-eights-foot wide wooden frame with no insulation. Condominiums have all of the amenities of a home, whereas townhomes are often bare bones. With fewer amenities, it makes it more likely for a person to become overwhelmed and not fully enjoy their space.
The cost of ownership
Condominiums and townhomes are both available in most cities, although condominiums are more abundant in larger cities. The cost of a condominium depends on many factors such as the size, floor plan, location, and the amenities included.
Condominiums are a good choice for people who are new to urban living, as they offer less intrusion and privacy compared to single-family homes. Condos also provide lower rental rates, which may be an advantage for first time home buyers or renters. There are also some condo buildings that cater to students and provide them with onsite day care, which can be beneficial for parents looking to rent a unit on a temporary basis while they go back to school.
In conclusion: Difference between a condominium and a townhouse
Townhomes are often less expensive than condos, but townhouses are available in most urban areas. Townhomes are an affordable option compared to buying a brand new house. In many cities, there are designated community areas where properties are zoned for single-family ownership only, although this is not always the case.
Condominiums can be an appealing option for people who are interested in purchasing a home for personal use, or as an investment. Condominiums are not right for everyone, but they are a good choice for people who live in smaller spaces, are looking for low maintenance and are not worried about ownership fees.
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