Some ask me what the difference is between a Condo and a TownHome......well let me answer that for you!
A Condo or Condominium is a housing structure (kind of like an apartment) inside of a bigger unit. You own the inside of the unit to the interior walls and have an ownership of the common areas. The Condo Association owns the building and the grounds. The association takes care of the outside maintenance and outside building maintenance and the owners pay an association fee every month, which covers the maintenance and insurance for building outside of the condo. You never own any of the land. A condo can look like a townhouse, but can also be a multi story building or high rise.
A townhouse or townhome is a style of housing where a row of independent and identical houses share walls. The owner owns the land underneath and any yard and deck. You would pay an HOA, Home Owners Association, due monthly for the maintenance of outside and grounds. This is very similar to the condos, but different as to how they are sold and how mortgage companies look at them. Each townhouse can be single story or have multiple stories.
You tend to have more privacy in at townhouse than you do a condo, because it is more like a home that is just between others and you may share walls on one or both sides with a neighbor. I see patios or decks with more privacy in the back. A Condo may have a balcony, but you usually have lower privacy than you would the townhouse.
I find a lot of my mature clients love this because they can't do all of the maintenance anymore and they like that the outside will be maintained too. So, if you're retired it may look more appealing to you because of being less maintenance from you. However, the monthly association fees are kind of costly depending on where the unit is located and what ammenities they have.
If you are looking to buy one, then give me a call so that I can find that perfect one for you.
Article Written by: Audra Hicks