Condo vs Townhouse
Let discuss and compare the differences between a Town House, Condo and Apartment. Many people still lump them all together as pretty much the same thing. Let’s explore the major differences of each to see which one is right for you.
– The Townhouse
Ownership – The word townhouse refers to a style of construction. As with a house, a townhouse owner own both the structure and land where it sits. They own the interior and exterior, including the driveway, roof, and lawn. Because a townhouse shares common walls, the owners own the front and back yards of their townhouse. However, ownership does not include communal areas.
Townhouses are contracted in rows. This means every owner will share at least one common wall. Also, it is usually typical for a townhouse to have 2 or more stories. A townhouse may share a wall but do not have units above or below them.
– The Communities
Townhouses can be a little more private than condos and especially apartments. It is much like a residential neighborhood except the owners share walls. You don’t see as many big club areas like the condos or apartments have.
Hoa fees for a townhouse are usually lower as compared to a condo. Owners are financially responsible for the upkeep. They also do not pay for exterior insurance through the HOA. Hoa fees for a townhouse usually include specific maintenance and trash as well as upkeep for the common areas. On the other hand, homeowners insurance is more expensive because the owner must insure the interior and exterior of the townhouse.
Townhouses are typically bigger than condos or apartments. They can have huge floor plans with multiple stories. So if you want big, a townhouse could be the way to go.
– The Condo’s
Owners of a condo own the interior airspace of the condo. They do not own the land on which it sits or the structure itself. And of course, they can own a percentage in communal areas. However, this is not always the case.
Condos come in a wide variety of architectural styles. They are located on diverse platforms. They can be in a skyscraper or on a quiet residential street. I am confident there is a style of a condo that could meet anyone expectations. Two-story condos are not unheard of. They are just not as common as two-story townhouses.
– The Communities
Condos are typically amenity focused as these are their selling points. You will find a clubhouse for parties, and golf courses are common on condo sites. Landscaped pools and coordinated activities are also present.
Hoa fees are typically higher than other types of homes. On the other hand, with condos, there are more upkeep charges not to mention exterior insurance charges collected by the HOA. On a positive note, homeowners insurance is cheaper as the owner only needs to insure the interior.
Condo’s come in all shapes and sizes. They usually fall in the middle. They are bigger than most apartments but smaller than a townhouse on the average. Again, condos can come in 2 story versions.
– The Apartments/Co-op Apartments
Apartments can not be owned by different individuals; they are rented. The owner owns the entire building and rents out apartment units.
However, large corporations typically own co-op apartments. Residences there can own, but instead of owning structure(townhouse) or airspace(condo) they own shares the corporation issued giving them a proprietary lease. Also, a certain amount of shares are assigned to each unit depending on unit size and sometimes location. These are not considered real property.
Large subdivided structures capable of containing many individual apartments. There can be many of these structures existing on one parcel of land.
Co-op apartments –
There are usually high rises. Manhattan housing consists of a 75% inventory of co-op apartments, for example.
Apartments- none, these costs are included in the rent.
Co-op apartments pay a monthly maintenance fee covering insurance, upkeep, and employee salaries, to name a few. Co-op apartment has more stringent acceptance criteria than a townhouse or a condo.
Apartments can vary in size from a small studio variety to a multi-million dollar penthouse. There is something for everyone.
There are a great differences between a Townhouse, Condominium and Apartments. Hire a skilled Realtor to help you navigate through the sometimes tricky waters of acquisition. As you can see, all have distinct advantages and disadvantages. Take your time and pick the right one for you.
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