The Difference Between Condos And Townhomes

It's time. You're finally ready to embark upon the journey of real estate ownership.

Maybe you're not ready for the commitment or expense of a home. Monthly mortgage payments on a single family home are generally more expensive than smaller options like a condo or townhome and they also require time and dedication to the upkeep of your yard. Perhaps you'd like something smaller that doesn't take as much time to take care of. If that is the case, it's time to take a look at condos and townhomes in your chosen area.

But before you start looking, it is wise to find out exactly what the difference is between the two so you know what to look for, what you're getting into, and what you will own once you decide to purchase. So, what is the difference between a condo and a townhome?

Someone who purchases a condo or condominium is the owner of the inside of the unit. Usually in a condo situation, a homeowner is a member of a homeowner's association and pays a monthly fee to that association in exchange for maintenance of the common areas of the condominium unit. The word condominium is derived from Latin and means "common ownership or control." What this means is that a condo owner has a part-ownership along with the other condo owners in the common areas around the condo development.

The legal distinction between condos and townhomes is determined by how the property is deeded and who owns what according to that deed. In most condo situations, the homeowner owns everything between the walls of their condo. This might include any cabinetry, carpeting, fixtures, etc. Any other ownership is dependent upon the terms of individual condo ownership.

In a townhome situation, ownership differs slightly from a condo. Someone who purchases a townhome owns not only the individual townhome unit, but also the land underneath the unit. This is possible because townhomes are usually constructed differently than condos. Townhomes are typically side by side, share walls with other townhome units, and have their own roof. Like a condo owner, a townhome owner would pay monthly fees to a homeowner's association for the upkeep of common areas. However, unlike a condo situation, most townhome owners have no ownership in the common areas. These areas are owned by the homeowner's association for the benefit of all residents.

These facts may become important in the decision making process as you begin your journey into homeownership.

by: Art Gib

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