What Is The Difference Between Condo and Townhouse?
The word “Condo” is basically short for the word “Condominium”. Despite its large size, a condo is essentially a single residential unit. This might get you confused but just as there are several room units within a hotel, similarly, a condo is built as a residential unit within a larger building. Depending on the size of the building, there can be multiple condos units built within it. By today’s standards, a building having several condo units on each floor isn’t uncommon.
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1. Forms of Ownership
As an owner of a house, handling the maintenance is unavoidable to keep it in good shape. However, with homes of such sizes, the maintenance responsibility becomes a bit tricky since it is defined by what form or type of ownership you opted for when purchasing the house.
When buying a condo, the owner is only responsible for the maintenance of the interior of the house. However, since the exterior also needs to be maintained as well, many owners usually involve the homeowners’ association to manage the external maintenance. This involves paying regular fees to the association.
When buying a townhouse, you will have two different types of ownership to choose from. First is a “fee simple ownership”, the maintenance of the entire unit, including the exterior as well as the interior is the responsibility of the owner. The second type of ownership is “condominium ownership” where the person buying the house is only given the ownership of the interior. The exterior will be maintained by paying fees to the homeowners’ association.
2. The Amenities
One of the major differences between a condo and a townhouse is the amenities included with them. Although amenities differ from condo to condo and townhouse to townhouse, the general trend seen is that a condo has more amenities and common space than a townhouse. A good example would be that most of the condos have pools and gyms which are shared by the residents while a majority of the townhouses lack in this department.
4. The Homeowners Association Fees
Both condos and townhouses (depending on the type of ownership you choose) come along with homeowners’ association fees. However, the fees to be paid for a townhouse are lower than that of what you would need to pay for a condo. The reason for this is because a townhouse has fewer amenities than a condo, as a result, it doesn’t require as much maintenance. However, one thing to be mindful of is that if your ownership doesn’t require you to pay the maintenance fees to the association, then you’ll have to pay for itself when it’s needed and that might not necessarily be as much as what you would pay the association.
5. The Rules and Regulations
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