What’s the difference between a townhouse vs condo? Great question! Here are some differences between the two. Whether it’s your first time buying or you just want to purchase something smaller, townhouses and condos are both great options.
Condos, aka condominiums, are similar to apartments in that you purchase an individual unit as part of a larger building, but not the land it sits on. You own your individual unit and jointly share owning the building with other condo owners. Units usually share a wall but not always. The key here is that you don’t own the land underneath you.
You also jointly own and share the amenities in your complex, such as the clubhouse, pool, and gym. However, condo owners are not individually responsible for the upkeep and repair of these common areas. The fees to cover maintenance come out of your property owners’ association monthly fees.
Because of the number of shared spaces, living in a condo often allows for meeting new people. It’s also great for building a strong sense of community.
There is a fairly similar vetting process for loan approval as for a full-sized home. However, the lender will also look at the health of the condo association.
Those who purchase a townhome are generally purchasing the complete unit, both inside and out, including the land it sits on. This might also include the driveway, yard, or roof.
Traditionally, these units are two- or three-stories tall and may also include common areas like pools and parks. Units usually share walls.
Townhouse owners pay a fee to a property owners’ association every month. The loan process is about the same as buying a full-sized home.
Which is the best choice?
Both townhomes and condos offer less maintenance than a traditional home and generally offer great shared areas. Your decision ultimately comes down to you and your needs and wants. Things you’ll want to take into consideration include location, lifestyle, and price.
If you’re considering purchasing a condo or townhome, or single family home, give us a call. We’re happy to help.