• October 31, 2021

Townhouse or Condo: What’s the Difference?

Between a townhouse and a condo, there is a lot of difference. Everyone dreams of owning a home one day and if you are considering any of these as your first home, or perhaps your last, it is important to know what each is and how they differ.

Terraced house

It is a type of townhouse or semi-detached house that is similar in shape and size and generally shares common walls. They are considered a single family residence and each has a separate entrance. When you buy a townhouse, you are buying a special unit from a long list of properties that are similar. In historic Ireland and the United Kingdom, it was a house for aristocrats within a capital city that they used when they had to attend sessions of parliament or during social functions.

Condominium

It is also known as a condominium and is a type of home ownership that also means common property. These were part of a certain property that was being sold or rented to a tenant. The owner of the entire farm did this. Today it is a term used as a substitute for a special unit or apartment that is rented or purchased.

Big differences

• Property specifications: when you own a condo, you will be the legal owner of everything inside and if the condo owner wants to use the rest of the amenities, you must pay a monthly fee to the condominium association. . All members who own a condominium form this association.

• Property taxes: The condo owner also has to pay the property tax on his individual dwelling area, but the townhome owner has to pay not only for his dwelling area but also for the land on which that is built. This can mean that the cost of a townhome may be higher than the price of a condo.

• The homeowner will have to pay a fee to the homeowners association for the maintenance of the complex, but the monthly fees paid by a condo owner take care of general maintenance without paying an additional fee.

• The structure of the home-mo matters the size of a townhouse you buy, it is located on the ground level. There are no more floors on top except maybe a terrace or it could be built in a different architectural style like Cape Cod. The condo is usually located in a two or three story complex. It could also be in a luxurious multi-story building along with exotic views.

• Condos are safer than townhouses as they are surrounded by a close neighborhood.

• Townhomes offer more privacy since you are not surrounded by many neighbors.

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