Townhouse versus Condominiums - Knowing How They Differ- By: Vicki Hat
When you get into the home buying process, several decisions have to make. One of which is to choose the type of dwelling that you would have to buy. Commonly, people are more familiar with single family houses. But through the years, several other types of dwelling have evolved. That is why when you shop for homes, you will encounter terms like condominiums and townhouses. Although these two types of dwellings have similar features, the ownership varies a lot.
Buying a townhouse would mean you have legal ownership to the house and the lot; but the walls linking your homes to your neighbor is common. This type of dwelling may be single floor or multi-storey. But as mentioned above, all floors of the house will be your ownership.
On the other hand, a condominium is just like an apartment. You own a particular unit or space, the walls that defines that space, the ceiling and anything inside that unit. Anything outside it will be spaces owned by several other individuals and common areas that are jointly owned by the rest of the owners. Condominium refers to the type of ownership. You, as one of the owners, become one of the partners in managing the exteriors and other common areas of the condominium.
Both dwellings are managed by HOA. For condominium, the term will be Condominium Association. For townhouses, your property will be your responsibility. However, common grounds and facilities of the neighborhood will be taken cared of by the HOA as you continue to pay the monthly HOA fees.
Condominiums also operate this way. All the fees paid will be used to cover expenses for maintenance and repairs. The interiors of the unit and its improvement will be the sole responsibility of the owner.
As for location, most townhouses are located in suburban areas or in planned communities. Condominiums are most likely situation downtown or in the heart of the city. Hence, it is more accessible to business establishments, transportation, malls and other public areas.
Both types of dwelling have advantages and disadvantages. Townhouses are best for people who want to have their own space but just do not want to be burdened with general maintenance issues. Townhouses generally have small lot areas, so you have less to maintain. You can have a mini backyard and a little parking space that could fit one vehicle. However, it isn't much on privacy when compared to a single family dwelling but better than condominiums; whereas a condominium is best for those who love the city life. This is also perfect for those who just want a small space while they get to know the city. Busy people who donít want to be burdened by repairs and maintenance can have this type of dwelling as an option. Besides, there are condominiums which have bigger floor spaces that could accommodate a big family. The only problem with this dwelling is that, fees can be enormous and you have more limitations as to improvements.
If you want to buy your own property, whether it may be a townhouse or a condo, it is best to evaluate the features. Yes, their prices can be affordable. It allows you to own a small piece of space or property at an incredibly cheaper rate but the HOA or Condo fees can be enormous. Therefore, it is important to know these things, as well as their rulings before buying them.
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