What is the Difference Between a Condo and a Townhouse?
Are you looking to buy but don’t what to search for? Many people are confused when browsing websites for available properties. What is the difference between a condo and a townhouse?
Defining a Condominium
A condominium is a unit, sometimes similar to an apartment, that is part of a larger building. Usually, a condo will have neighbors above or below the unit, and is usually only one story. Most condos feature a parking lot with numbered spaces where everyone parks their cars together.
A townhouse is usually more desirable than a condo and is usually more expensive. Typically, they are rows of identical houses. Townhouses tend to appreciate in value at a faster rate as well. This is because a townhouse is multiple stories where there are only neighbors on the sides. A townhouse can often have an attached private garage with direct access to the home and sometimes even a private yard. Condo units are like flats. There are no other floors, basements or upper decks. Most condos do not have yards.
Making Changes to your Property
The rights of owners differ as well. Condo owners have limitations when it comes to upgrades and changes. Condo owners only own the interior part of their space and they can only make changes within that condo’s interior space. Their rights are limited to within the four walls. Townhouse owners have more rights and can make more changes to the property. Townhouse owners have more options with regard to changing the exterior and interior spaces.
Of course, the most important detail to consider with regard to either type of property is Home Owner Association (HOA) rules. Most condo and townhome complexes have HOA’s that enforce rules unique to that complex. It is important to know in advance if there are any limitations to your exterior colors, decor choices, etc. HOA’s also charge monthy dues. Factoring in the cost and various inclusions of these dues should be considered for condos or townhouse. HOA dues are used to take care of the common areas like pools, the gym or laundry rooms. But sometimes, HOA dues include things like cable television and various other perks that can offset the fee.