What is the Difference Between Condos and Townhomes?
Condominiums and townhomes are very popular real estate options for several types of buyers, from recent college graduates and Millennials to Baby Boomers and empty nesters. They are also smart investment opportunities in certain communities, as often they can be easily rented out on short and long term bases. But while these two types of dwelling share many similar features, they are, in fact, two different structures for purposes of real estate.
Condominiums, generally speaking, are one of many units inside a larger building, that can sometimes be several stories high. Legally speaking, you’re buying “air space” when you purchase a condominium, as you are purchasing everything within the walls of the unit you buy. You are also purchasing a fraction of the condo community itself. This fraction is based on the number of units in the complex, so if there are 25 units, you own one-twenty fifth of the community. This gives condo owners an interest in the common areas of the community itself.
Townhomes, on the other hand, include the land on which the townhome sits. While condos are typically all on one level inside the space, tonhomes often are built vertically, with multiple stories within the home. This is to maximize the land space, as well as maximize the interior space. Townhomes, unlike single-family homes, typically have shared walls, at least on one side of the home. Unlike in a condominium, however, there are rarely neighbors above or below the townhome residents. While condominium owners are typically not responsible for exterior maintenance or upkeep, townhome owners usually are responsible for these items, including any roof repairs or replacement.
Whether you are interested in condominiums or townhomes, there are many options in every price range throughout the Valley of the Sun. I look forward to helping you explore these ownership opportunities!
