There are numerous choices you have to decide on when purchasing a house. Anywhere spanning location to cost to if certain aspects make the purchase even worth it, you will have to ponder over a lot of assets as part of your journey to homeownership. One big question you’ll have to face is what kind of home do you want to reside in? Under the precedent that you have no desire for a one family home, the most probably next issue you’ll be confronted with is the townhouse vs. condo debate. There’s a pretty good portion of things that make these two houses relatively similar, and a decent size of factors that make them different. Concluding which one would be the most ideal fit for you involves intensely measuring out the advantages and disadvantages of both and stacking them up against the remainder of the factors you decided would form your perfect home. Here’s a good starting point.
The simple differences
A condominium, or condo for short, is a building or complex of buildings containing a number of individually owned apartments or houses. What marks this as different from an apartment is that it’s owned by whoever lives in it, not rented.
A townhouse is a connected home also under the possession of whoever is residing in it. A individual wall or multiple walls are shared with the neighboring connected townhome. Rather than think of apartment, think of rowhouse, and assume that there will be a little more privacy than a condominium.
Both kinds of homes can be seen in urban, rural, and suburban areas. Also, both can have a varying amount of levels. The largest contrast would be the ownership and dues, which are the root of what distinguishes a condo from a townhouse and vice versa when selecting one for you personally.
What you own
When buying a condo, you individually claim ownership to your singular unit and establish a co-ownership of the who condo with shared residents. This co-ownership involves more than just the individual building, with everyday areas and commodities included as well.
Owning a townhouse is more similar to owning a disconnected one family home. You individually possess the building along with the land it resides on--the contrast being that some walls are split and used by the neighboring structure as well.
“Townhouse” and “condo” depicts what an individual owns more than defining the type of architecture. You can reside in a building that looks similar to a townhouse but would actually be defined as a condo in regards to what you own-- for instance, you possess the structure itself but exclude the land underneath it. If you are looking for predominantly townhome-design real estate pieces, make sure you question as to what you legally own, particularly if you desire your own personal yard space.
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