Still, with more amenities typically available, condo owners may face more regulations. Owners of condos will have a proportionate share of the interest, ownership, and use of common areas but only pay property taxes on their individual units. Not having to maintain a yard is a key advantage for condo owners.
However, outside space may be available at some properties in the form of common rooftop areas and smaller decks that are private to particular units. What is a townhouse? A townhouse or townhome is a row of tall, narrow, nearly identical units, typically three or more floors. Some offer private garages.
Townhouses share walls, but each unit is owned individually. Unlike condominiums, townhouses rarely have common areas. When a townhouse development does have common areas, they come in the form of parking areas, playgrounds, and landscaped pathways. Like condos, townhouses offer a close-knit living experience. Traditionally, townhomes were only found in cities, but now are built just about everywhere, especially along commuter routes and small towns.
Townhouses may have small front and backyards and patios or decks. Owners handle the maintenance of these areas themselves, as they would with a detached single-family home. A townhouse may not even have an HOA. How financing differs between condos and townhomes. Measure ad performance. Select basic ads.
Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Housing choices are abundant, especially in urban areas, leaving many first-time homebuyers wondering which type of residence to buy. Each style of dwelling—condominium, townhouse, and detached home—has its pros and cons.
Buyers should consider their lifestyles and budgets, as well as how much they want to be involved in home maintenance when deciding which type of home works best for them. Less experienced home shoppers may want to know what makes a residence a townhouse. The physical description alone—a narrow, multilevel residence attached to other residences on a street—is not always a clear giveaway because some areas have condominium communities featuring two- and three-story attached residences.
The defining feature of a townhouse is ownership. Townhouse owners usually own the land on which the house is situated, including any front and backyard area that goes with the residence, no matter how small.
They also own their home's exterior. Additionally, townhouse communities generally have homeowner associations HOAs. Owners pay monthly dues to cover insurance and maintenance of the community's common areas, as well as for services such as trash pickup and snow removal. Some HOAs enforce community aesthetics rules, such as the colors of exterior paint permitted and the types of fencing owners can install. Owners also remain financially responsible for exterior maintenance and repair of their townhouses.
A townhouse is right for people who want some involvement when it comes to maintaining their homes but do not want the responsibility of owning and maintaining a large lot. Condominiums provide the most hands-off approach to homeownership.
Many of these types of residences are physically indistinguishable from rental apartments, though some developers construct condos that look like multilevel townhouses. Condos are often cheaper than townhouses, in part because they come with no land. The exterior of the units, plus the land around them, is considered a common area and owned collectively by all the condo owners in the community.
Monthly cost and maintenance are the defining features of condos. Like townhouse owners, condo owners pay monthly HOA fees, though their fees may be significantly higher. Condos have a slower appreciation rate compared to townhomes, as condos are more preferred by developers.
If you plan to resell your property, you are likely to make more money selling a townhome. Many people prefer townhomes because of the greater privacy they have. They also come with some land that owners can landscape or use as they like. Condos tend to have lower insurance rates because the owner is required only to insure the interior. Townhomes may have higher insurance rates because the owner must cover both the interior and exterior.
Access to amenities, proximity to neighbors, and general lifestyle expectations can differ greatly between the two. Have you decided one is a better option than the other? No matter what you choose, head to NewHomeSource for local and nationwide listings of all new homes for sale. By downloading our guide, you can also look forward to receiving our New Home short email series.
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