If you are ready to enjoy the benefits of homeownership without the responsibility of maintaining your own property, you might consider buying a condominium or a townhouse. Before you make a decision to buy, here are a few distinctions that might affect your decision.
If you buy a condominium, you are purchasing one unit that is located on a common piece of property that is co-owned by a number of other owners. You would share ownership of just about everything located on the property, including the roof and the staircases.
If you purchase a townhouse, you are buying ownership of the home, the roof above it and the land below it. Though townhouses often have shared community amenities, each person owns their property separately from others.
Single Level or Multi-Level Living
Another difference between condos and townhouses is their general layout. With condos, the living space is usually consolidated to one floor, with other units above, below and even next to them. Townhouses usually have multiple floors, with other units next to them. They often come with their own attached or detached garage, have a private driveway, and a personal lawn.
Whether you purchase a condominium or a townhouse, you will most likely be subject to a homeowner’s association. These associations are established to help keep the property clean and well-maintained, protecting the overall value of the property. However, before you buy a home in any community, it is important to read and understand the rules that will apply to you and how you will use your property.