Condos vs. Townhouses

I've had several discussions with potential buyers recently about the differences between townhouses and condos. Often people use these terms interchangeably and they're definitely two very different things. So for those of you who are interested or confused, here are the basics!

A townhouse has to do with the structure of the home. It's attached to the house next to it and potentially to one on each side. But other than that, it is essentially much the same as owning a detached home that's in a Homeowner's Association. You own the entire property. If the roof leaks, it's your roof and you must get it fixed. (Or get wet!) If the grass needs mowing, you'll be the one doing the mowing or you'll have to hire the neighbor's kid. The homeowner's association has a set of rules you must abide by and they will collect dues to be used for things like upkeep of common areas.

A condo has nothing to do with the structure of the property. Theoretically, a detached house can be a condo. But the form of ownership is different. With a condo you own only the property from the paint on the walls inward. If the roof leaks the condo association owns that roof and is responsible for fixing it. The grass is mowed by the association. In return for this lower level of responsibility and less ownership you will pay less for the condo itself and more for the monthly association fees.

Condos overall are much cheaper in our area right now. There is a glut of them on the market. And many companies that planned to convert rental apartments into condos have backed out of that.

Each type of property has its advantages and disadvantages. If you've got questions on what's right for you, give me a call or drop me an e-mail and we can talk about what makes sense.