What is the difference between a Condo and Townhome?
Frequently there is a perception that Condominiums are apartment style buildings and that Townhomes are two-story row homes with shared walls. Unfortunately this perception is the source of confusion about real estate ownership vs. construction / architecture style. The term “Condominium” refers to a type of ownership vs. style of construction.
Does the construction style differ?
In short ---- no. Two properties at two different complexes can look identical with one being a Condominium and the other being a Townhome. You can NOT determine if a property is a Condominium or a Townhome by looking at it. Condominiums are constructed in a wide variety of architectural styles. Condominium construction can range in design from single floor units (such as an typical apartment style), to two, three and four story units with attached garages, detached garages, carports, etc.
What does Condominium ownership actually mean?
The owner of a Condominium has individual title to the “inside space” of the Condo unit (the airspace within the walls of their Condo) and an undivided interest in the physical components of the buildings and land. This includes outside hallways, driveways, elevators, recreation and landscape areas. Condominium owners are required to be members of a Homeowners Association and must pay a monthly fee to the Homeowners Association to cover the management of the association, routine maintenance, hazard insurance and a portion of this fee goes into an account for future maintenance and replacement of the improvements. Occasionally utilities such as water, garbage and sewer might be included in the monthly fee. Precisely what is covered by the Homeowner Association fees can vary from complex to complex. The Homeowners Association might regulate issues such as “approved” paint colors for doors, shutters, pet policies, whether units can be rented, hours of operation of the pool, etc. All Condominium complexes have a master deed that defines the percentage of ownership each owner’s unit in the complex has invested in the complex as a whole. The percentage of ownership is used to calculate each Condo unit’s monthly dues to the Homeowners Association.
Click Here to read more details about Condo fees and if they are worth it in comparison to the costs for a Single Family Home.
Are there any other differences in ownership?
The owner of a Townhome owns the Townhome property, exterior walls that are not shared with another Townhome. Ownership also includes the roof and the ground underneath the Townhome. Townhome owners are “usually” required to be members of a Homeowners Association and are required to pay a monthly fee to the Homeowner Association to cover the cost of maintenance for the common outdoor areas. Frequently, Townhomes will include common single family home amenities such as garages. Occasionally, Townhomes will also include small backyards in which case the owner has the responsibility of maintaining.
Diane Kelly -- Keller Williams Realty -
North Atlanta Direct: 678.907.9155 --
5780 Windward Parkway - Suite 100 - Alpharetta, GA 30005-2021
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