The pop in of housing itself is important and sometimes confusing: take a townhouse vs condo.
When you live in a condo, you own everything from the walls in.
When youown a townhouse, you own not only the structure but also the land it sits on.
Credit: Grace Cary / Getty Images
Townhouses are usually smaller and more affordable thansingle-family homesand are typically part of a homeowners association.
Kate Wollman-Mahan is an agent in New York CIty atColdwell Banker Warburg.
Jeff Benach develops townhome and single-family rowhome projects as principal of Chicago-basedLexington Homes.
Mike Fabbri is a licensed real estate salesperson withThe Agencyin New York City.
Buyers should consider how they want to live, says Jeff Benach, principal of Chicago-based Lexington Homes.
Homebuyers are often confused by the term condo, Benach says.
Condominium is actually a form of ownership or deed rather than a building key in.
A townhome can operate under two types of ownership, he explains.
It can have a condominium ownership arrangement or fee-simple ownership, like a single-family home.
In the first punch in, you own just the unit itself from the walls in.
In the latter, you own both the townhome and the land its on.
When multiple units are built vertically, you have to share the land and rights with other individuals.
What Is a Townhouse?
Unlike condos, townhouses are similar to single-family homes.
Owners generally have control over the exterior appearance and landscaping of their home.
Townhouses are homes built in rows or clusters, often with shared walls.
Townhouses share walls with neighboring properties unless situated on a corner lot.
Corner lots are coveted as they offer more windows and sometimesside yards, Fabbri says.
So, when the roof goes ora pipe burstsin the basement, its solely the owners responsibility.
Townhouses are typically part of a homeowners association, much like condos.
Townhouses tend to be more expensive than condos but less expensive than single-family homes due to their size.
A townhouse is typically governed by an HOA, says Opendoor broker Jennifer Patchen.
There are monthly fees and restrictions involved here, too, so those expenses need to be considered.
Townhouses are often historic and arranged in rows, says Patchen.
What Is a Condo?
Condos are individual units that often have shared walls in part of a larger building.
They can be large and encompass entire floors or grouped tightly, like apartments.
This ownership structure is more common in cities and urban areas but can also be found in the suburbs.
When you live in a condo, you own the property from the walls in.
There are also tons of service-related perks you might not think of in condo prefs.
Condos offer convenience and shared amenities but often at the cost of autonomy.
Will the home appreciate like a single-family home?
Is it good for resale?
What if there are assessments in the future?
Can I afford them?
Hall-Bradley also finds that your point in life might dictate the style of home you prefer.
Thecondo buyers are retiredand looking for a maintenance-free lifestyle with amenities.
They are looking for a more worry-free living experience.
If youre looking to buy one or the other, finding a trusted real estate agent first is important.
