Condo vs Townhouse: What’s the difference and which should you choose?
When it comes to buying property, townhouses and condos throw a unique curveball to the equation and the definitions of each might seem to blur on your first look. For example, what is the difference between a condo and an apartment? Can you buy a townhouse or are townhouses only for rent? What’s so special about a townhouse to rent?
We put together this infographic detailing the difference between a condo and a townhouse. While they have their similarities, they also have their differences. Condos, for instance, are by definition individually-owned apartments. Meanwhile, you’ll be able to find townhomes for rent and for purchase.
We hope that our infographic has helped you settle your townhouse vs. condo debate and has given a little meaning to what they entail. Overall, the main differences between a townhouse and a condo boil down to the type of community you want, your desire to being a homeowner and if you want HOA fees. Condos are generally on the more expensive side with more active resident communities while townhouses are a little more low-key, though offer a living experience much more similar to that of a single-family home. Meanwhile, each is a great alternative option for owning in urban areas where traditional, single-family homes are impractically priced. But, if you want to rent, by definition, condos are purchased while townhomes can mean renting or owning.
To sum it all up:
The definition of a townhouse is:
- A multi-story home similar in style to a single-family home while a part of a multi-unit complex whose walls border neighboring units
- The living quarters (kitchen, living room, dining room, etc.) are commonly found on the bottom floor while private quarters (bedrooms) are found on the top floors
- Occupants are more commonly renters, however some townhomes can be purchased
The definition of a condo is:
- Short for condominium, condos are an apartment owned by one individual within a building of other condos
- Condos often include HOA fees that contribute to community maintenance and amenities
- HOAs (Home Owner Associations) are comprised of condo owners that meet together to discuss the maintenance and rules of the condominium community
If you are still unsure what a townhouse or townhome is, or what a condo is, leave a comment below.
SOURCE: SOURCE: NEF2.COM