When searching for a new home, you may come across the terms “condo” and “townhome.” While both types of homes are attached to others, there are differences between them. In this article, we’ll explain the differences between condos and townhomes to help you determine which type of home may be the right fit for you.
Condos
A condo, short for condominium, is a type of housing where individual units are owned by separate individuals. A condo is typically located within a building, which may be multi-story, and each unit is separated by walls from the other units. Condo owners own their unit, but they share ownership of the common areas with other condo owners in the building.
The common areas may include things like hallways, elevators, pools, and fitness centers. Condo owners pay monthly fees to a homeowners association (HOA), which is responsible for maintaining and repairing the common areas and amenities.
Advantages of Condos
- Amenities: Condos often come with shared amenities such as swimming pools, fitness centers, and party rooms, which can be used by all condo owners.
- Low Maintenance: Condo owners are not responsible for exterior maintenance of the building, landscaping, and other shared areas. The HOA handles these tasks.
- Security: Condos often come with security features like controlled access and security cameras, which can provide a sense of safety and security for the residents.
Townhomes
A townhome, also known as a townhouse, is similar to a condo in that it’s attached to other units. However, townhomes are typically multi-story homes that share a wall with only one neighbor. Unlike condos, townhomes usually have their own separate entrance, and some have a yard or patio.
Townhome owners own both the interior and exterior of their home, and they are responsible for maintaining their property. However, some townhome communities may have an HOA that is responsible for maintaining shared spaces such as a community park or swimming pool.
Advantages of Townhomes
- Privacy: Townhomes often offer more privacy than condos since they only share a wall with one neighbor.
- Outdoor Space: Townhomes may have a yard or patio, which can be great for people who enjoy gardening or outdoor entertaining.
- Ownership: Townhome owners own both the interior and exterior of their home, which can provide a greater sense of ownership and control.
Condos and townhomes are similar in that they are attached to other units, but they differ in terms of ownership and maintenance responsibilities. Condos are typically located in multi-story buildings and share common areas and amenities, while townhomes are multi-story homes that have their own entrance and may have outdoor space. Understanding the differences between the two can help you make an informed decision when searching for a new home.