Are you looking to purchase a home but know that you do not want a single-family home? If so, you may be wondering what the differences are between a condo and a townhome. Here is what you need to know about how these two types of properties are different.
Common Walls
A huge difference between a condo and a townhome is the common walls between units. A townhome will only have the walls on the side of the unit shared with the unit next to it. If you are on the end of a row of townhomes, then you only share a single wall. All of your ceilings and floors are part of your unit, so you don't have to worry about other families making noise by walking on the floor above you.
Condos can have shared walls, ceilings, and floors. You own a unit within a much bigger building, and the amount of shared walls depends on the unit's placement.
Owned Land And Structures
You will own the land behind and in front of a townhome. This means that you have the freedom to start a garden, have outdoor furniture, or fence in the property so that you can let your pet outside. A condo is not going to typically allow you to do what you want with the land around the building. That is communal property, and the condo association will maintain it for you.
There is also a big difference between what you own with the physical structure of the building. With a condo, you essentially own what is within the drywall. With a townhome, you own much more of the structure. There will be limitations to what you can do, such as making modifications to the exterior of the building, but can generally do what you want within the townhome.
Repairs
Since you only own what's within the drywall with a condo, this changes what you are responsible for in terms of repairs. If there is a problem with things like plumbing or electrical leading up to the unit, that is the condo association's problem to fix.
A townhome gives you much more responsibility when it comes to repairs. You are responsible for your plumbing, electrical, windows, doors, and things of that nature. However, some things are shared between tenants and are repaired with HOA fees. This includes the roof, which extends across multiple buildings and needs to be unified.
For more information about townhomes, like two-bedroom townhomes, contact a local real estate agent.
Share31 October 2022
Once I paid of the mortgage on my house, I decided I wanted to buy an investment property. I had no idea that the buying process would be different, but it really was. There were so many things to consider that I hadn't thought about, and even the loan application process was different. It occurred to me that if I didn't know about it, others likely didn't either. I built this site to help others see what I went through buying my first investment home. I hope that it helps you to approach the process with more confidence and understanding.
