What's the difference between a condo and a townhome?
Answer:
Wow, a couple of so called realtors tried to anser the question and didn't even come close. Realtors often ask the question on here why people don't trust realtors, it's because you don't know what you are talking about.
A condo and townhouse has nothing to do with how many levels/floors it has. A condominium is a form of ownership. I think one other person on here actually had it right, she was smart enough to ask the title company. In the condominium form of ownership you own horizontal air space. Meaning you own the area inside your unit not the ground it is built on. Plus you own a portion of the common areas. For example if there are a total of 50 units in the condo project you own the airspace in your unit and 1/50 of the common areas. There is usually a Home Owners Association or Management company which you pay a fee. This fee goes to insure the project, maintain common areas and the exterior of the condo's.
Forget about what people said about how many levels. That has nothing to do with it.
A townhome typically shares a common wall with another home, meaning they are attached, but you still own the land it is built on.
Condominium = It's just like an apartment, except you are paying mortgage to own that property.
Townhouse = Depending on the area, its betwen two - three floors and several houses next to each other. If you are familiar with Row houses, exactly like that, but with 21st century touch.
I have experience with owning both, key thing is that the Monthly Association Fees. The association fee typically covers maintenance for such thing as Lawn, Snow Removal, Exterior Maintenace, Parking Lots, etc.
If you are deciding to purchase either or, ask how frequently do association fees jump.
Totally different things. A condominium is an apartment in a multiple unit facility; you own the innards of your unit, and the condominium association owns the exterior walls (and collects monthly dues to keep them up). A townhouse is an apartment with two (or more) floors; it may be rented, or owned as a condominium.
A condo, you have people above, beside and below you, like an apartment.
A townhome, or row house, you have people next to you on both sides.
nothing really
A title company informed me that a condo and townhome are both the same, EXCEPT that you own the land that is underneath your townhome and you do not own the land that is underneath your condo. The number of stories DOES NOT matter, as my husband and I own a 1-story condo in Dallas, which we are trying to sell at this time. Visit my website if anyone out there is interested in buying it. I have another one listed in Dallas, too, which is on my website as well.
A condo is the form of ownership. It could be in an apartment building or not. A townhouse has two meanings. One is connected homes or apartments with two or more floors that you rent or it could be like a condo except that you own the land too.
a condo is one floor and usually with other units in one building..a town home is two floors and sometimes are separate from other buildings or in a group
I am amazed at the amount of misinformation out there. There really isn't much differencebetween the term condo and town house. The terms are interchangeable and dpending on the custom in your area one may be used more then the other..now there is a HUGE difference between a condo/townhouse and a co-op.
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