When expanding your search for a new home, should you buy a condo or a townhome could be a question you ask. These are the most common options outside of a standalone residence. With each of these having unique community characteristics it is often better to review the major differences and how one or the other fits into your lifestyle and basic residential needs.
Deciding should you buy a condo or a townhome can be a bit confusing. While there can be exceptions to the norm, a condo is generally found in a multi-storied building and can have an apartment feel. A townhome is usually found as connected rows in single to two story communities. There is a wide range of styles to both ranging from the multi-million dollar skyline views in the middle of Manhattan to a small suburban retreat. You will also find amenities in both such as community pools, gyms, playgrounds and other beneficial common areas. There are many options available in both a condo and to some extent a townhome, but not all will have the same features or the same associated fees.
One main difference between a condo and a townhome is the amount of ownership. If you purchase a condo you will own from the sheetrock inward while if you were to purchase a townhome you would own the land on which it was built and the outside brick as well as the sheetrock inward.
The required exterior maintenance of a condo and community common area, those areas that are available for use by all owners, is maintained by the Home Owners Association which can also be known as the Condominium Owners Association. On the other hand, a townhome owner will maintain their own exterior while if there are any common areas they would be maintained by a governing association. Not all townhomes will have common areas. With the different levels of maintenance for both condos and townhomes are a popular choice for not only for retirees but also for traveling trend setters. There is an appeal for all walks of life in these options.
The governing associations also differ not only in the amount of overall exterior maintenance, and rules and regulations enforced, but also in the association leadership itself. Condo associations are usually part of a corporate unit that specializes in community management with resident elected board members to represent you. Townhome associations typically are community elected members who oversee the community and enforce regulations with little to no corporate oversight. You will find that in most condos you will have a monthly fee payable to the association, while a townhome association fee is generally paid quarterly. Also in a townhome, if there is a large repair needed to a common area, it is possible for a vote to mandate a shared payment to cover the cost. However, both condo and townhome associations allow you to be involved in community decisions to some extent. Your level of involvement in the community, as well as the level of return involvement from the association, may also make a difference in your decision. With either choice you will have rules to follow but in return you will have the benefits of shared areas, less maintenance and the feeling of like neighbors. Meaning, there will be a greater equality in the areas appearance and curb appeal.
While there are no set guidelines making all condos or townhome communities the same across the nation, the great thing about them both is the overall affordability, generally better neighborhoods and a greater quality of living without the level of upkeep required in a single family detached home.
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via:http://blog.bidselect.com/2014/02/07/should-you-buy-a-condo-or-a-townhome/
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