Condos and Townhomes: What is the difference?
Buyers, Sellers and even Real Estate Agents are often confused about the difference between condominiums and townhomes. A condominium or condo is one of several units of a complex. When purchasing a condo, you are essentially purchasing everything from the walls of the unit inward. You also own a share of interest in the condominium’s association, which is responsible for maintaining the common areas of the complex (e.g. pool, clubhouse, elevators, hallways). You will pay a monthly Home Owner Association (HOA) fee that covers the maintainance of these common areas. There can also be special assessment fees for larger maintainance projects (e.g. replacing the roof or repainting the complex).
A townhome or townhouse is basically a home attached to adjacent houses and includes ownership of the land underneath it. Townhomes can also be referred to as Row houses, duplexes, triplexes and 4-plexes. Like condos, townhomes can be single or multi-storied and share common walls. Townhomes may also have HOA fees that cover maintainance of common areas.
So….with condos, you essentially own a unit or cube of air plus a share of interest in the condominium association. With townhomes, you own the unit and dirt underneath it. Be aware, the terms “townhome” and “condominium” are used interchangeably, but they are very different! Check the legal description of the property to be sure. If legal decription includes a lot and block legal address description, it is a townhome. If the legal description consists of the name of the complex and the unit number, it is a condominium.
**Tips on Searching for Condos and Townhomes on the Internet**
Agents will post townhomes on the Denver MLS under “condo” and/or “multi family residential.” So, when searching for homes, make sure you search under both sections or you will miss some listings!
To search for Townhomes on my website, click here.
To search for Condos on my website, click here.
If you have questions about purchasing a condo or townhome, feel free to call me!
