There are condos, and then there are townhomes and you might not really know the difference when it comes to buying or renting one. While they may not seem so different on the outside, there are actually many different points to consider before you jump decide to purchase.
It’s what’s on the outside.
Although you might be able to find a condo and a townhome that are similar in square footage, their structures can be completely different. Condos are typically units within a larger structure (think more like an apartment complex with multiple units on each floor). Townhomes are, traditionally, connecting structures or clusters of individual apartments—sometimes with multiple levels.
Who owns what?
Renting or buying a condo or townhome often comes with less responsibility in upkeep. In many cases, general maintenance is handled by management or the property group. However, with a condo, you are technically only in ownership of the interior and may not be permitted to keep personal items outside of your unit. With a townhome, however, you most likely own any patio or deck space that comes with your unit, as well as the land surrounding it. This is something to keep in mind before you go crazy with yard decor.
Generally speaking, a townhome will have more privacy than a condo. You will likely share a wall with other units, though, which could result in a similar experience to a condo with occasional noise from neighbors. Because a condo has multiple units in close proximity, you may find the environment less private and will have more neighbors above, below, and around you.
As an owner of a townhome, you may be required to contribute to a Home Owners Association (HOA), which could include a monthly or annual fee. There may also be more fees required for maintenance problems that aren’t covered by the property group in your agreement. With a condo, maintenance fees are often included in higher monthly rates to accommodate for problems that are covered by management.
Ready to purchase your first townhome or condo? Give us a call!
Conrad SmithYour Real Estate Consultant
REALTOR®, BOLD, EcoBroker, CNE, CHRE, ILHM, KW Luxury
Professional Denver Real Estate for the Urban at Heart