Whether you’re looking for an investment property or a place to call home, it’s important to understand the differences between townhouses and condominiums. Both of these housing options share some similarities, but they also have some key distinctions that will help you determine which one is right for you.
Ownership & Structure.
Townhouses are usually owned by an individual homeowner and are attached to other homes in a row. They typically share walls with the neighboring homes, but their yard or outdoor areas may not connect directly to the unit next door. Condominiums, on the other hand, are usually owned as units within a multifamily building. Each owner owns his or her own unit including interior living space and possibly outdoor balconies or patios, but there is often a shared roof as well as shared exterior walls that separate each unit.
Level of Responsibility.
When it comes to the home’s structural elements and repairs, one of the main differences between a townhouse and a condominium lies in the level of responsibility. Townhouse owners can usually assume responsibility for any interior or exterior repairs that need to be done, while condominium owners typically have limited responsibility around repair and upkeep except for their own unit interiors. Condo owners are generally responsible for paying their portion of regular maintenance fees to help cover the expense of any community-wide repairs or improvements, as outlined in their condo association’s documents.
Bylaws, Rules, & Regulations.
Another important thing to note when considering a townhouse or condo is the separate but related topics of bylaws, rules and regulations. Each of these documents are designed to ensure consistency in the management and use of the entire homeowner’s association property. Townhouses and condominiums usually require that owners abide by basic guidelines around parking, noise, guest occupancy, alterations to the exterior property, or any leases signed with tenants. Be sure to understand the specific set of governing documents required for both types of properties before committing to buy one.
Maintenance Fees and Reserves.
When considering purchasing a townhouse or condominium, it’s important to understand how their respective fees and reserves work. Most homeowners’ associations require that members pay an annual fee which is usually shared amongst all the owners. This fund helps to cover any necessary repairs or general maintenance of the building and its exterior. Many associations also contribute to reserves which are usually set aside for improvements or emergency repairs of common areas like lobbies and elevators. Be sure you understand what fees are associated with each type of housing before purchasing so as to avoid any surprises down the line.
Property Insurance Coverage.
Insurance coverage for townhouses and condominiums can be different in terms of who is directly responsible for the home’s insurance policy. Generally, individual unit owners are responsible for insuring their own contents and covering damage to the interior walls, while the homeowners’ association will usually carry insurance on common areas, shared amenities and building exteriors. Be sure you understand who is responsible for what kind of coverage before looking into either type of property.
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