Condo vs. Townhouse: What Are the Differences?

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With the price of traditional housing at such a high rate, people are seeking more affordable buying options for their first homes. Such options include condos and townhouses.

However, these two options are often used interchangeably. People don’t realize that there are significant differences between the two housing options.

Are you someone making a home purchase who needs to understand these differences? You have come to the right place. Here is your guide to understanding the differences between a condo vs. townhouse.

What Is a Condo?

A condominium, also known as a condo, is a privately-owned small unit that is built within a building or community of other small units. Those who live in condominium areas often share common areas such as pools, game rooms, garages, or gyms.

Condo Buying Guide

Condos are great for people who like simplicity. With a condo, your responsibility is solely inside the condo. Outside matters such as gardening are the responsibility of the building manager.

They are also great for those on a tight budget, as they usually cost less than single-family homes, and they have lower tax fees.

Before you choose to buy a condo, consider the following buying tips:

Hire a realtor who knows the condo landscape
Look into the utilities and amenities that are included
Study Homeowners Association (HOA) rules
Review fees and regulations

If you’re a person looking for a sense of community and a simple home without too much maintenance, a condo may be great for you.

What Is a Townhouse?

A townhouse is a narrow, multilevel residence attached to other residences on a street. One key distinguisher between a townhouse and a condo is exterior ownership. A townhouse owner typically owns the front and backyard of the townhouse.

Townhouse Buying Guide

Similar to condos, townhouses usually have an HOA that they pay monthly fees to for the sake of services such as trash disposal. While most townhomes have lawn-mowing as part of the HOA fees, there will still be some outside maintenance necessary.

While condos may work for first-time owners learning the responsibilities of homeownership, townhouses are a great option for those who want to go to the next level in order to learn more responsibilities and support their growing families.