There is a lot of difference between a condo and a townhouse. Every person dreams about having his or her own home one day. If you are considering these two, it is important to know what they are and how they differ.
This is a row of terraced house or property with a similar size and shape. Also, it may share common walls. They are regarded as a single-family residence with every unit having a separate entrance. Also, when you purchase a townhouse, you are purchasing a special unit from a wide range of properties that are similar. In the past, it was known to be a house of aristocrats that they used when attending social functions or attending parliament sessions.
The right name for this type of property is a condominium. It is a housing tenure that refers to common ownership. It is part of a given estate that is leased to a tenant or sold. Nowadays, this term is used for a special apartment or unit that is purchased or leased.
Usually, when you buy a condo, you become the legal owner of everything that is inside the house. If you want to use the rest of the facilities or amenities, you are required to pay a monthly fee to the concerned condo association. The association is formed by all members that own the condo.
A person that owns the condo is required to pay a property tax only for the living area. On the other hand, the townhouse owner is required to pay tax for the home and the land on which it is built. This means that the cost of a townhouse is higher as compared to that of a condo.
Usually, condos are safer as compared to townhouses because the neighbors surround them. However, townhouses offer a lot of privacy since many neighbors do not surround them.
The structure of a townhouse notwithstanding the size must be located on a ground floor. You cannot have additional floors at the top unless it is a terrace. On the other hand, the condo is built in two or more floors. Also, a condo may be situated in a high-end area with exotic views.