Condo vs. Townhouse
We often use the terms condo and townhouse interchangeably. Both do refer to types of real estate that are a part of a community of similar structures. However, there are some important distinctions between a condo and a townhouse that you should know.
Condo is short for condominium. A condo is a dwelling that is one of a set of similar dwellings in a community. The inside of the condo is owned separately, but the external structure, the common areas, and the land are owned by the community-or all of the owners jointly.
So, if you purchase a condo, you are responsible for the inside of the dwelling, but everyone is responsible for upkeep on the outside of the dwelling, and any landscaping and maintenance of the outdoor areas in the community. So, typically, all of the owners pay fees to maintain the community.
A townhouse is also usually one of a group of similar structures or dwellings in a community setting. However, a townhouse is owned independently by the owner, and he/she also owns the external structure and the land immediately surrounding the townhouse. The owners are typically part of a "homeowners association" (HOA) that will collect fees for the maintenance of any common areas-common drives/roads, pools, etc.-but other than that, the owners independently own their townhomes.
There are pros and cons to purchasing a condo or a townhouse. Now you understand the difference and can make an informed decision about which might be the best option for you!
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