Buying homes has been a tough task these days as one must consider many conditions. The new buyers want to consider the budget with great locations and other conveniences.
Nowadays, people want to shift to gated community properties under a shared roof in urban areas. Many people prefer to cohabitate but without sharing the rooms. These are the reasons condos and townhouses are popular these days.
You will get rooms for each household within the same or semi-detached building. Now you might be wondering what is the difference between a condo and a townhouse. Both are meant for community-style buildings, but there are some differences between these two.
In this article, we will let you know the major difference between a condo and a townhouse. Stick to this article to know what is the difference between a condo and a townhouse and which one is better, a condo or a townhouse.
What is a Townhouse?
A townhouse is primarily a multilevel house where you share your home with others on both one wall and one wall. It usually has a front yard and backyard. Townhouses are not detached buildings but rather homes that are attached through walls.
If you are a Townhouse owner you own the interior, exterior, and the land or yard where your property sits. A townhouse gives more freedom as well as responsibilities.
Townhouses typically come with common facilities like parks and pools.
What is a Condo?
Condos alternatively known as Condominiums are usually common large high-rise buildings. They are usually on one level like the traditional building. Condos usually have a shared entrance and a shared garage.
Condos typically have more residents per building than townhouses. That is why sometimes there are common amenities like a pool, clubhouse, library, and gyms.
Condo owners own only the room’s interior. Exterior and other amenities are not for other users. Some condos are apartments and within high residential complexes.
Major Difference Between A Condo vs Townhouse
Although both are community properties there are some major differences between a condo and a townhouse. Condos and townhouses are both ruled by the homeowners association (HOA)
Below are some points of major differences between a townhouse and a condo—
- Ownership and Maintenance:
One of the major differences between a townhouse and a condo is ownership. If you own a condo you are supposed to keep maintenance of the inside of your house. However, you have to pay fees to the homeowners association for the maintenance of the exterior and common properties.
In the townhouse ownership, you are responsible for maintaining the interior as well as the exterior, backyard and front yard. However, if you have condominium ownership you only maintain the inside and HOA fees will cover the exterior and yards.
- Cost:
Condos are usually smaller than townhouses. They tend to be less expensive. However, Condos usually have higher HOA fees as they provide a large number of amenities. Townhouses usually have lower HOA fees than Condos.
- Amenities:
Amenities are the biggest differences between a condo and a townhouse. Condos usually offer various amenities like pools, playgrounds, and gyms that are shared among inhabitants. Townhouses usually have less amenities than a condo.
There might be exceptions as some townhouses might have more amenities. Many new townhouses provide private amenities as well.
- Insurance:
Homeowners’ insurance is also different for a condo and a townhouse. Condo insurance generally covers the interior of the unit. Townhouse insurance will cover the inside and outside which might be pricier than a condo.
- Location:
Condos are usually located in the centre of the city, especially the high-rise condos in the metro cities. Townhouses are located more on the land, mainly away from the shopping complexes, restaurants and stores. Townhouses might not be in the walkable distance from the major working areas of the town.
- Privacy:
Both townhouses and condos usually have less privacy than any other houses. However, it does on the property you live in. If you have to choose more privacy, and space or avoid noisy neighbors then townhouses would be a great choice.
In townhouses, you will have neighbours on both sides but in a condo, you will have neighbours on both sides as well as above and below. Moreover, in townhouses, you will have your own yard where children can play rather than a common playground in the condo. Therefore, a townhouse might be more convenient if you prefer privacy.
How Much Does A Condo Or Townhouse Cost?
The cost of a condo and a townhouse depends on many factors. First of all, it all depends on the local Real Estate market. The locality, community and price of square footage of the unit also play an important role in the cost of a condo and a townhouse.
Another determining factor of the price is the cost of living in the city and convenience. According to the National Association of Realtors, the selling price of an average condo is $361,600.
The average asking price of townhouses is $350,000 to $400,000. However, it varies in different places and different cities.
Community And Amenities
Both condo and townhouse inhabitants reside in community-style living. Compared to detached houses both condo and townhouse residents benefit from the community that their housing provides.
While the condo lacks private space they provide multiple amenities, especially in the urban areas. Some condos usually provide amenities like security, a fitness centre, a swimming pool, a playroom, event spaces and many more. Some other condos also have amenities like screening rooms, rock climbing walls etc.
Townhouses are more purposefully inclined towards the family-oriented lifestyle. It provided extended space both inside and outside. You will have your personal yard for your children to play as well as neighbours to socialise with.
Responsibilities, Rules And Regulations
If you are living in a community of condos and townhouses you certainly have to maintain responsibilities and some rules and regulations. In the condo ownership, HOA handles everything while the owner must abide by some strict rules known as Covenants, Conditions and Restrictions.
The condo residents must maintain the noise level and appropriate use of units.
Townhouse owners are free to maintain every element of their home. HOA has few regulations but they must follow a few aesthetic standards of the community. The owner must mow their land at a certain time, maintain certain landscaping and paint their exterior accordingly maintaining colour aesthetics.
HOA also makes arrangements for common facilities like garbage picking, snow ploughing etc.
Is a townhouse or condo a better investment?
Investing in a townhouse or a condo depends on the person’s particular situation. If you are one of the people looking for low maintenance then a condo is better for you. If you are looking for more privacy and space then a townhouse is good for you.
However, a condo is better for investment if you are staying in your desired place for long-term opportunities. On the other hand, townhouse ownership would be much cheaper and easier for investment in big spaces.
Both properties have their own HOA fees from both high-class condos to higher townhouse taxes. In the end both condo and townhouse properties end up meeting the same cost and services with their pros and cons.
