A condo and a townhouse are both options for homeownership, but they offer different experiences with regard to what you’ll own, how much you’ll pay, and which parts of the property you’ll have to maintain. Here are the key differences between a condo and a townhouse:
Condo:
- A condo is an individual unit within a larger complex, typically a high-rise, and is owned by its resident, not rented from a landlord.
- Condo owners have possession over the inside of the unit only, while the exterior and the land the structure sits on are owned by the homeowners association (HOA) .
- Condos tend to have more residents per building than townhouse communities, so they sometimes have amenities like a pool, clubhouse, library, gym, or even special services like a concierge or dry cleaning delivery.
- Condo owners are only responsible for the maintenance of the inside of their individual unit, and they pay HOA dues to cover the maintenance of the building’s exterior, amenities, and common property.
Townhouse:
- A townhouse is a multifloor home that shares a connecting wall or multiple walls with an adjacent property with a separate entrance.
- Townhouse owners own the interior and exterior of their homes, including the land the home sits on and any other structures on that land, though they share one or more walls with neighboring townhouses.
- Townhouses are typically two or three stories tall and share walls with the next-door properties, but they don’t have any units above or below them.
- Townhouses usually have front and backyards, so the owner is responsible for both the inside and outside of their townhome.
When deciding between a condo and a townhouse, its important to consider how much you’re prepared to spend, the type of lifestyle you’re interested in leading, and how much responsibility you’re willing to take on. Neither option has a clear advantage over the other, so it’s best to get to know the ins and outs of condominiums versus townhouses before settling on your perfect home.
