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One is better over the other because different people have different needs and wants. It depemds on your individual needs and wants. It also depends on your needs and wants for buying or renting. You ask a very broad question. There is no answer.
I would like to know what the difference is between a condo and a town home. Which one is better and why. Thanks for any help on this.
Condos are more like apartments or hotels. You may have someone above and below you.
Townhomes are like individual houses that share only the side walls, and not the ceiling or floors.
Condos can be more secure and private. Townhomes can be quieter. Of course, it all depends. A condo unit near the top of well built condo tower will be very quite while a townhome on a busy street will be noisy.
One major difference between a condo and a townhome, at least in some areas, is that while a condo complex may have several residents, townhouses will often have just two -- one for each side of the townhouse. That means you have a lot more freedom with what you can do on the exterior, you'll own a larger piece of land, and you'll have MUCH lower HOA fees, because you'll only be paying for maintenance on one building, and that'll be shared with your neighbor.
Why do you say that? I wish it was NC, but unfortunately for now it's Houston Texas.
In NC, the difference between condos and townhomes is largely related to title and legal description, not appearance of structure.
Yes, it would be odd to see a high-rise building that resembled an apartment tower to be titled as "townhomes."
But, otherwise, townhomes or condos can be single dwellings, detached, one floor, two floor, duplex, etc, etc.
You cannot tell what you are looking at by visual clues. You MUST check the legal description.
Unless you prefer to live in a highrise, I would prefer townhomes, since the owner actually owns a structure and a piece of dirt.
Condo owners own paint to paint on the interior, no structure and no dirt.
Condo owners are subject to plummeting values if the condo is non-warrantable and cannot get FHA lending. Without Fannie and Freddie in the wings, no one wants to lend on non-warrantable condo complexes.
All the above from a NC perspective. I hear that TX is its own Republic. Maybe they roll different down there...
Location: Sometimes Maryland, sometimes NoVA. Depends on the day of the week
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Other than MikeJaquish, everyone gave what is more or less a general, aesetic difference, but not 100% true. Townhouse is an archtiectural term, while condo is a legal term.
Generally a townhouse, also called a rowhouse in some areas, is a two- or three-story "house like" building, but attached on one or more sides. If there are only two units (as DarSideoftheMoon) described, its a duplex. I lived in a townhouse with 5 units squished together. With most townhouses, you own your studs, your plumbing, your roof, your siding, and your landscaping (even if its only 0.07 acre ). But again, the townhouse is the style, not the legal description of the property, so you can have condo townhomes.
Condo is actually a legal description as to where your property ends and where the group property begins. In my layman's understanding, in a condo, you own from the drywall in (the exterior of the building and the land is not your property, not on the deed, and is the responsibility of the association). (note, please don't use that as a legal description ) While *most* condos are apartment-like, you can have condo townhomes. I know several people who live in condos that look more like what i would call a townhouse by looking at it. Condos will have higher fees to cover the exterior maintainence.
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). But again, the townhouse is the style, not the legal description of the property, so you can have condo townhomes.
) While *most* condos are apartment-like, you can have condo townhomes. I know several people who live in condos that look more like what i would call a townhouse by looking at it. Condos will have higher fees to cover the exterior maintainence.
