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Given your screen name and fact one lives on UES of Manhattan am assuming your query is about choice between a condo (in multi family housing), or a row, town house that you own entirely.
This is a common question that has however many answers. Much will depend if one is intending to use the home as a residence or investment property. Or maybe a bit of both (renting out part of town/row house, or entire condo unit when not in town).
There is plenty on internet about this topic, here are a few to get you started.
Off the bat thing to remember is a town/row house, brownstone or whatever is just that; a private home same as any other. You as owner are responsible for everything that any homeowner has to deal with, period.
With a condo your responsibility largely is confined to within your unit. You pay your own property taxes directly to NYC, and other than a monthly fee to keep up common areas and building wide systems (heat, hot water, etc...) you are on your own.
Square footage wise you nearly always get more room with a town/row house than a condo. However that space is likely to be spread out over several floors, so if going up and down stairs all day isn't your thing, consider a condo.
If it is true that BdeB is planning to raise tax on townhouse by 4 folds, then it would be a horrible investment.
I don't understand what you're trying to say and how it contradicts what I said.
You said:
Quote:
I think they're both kind of condos because of the party wall part.
I was pointing out that this does not make a property a condo by reminding you of the definition of a condo.
You raise a question though. Attached townhouses that are NOT condos--how is the shared wall handled if, say, there is damage? Say a crane falls on the exact spot where the two separately-owned townhouses meet and wrecks the wall. Could happen...
Thing to remember about this, as one stated previously as owner of a townhouse you are a homeowner. Everything thus falls on you to deal with out of your own pocket.
Boiler goes out? You pay to have it repaired or replaced.
Someone slips and falls on your property? You are the one sued and will have to pay.
Roof needs repair or replacement? Guess who pays????
There is a reason why owning a home is called a money pit, and town/row houses aren't exempt.
So no, you don't pay maintenance fees when owning a TH; but you also don't have ten or more other households to split various repair or maintenance bills with either.
I totally understand that there will be maintenance I am responsible for, but my assumption is that it is better than maintenance fee of luxury condos. For units in 4-5M range, they charge at least 5000 or more per month. That's 60k a year. I don't think townhouse would cost that much.
Btw, if someone slips and falls in front of property in the sidewalk, am I responsible as well?
Yes, if someone slips and fall in front of your property, you can be sue and personally liable. Sure, you can take it to court to resolve it, but it would cost you some legal fees plus years of going to court.
Condo ownership includes a board that manages and approves everything. You don't own the unit, per se, but a percentage of ownership of the entire group of condos at the address. The board interviews you for ownership and can turn you down for any reason (and don't need to advise the reason).
A townhome is usually an independent unit - you own the actual unit. There is no board approval to purchase. You pay property taxes based on the characteristics of the purchased unit. The board does not approve ownership (there will likely be an HOA, which might manage a conglomerate of adjacent townhomes and have rules about what you can and can't do to the structure or the grounds - but the ownership is individual, for the particular unit, not percentage ownership).
Condo ownership includes a board that manages and approves everything. You don't own the unit, per se, but a percentage of ownership of the entire group of condos at the address. The board interviews you for ownership and can turn you down for any reason (and don't need to advise the reason).
At first I thought I mix it up too. Lol...thanks for pointing it out. I thought I was crazy for a moment.
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