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I'm an appraiser here in ILL and condo versus townhouse isn't a big deal because only a condo is a legal type of ownership. Out east, the word 'townhouse' denotes a particular style of property. Here in ILL 'townhouse' usually means that you own some land with the property- oftentimes just the footprint of the property. But there's no formal legal definition like there is for a condo.
If you look up the legal documents for a 'townouse' you'll find that they are subject to a declaration of condominium. The only difference you'll usually see with a 'townhouse' is the possibility of land ownership versus a 'condo' that usually only includes ownership of the airspace between the common walls.
In all practicality, your use of either a condo or townhouse is likely going to be the same. The bigger issue anyway is the replacement and reserves that your association has on account. I'd suggest getting a copy of the most recent financial documents prior to placing an offer on any sort of condo or 'townhouse' property.
Thanks for the info. There is not much in reserves for the association ($4k), but the dues are very small (under $100) and only cover insurance and garbage pickup. I guess a special assesment would have to be done when the roof needs replacing or any other issues, but that would be the same as a condo. There are only 7 units in the association and the selling agent is telling me the assn is pretty laid back (whatever that means)
In my mind, its like each individual Townhome owner pays to have their own work done as it will be split evenly with all of the units. There might be a bit of difference opinions between the owners on who they want to do the work, when, and how much they want to spend. But I cant imagine it would get too crazy.
I didn't read all the replies so maybe someone else mentioned it. You've commented on the one that sold a couple weeks ago and think you have little bargaining room. However, was it really the same? If they'd done all the upgrades, it should have been worth considerable more if yours needs hardwoods, painting, etc. I bought a fixer-upper and it costs a lot to get upgrades, esp hardwoods, granite, etc.
I didn't read all the replies so maybe someone else mentioned it. You've commented on the one that sold a couple weeks ago and think you have little bargaining room. However, was it really the same? If they'd done all the upgrades, it should have been worth considerable more if yours needs hardwoods, painting, etc. I bought a fixer-upper and it costs a lot to get upgrades, esp hardwoods, granite, etc.
layout is exactly the same, but they did do upgrades to the floor and kitchen and the way they have their furnitute setup (have seen it from pictures) looks much better. They put in an island in the kitchen, which I'm not a fan of, but I can understand how some folks would be.
The floors in the unit we are going to make an offer on are fine, but not 'great'. So we would spend 1000 bucks or whatever on re finishing them.
I have lived in a condos years and now I live in Townhome for past 10 months, so this is my opinion about both of them.
Condos if chosen well will get you the privacy and sound proofing you need. But you know you might not have the privacy in the townhouse as well if there is another town-home row next to your house... or you might not have the privacy you are looking for in a single family home if yours is a single story while your neighbor lives in a multistory house with windows overlooking into your yard or bedroom.
The big problem with Townhouse that I have felt is that and I am kinda ready to move out if this place as quickly as possible is the stairs. This townhouse that I am renting has 3 level, garage, living/dining/kitchen & 2 bedrooms on the top.
The hight of the floors are about 10feet, so the stairs are pretty steep. These steep stairs are so discouraging to move "freely" in your own home. You have to make a justifiable reason to go up to the bedroom to get something and if you forgot something while you were there, then you say "Not again"
if you have elderly person living with you or who might visit you (parents/grandma) they might not be able to travel up and down freely.
If the kid sleeps in the car, say a 50lb kid... then carrying him from the garage all the way to the bedroom is a Herculean task.
all in all, in my most humble opinion, you are going to reduce the quality of life inside your own home. I am kinda tired of multi-story houses that I do not even want to have a "townhouse" style single family house. I will either go for a nice sized condo or a multistory house or townhouse that has atleast one bedroom on the floor where the kitchen and living room is.
In California this us the distinction I found
Townhouses are bigger sq foot and have a garage and my have a driveway. Amenities like a pool tennis courts maybe a club house. Also Townhouses are attached but nobody lives above or below
Condos may have a carport or assigned parking. Usually smaller sq foot and may or may not have pool amenities. Condos may have occupants above and below. Can also be high rise.
Townhouses are "bigger" because there are more floors than in a small land footprint. The garage/clubhouse/etc are all depended on the complex. I live in a community that has both condos and townhouses they have covered garage, pool but no clubhouse.
Townhouses are "bigger" because there are more floors than in a small land footprint. The garage/clubhouse/etc are all depended on the complex. I live in a community that has both condos and townhouses they have covered garage, pool but no clubhouse.
Condos can be high rise, or multiple story. Townhouses can't. As far as bigger yeah that's also usually a distinction. Most Townhouses have garages and unlike condos they rarely have underground parking, car ports or just assigned parking spots. Where a condo may have those things.
But yeah the amenities are all different. Some have some don't,it depends on the complex.
When I see a attached home that has a driveway and actual garage and nobody living above if below I visited them more Townhouses than condos.
Townhomes in my area don't always have garages or driveways. There are a couple of older complexes I've seen (built in late 70s early 80s) that do not include garages or driveways, but have assigned parking. Those units have full walk-out basements, however, which some other townhomes I've seen don't have. I always think of a townhouse as attached to another row of homes, with no one above or below. Condos are usually multi-story.
I realize this thread is over a year old, but I am in the same situation. I'm in Chicago and own a pretty cool loft but boy is it noisy at night due to a convenience store being located right below. Also living in the apartment, I've realized that I don't like having door staff. Some days you just want to come home and not have to speak to anyone. The door staff know all that goes on in the building, which can be good. But I can't stand the gossip nor do I like the fact that someone knows when I come and go - I wish there was a backdoor to bypass the lobby.
I found a townhouse that sounds almost similar to the OP's, its about 1400 sq ft, 2 bed 1.5 bath with an attached garage (three levels). I'm looking forward to the feeling of being in a SFH with a door that opens to the outside directly from my unit. Someone brought up the stairs which is a good point. It doesn't seem like a big deal, but I wonder if I'll eventually get sick of the stairs once I move in, we will see. My realtor said that a townhouse will usually appreciate faster vs an apartment style unit. Any other feedback from townhouse owners is appreciated. Thanks!
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