While buying or renting a house, one of the important considerations is the type of house. If you are considering a condo or a townhouse but are yet to decide between the two then do some research on how they differ and take a decision accordingly.
Following is a comprehensive list of differences between the two which will help you take an informed decision:
- Definition: A condo refers to a housing structure in a building comprising of other housing structures similar to it. A townhome on the other end refers to housing units sharing walls but standing independently in rows.
- Architecture and Amenities: Condos are like apartments within a single complex. However, within this structure, they can come in various styles such as a cul-de-sac of cottages or a part of a high-rise building. Often they provide community amenities like clubs, a golf course, pools, gyms, roof access and so on. Townhouses are like single-family homes. They usually consist of two floors with a back or front yard. Also, community amenities are very rare in townhouses.
- Ownership: The person living in a condo owns the interiors as well as the exclusive area he lives in. However, the building and grounds are owned by an association. Also, condos are governed by legal statutes. However, in a townhouse, you own the land, interiors and a yard or deck if any.
- Resale Value: As far as the resale value of a condo is concerned, there is less to worry about when it comes to the upkeep and appearance of the building. Regarding townhouses, you will have to go an extra mile in ensuring your property looks appealing to prospective buyers.
- Home Insurance Rates: Home Insurance rates of condos are lower as the insurance is limited to interiors of the condo only. In case of townhouses, owners will have to insure both the exterior and interior which results in higher insurance rates.
- Fees: Condo owners are liable to pay homeowners association fees and maintenance fees every month. Their maintenance fee tends to be higher due to shared spaces and amenities. Owners of townhouses are also expected to pay HOA fees but the maintenance fees is negligible.
- Privacy and Safety: Townhouses offer more privacy as compared to condos. However, as far as safety is concerned, condos are considered to be safer.
For more information on properties, call Lone Star Realty & Property Management, Inc. at (254) 699-7003, Inc. or visit 1020 W Jasper Drive, Killeen, TX 76542.