There are many factors to think about when you’re buying a home. Location is important, especially when it comes to residential moving, but the type of property you choose also matters. Not everyone is ready to move into a detached single-family home. While these homes have many advantages, they also come with a lot of maintenance and can be very expensive and time-consuming to take care of.
If this sounds like you, you’re probably deciding between a townhouse and a condo. Figuring out which option is right for you can feel challenging but our professional team can help give you a clear starting point.
Condo vs Townhouse: What Are They?
Condominiums are often referred to as condos and they are single residential units within a larger residential building. The exact number of units and the layout of each one depend on the building but it’s common for condo buildings to have multiple units on the same floor. Condos can be found in high-rise luxury buildings as well as in suburban areas.
Townhomes are a mix between single-family homes and condos. It’s common for a townhouse to be two or three stories tall and to share walls with neighboring townhomes. The main difference is that there are no units above or below a townhome. Townhomes are popular among first-time homebuyers, as well as in age-restricted but active adult communities.
How Are Townhomes and Condos Similar?
When comparing a townhouse vs. a condo, there are several similarities to consider. The most noticeable similarity is sharing walls with a neighbor in some form. In a townhouse, it’s common to share one or two walls with neighbors on either side of the unit. Townhomes located at the end of a row typically share a wall with only one neighboring unit. Condos may share walls, ceilings or floors, depending on the building’s layout.
Another similarity between townhomes and condos is their placement within common interest communities. Owners may share parks, pools, fitness centers or other shared areas that are funded through fees or dues. All of these common interests are managed through a homeowners association (HOA).
Key Differences Between Townhouse and Condo
Despite their similarities, there are also clear differences between townhouses and condos. One major difference is ownership. With condos, you own an interest in the property as a whole. This can be a difficult concept for homeowners to grasp, as there is technically nothing tangible that you own. It’s best understood as owning the airspace inside your unit, along with a fraction of the building’s common elements.
Townhomes, on the other hand, refer to a type or style of property. In addition to owning the land on which your townhouse is built, you may also own the structure itself. In townhouse developments, owners may not share common amenities but instead pay dues to access and maintain those amenities.
1. Different Types of Ownerships
As mentioned above, a key difference between townhomes and condos is ownership and maintenance. Condo owners are responsible only for maintaining the interior of their units and for paying a fee to the homeowners’ association. This fee is usually paid monthly and helps cover building maintenance such as lawn care, snow removal, and similar services.
There are two types of townhouse ownership options: condominium and fee simple. With condominium ownership, the owner holds title to the interior of the townhouse, while exterior and yard maintenance are covered through HOA fees. For fee simple townhouse owners, they are responsible not only for maintaining the home itself but also for the front, back or side yards.
2. Amenities Included
Another important difference to consider is the amenities or common spaces you’ll have access to. While specific amenities vary by community or building, it’s common for condos to offer attractive features such as pools and gyms. Some buildings even provide laundry or valet services for residents and their guests.
Townhouses typically offer fewer amenities than condos, but this can vary by community. As townhouse developments become more popular, many are beginning to include added amenities such as pools, clubhouses, playgrounds and more. Some communities even offer tennis courts or private gyms for residents.
3. Privacy Options
The level of privacy is often a major factor when deciding between a condo and a townhouse. Keep in mind that a single-family home typically offers the most privacy, so if this is a top priority, it may be the better choice. On the downside, living in a single-family home means you are responsible for maintaining the yard and will not have access to the shared amenities available in a townhouse or condo.
If you’re looking to avoid nosey neighbors or want a private yard, a townhouse may be a better fit than a condo. Condos typically offer less privacy, as you usually have neighbors on either side, above or below. Townhomes often include yards that provide space for pets or children to play which is an added benefit.
4. Regulations Applied
Regulations also differ between townhomes and condos. Generally, condos tend to have stricter regulations than townhomes due to the larger role played by homeowners associations (HOAs). Having more rules comes with both advantages and disadvantages, depending on your personal preferences.
Some homeowners prefer more freedom of expression when it comes to landscaping and exterior features, while others are drawn to a more uniform appearance. These rules can be helpful in situations like assigning parking spaces or maintaining the property but they may also affect your level of personal expression.
5. Difference in Costs
Costs also differ between condos and townhouses. Even with monthly HOA fees, owning a condo or a townhouse is usually more affordable than owning a single-family home. If you’re a first-time homeowner working within a tight budget, a condo or townhouse can be an excellent option.
When looking at purchase price alone, condos are typically less expensive than townhomes since you are not technically investing in any land. Keep in mind, however, that condo HOA fees may be higher because the shared spaces are jointly owned.
You’ll also want to consider additional costs such as homeowners insurance, property taxes and inspection fees, all of which vary based on the type of property. Be sure to factor in these expenses ahead of time before moving forward with your purchase.
The Decision is Yours!
Both condos and townhomes are solid living options for those looking to invest. Each offers its own set of pros and cons depending on your situation. As with any real estate decision, take your time and do your research so you can feel confident in your investment.
Regardless of the option you choose, our team at STI Moving & Storage is here to help. Our experienced movers proudly provide reliable moving services throughout the Chicagoland area. For a free moving quote, get in touch with our family-owned business today.
