You may be struggling to decide between townhome or condominium ownership since they seem similar, at least on the surface. Townhomes are single-family homes that share one or more walls with other units. They are often two stories with the first floor consisting of the living area and the bedrooms comprising the second floor. Condos can range in size and style but they often share walls with adjacent units and tend to look similar to apartments.
Owning a Townhome Vs. a Condo
Although both incorporate some shared space, the difference in ownership varies between condos and townhomes. You wouldn’t own any shared space for either property (there are agreements for shared wall or roof space). As a townhome owner, you’d own the unit’s exterior and interior. But if you decided on a condo, you’d own only the interior of the unit.
In most cases, if you lived in a townhome you’d also own the land it sits on. As a condo owner, you’d only own the interior but not the land.
Maintenance Responsibilities and Homeowners’ Associations
Homeowners’ associations (HOA) normally have a large presence for both condominiums and townhomes. This could mean communal facilities like pools, tennis courts, or clubhouse and exterior maintenance covered by the HOA. While you may have similar HOA perks for both condos and townhomes, there is usually more flexibility to make alterations with townhomes.
From townhouses to condos, the real estate experts at HND Realty provide personalized real estate services throughout the Greater Nashville area. Check out our recent listings to start the search for your new home.