Have you ever wondered what the difference is between a condo, and a town home? Well, if you answered yes to this question, you are certainly not alone. In fact, I was surprised to realize that most people do not know the difference, there seems to be much confusion and debate on this subject even between professionals. I thought it would make for a great educational blog regarding this subject to clear up these common mis-conceptions.  

According to the Realty times; A condominium buyer owns their unit, plus a percentage of the surrounding property, including land and amenities on the property. Residents are members of a homeowners' association (HOA) and pay a monthly fee to the association in exchange for maintenance of the common property. Each condominium complex has a master deed which outlines the percentage of ownership. That percentage determines residents' monthly dues to the association. Condominiums come in a variety of styles, from two- and three-story buildings apartment-complex style to luxurious high-rise properties with views of the surrounding city. The terms of condominium ownership sometimes are cloudier, because owners share more common areas (for example, stairs and hallways) than town home owners.

A town home buyer owns their unit, as well as the ground underneath that unit. Each town home has its own roof and (most) have their own address. For example; (123 Any street,) as opposed to a condo address ( 123 Any street unit 1A) Town home residents also typically belong to a homeowners' association (HOA) and pay monthly fees in exchange for the general maintenance of common outdoor areas. Town homes sometimes include single-family home amenities such as garages and backyards ( maybe, very small backyards), in which maintenance is the responsibility of the owner and not the association.

So, now that your aware of the difference between a "condo" and a "town home maybe we should explore the pros and cons of these type of ownerships versus a single family property...

More of this series coming soon!