What is the difference between Condominium and Townhouse?
Most people think the difference is: a condominium offers one floor living a townhouse offers multiple floors. Well there is some truth to this but there is more to it.
The Dictionary gives us the following definitions:
Condominium: Individually owned apartment: in a building or on land that is owned in common by the owners of the units.
Townhouse: 1. fashionable row house: a two- or three-story house, semidetached or in a row of similar houses and with limited yard space, usually in a fashionable neighborhood.
For insurance purposes are there any differences between Condominiums and townhouses?
Condominiums and Townhouses in North Jersey are different when it comes to nsurance. For condominium coverage, it would be more like renters insurance with added liability insurance within your unit and additional insurance to protect your investment. On the other hand a townhouse would be covered by a policy that is closer to a homeowner’s insurance policy. In both scenarios the administrator of the common areas would impose shared additional insurance fees to the owners in the development.
Would you like to know some easy to spot differences between condominium and townhouse?
Here are a few more differences:
Condominium Association vs. Homeowner’s Association.
Condominium may be any floor vs. Townhouse starts from the ground floor
Condominium you own interior walls vs. Townhouse owners own land, deck, yard, exterior walls.
Condominium structure is part of a bigger building vs. Townhouse is a row of similar looking buildings with a common wall.
Are you looking for carefree living in Wayne NJ area?
Condominium and townhouse developments offer carefree living and a lifestyle that is appealing to many people including professionals and empty nester. Search for Townhomes in Wayne NJ area here.
Contact me if you would like me to help you with your search for condominium or townhouse in Wayne NJ area.