What's the difference between a Condo and a Townhome in Franklin TN? Before I became a REALTOR®, I had no idea that there was a difference. I just thought that they were different names for the same thing. Not so.
Generally speaking, a Condominium or Condo, is a property where individuals own the interior space of a building (their unit). They have common ownership with all the other unit owners of the outside spaces such as a pool, parking lots, entry gates, and grounds, and some interior spaces such as hallways, stairwells, and elevators.
A Condo Association or Homeowners association (HOA) manages, or hires a property manager, to care for all of those common spaces. Fees and assessments are charged to the individual unit owners to generate the funds necessary for the repair, replacement or general maintenance of those common elements.
Townhomes are properties where the individual units may share one or two common walls, but the property itself includes a lot, albeit usually quite small, where the unit sits. There are commonly owned elements, similar to a Condo, such as parking lots and recreational areas. Once again, an association or HOA maintains those common spaces and charges monthly fees or assessments.
Franklin TN has a wide variety Condos and Townhomes ranging in price from under $100,000 to over $500,000. Unfortunately the public side of our local Multiple Listing Service (MLS) does not differentiate between Condos and Townhomes. To further complicate matters, some Townhomes are listed in the residential, single family section of the MLS.
In order to find the Condo or Townhome that is right for you, you need the help of a knowledgeable local REALTOR®.
If you you are looking to buy a Franklin TN Condo or Franklin TN Townhome, contact Tom White at (615) 870-8169.
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