What is the difference between a condo and a townhouse?
A condo, which is short for condominium, and a townhouse refer to specific types of real estate and refer to property that can be purchased or leased. However, there is a difference in the building as well as the manner of ownership in each of these.
What is a condo?
A condo is a home located inside a larger building where there are many such dwellings. It can be an apartment type home or one that looks more like a two-story home. The difference in appearance is not visible on the outside and each condo can have a completely different layout than the others. You own the condo – but only the inside of the building in which it is located. The common areas, such as the lobby, stairs, elevators and the fitness center and swimming pool are owned jointly by all the condo owners in the building.
There are common walls between the condos, but in the latest design of these homes, they can be separate structures and not contained inside a larger building.
What is a townhouse?
A townhouse is a house that part of a series of similar structures along a street. They are all separately owned but there is a common wall between them. Those in the middle have common walls with other townhouses on both sides. End units have only one wall in common with another. You own the house and you are responsible for maintaining the homes and the grounds just as if it was a detached home.
The difference between a condo and a townhouse
It is important to know the difference between a condo and a townhouse if you are contemplating the purchase of a new home. A condo is only partly owned because the common areas are owned by all the condo owners in a building. You own only what is inside the outside walls. A townhouse, though, is owned completely even though there are common walls between the units. It is the owner’s responsibility to maintain the exterior of the home as well as take care of the upkeep of the grounds.