If you have been searching for property you have probably run across listings for both condos and townhouses. At first glance both may appear to be exactly the exact same thing. But, though they’re rather similar in many ways there are a few vital differences between having a condominium and having a high end townhouse. Let us have a closer look and find out precisely what each term means.
When you purchase a condominium, you get the name to your personal unit in the construction, but not into the land that it sits on. Since the property isn’t sold with the condominium it means that the components may be stacked one on top of another so that you could have upstairs or downstairs neighbors.
Any public spaces are jointly owned by all of the condominium owners at the complex. These common spaces incorporate the property and grounds, hallways, roofs, etc. Basically anything out your particular unit is deemed common space and can be possessed by all of the condominium owners.
When you have a condominium you may pay property taxes right in your unit.
There’s typically an owner’s association that collects fees from each of the people who have condos in the complex. The money that’s collected is then utilized to keep the common areas.
Much like condos, even when you get a townhouse you’re getting particular unit in a complex. But, there are a number of vital differences. Probably the biggest difference is that using a high end townhouse not only can you have your device however you also have the land that it sits on. That means that townhouses cannot be piled one on top of another side. Rather, they’re combined from the side walls of every building. So although you won’t have upstairs or downstairs neighbors you can still have somebody straight next door.