When it comes to making decisions about buying a home, one of the first and most important questions you’ll ask yourself is what type of home you want. And if owning a detached single-family home doesn’t interest you, you’ll probably find yourself debating between two other types: the condo vs. the townhome.
Like all options, there are pros and cons to each, and your decision will likely weigh on this information. But when it comes to differentiating between the two, it can get confusing because there are plenty of similarities as well. So what are the actual differences?
The Basic Similarities
Before we can touch on the differences, it is important to understand first the similarities. When it comes down to deciding between a condo and townhouse, the technicalities tend to be quite similar. Both are owned by the resident and you can find them in the suburbs and urban or rural areas. Both can also be either one or multiple stories. Both also have a Homeowner’s Association (HOA) that establishes the rules among tenants and often require monthly fees.
Structurally, a condo and a townhome can differ significantly.
On one hand, a condo is similar to an apartment. Like an apartment, it is an individual unit that resides in a building or community of buildings. People could live above, below, and on either side of you.
On the other hand, a townhome feels more like a single-family home, except one or more walls will be shared with an adjacent attached townhome. You won’t have people living above or below you, and you have some yard space and a little more privacy. You’ll also likely have a larger living space than condos.
The biggest difference between a condo and a townhouse comes down to the fees and ownership -- essentially, what you own and how much you pay for it. This distinction often ends up being the deciding factor in choosing between the two.
If you purchase a condo, your individual unit is yours to personally own and you share joint-ownership of the building with the other tenant-owners (instead of land). This also includes the common areas like the gym, pool, etc.
With a townhouse, you own both the structure and the land that it’s built on -- more similar to owning a detached single-family home. The difference is that the house shares some walls with another. While common areas aren’t co-owned (unlike condos), they are often still within the neighborhood.
While both are affordable options, condos are generally cheaper to buy since you aren’t investing in any land. With condos, HOA fees are also often higher as there are more joint-owned spaces.
While both condos and townhomes are conveniently located, you’ll find that condos are more easily accessible within the hustle and bustle of a busy city, while townhomes tend to be slightly further away (but still within reach).
Thinking of buying a home? Both condos and townhomes are very affordable options especially for first-time homeowners, and each has their pros and cons -- so there is no right answer here! If you’re looking for a home in Fayetteville, NC, come Tour The Ridges at Kings Grant today and find the perfect home for your family!