What is the difference between a condo and a townhome?

Answer 1

All of the previous answers are close but they are not the real difference, legally. A townhouse includes ownership of the land under the unit; a condo does not. The condo land is communally owned by all the owners and the unit owner owns a share of all. The condo owner owns the air and furnishings inside the walls (inside the paint, in fact) while the townhouse owner owns the entire unit from the dirt to the sky, sharing only the conjoined walls and common areas outside of the dirt under the unit.

Answer 2

They're apples and oranges, actually.

Townhome refers to a type of construction, while condo is a legal term describing a type of real estate ownership.

A townhome generally has its own private entrances front and rear. The sidewalls of a townhome are shared with adjoining units with the exception of the end units. A townhome is also generally at least 2 stories high. (A single story "townhome" is called either a Garden Home or Maisonette.) A townhome could also be a condo but that's not necessary. It could be privately owned with the side property lines directly under the side walls or it could also be an apartment.

A condo is a legal ownership arrangement where the inside of the living units are privately owned but the common areas are jointly owned. Maintenance and repairs of the inside of the unit is the responsibility of the unit's owner while the common areas are handled by an association comprised of all of the unit's owners. Each owner pays dues to the association to cover costs such as utilitites for common areas and maintenance and repair of common areas.

Answer 3

You are essentially comparing two different types of things. A townhouse just refers to a type of building, which I think a lot of the other answers describe nicely. An apartment is another type of housing unit.

When you talk about whether something is a condo, you are really taking about the ownership structure. A condominium is an ownership structure for multi-unit housing where you own your particular unit, but all of the owners together own the common space such as halls or yards. There is typically a condo association that manages the common area. In contrast, a coop is an ownership structure where all of the units and common space are owned by the cooperative, but you own shares in the cooperative and have a right to use the specific unit you are assigned. A townhouse can be owned as a coop or a condo. In the same way, an apartment can be owned either throuh a coop or as a condo.

When you want to sell a condo, you are selling your ownership interest in your unit plus your interest in the overall common areas. When you want to sell a coop, you are selling the shares you own in the coop, which would give the buyer the right to live in the unit. In either case, if you want to get your money back, you need to find a buyer for your unit.

Let me know if you have additional questions.

Answer 4

Generally if the association has insurance on the exterior, the property is a condominium and an owner is only required to have contents insurance. When obtaining insurance on a townhome you must insure for both the exterior and contents. Sometimes it is a fine line between townhouses and condos, but it depends on the how the property appraiser has it listed - that should be the final determination.

Answer 5

Normally a Townhouse has its own outside entrance and is more then 1 level ( but not always). Where as a condo can be in high rise and have a shared entrance. A townhouse simply looks like a small home that is attached to a bunch of other small homes.

These days alot of people call condos townhouses simply because its sounds nicer.

Answer 6

Basically, a condominium is an owned apartment in a multi-apartment building with a shared/common entrance, and a townhouse is an owned house that is one of a row of identical houses situated side by side and sharing common walls. However, there has been a blurring of the lines between these two definitions, because some condo units have their own entrance, especially if they're on the ground or first floor, and some townhouses within a complex are not necessarily identical.

Answer 7

Some good answers can be found with a Yahoo Search:

difference between condo and townhome

Good luck.

Answer 8

From what I've seen..... a townhome is more than one story and a condo is one level.

Answer 9

I shopped both and am currently living in a townhouse.

From a real estate perspective, a townhouse is typically just leased from the property manager. Very little renovation is allowed, other than painting of walls. They perform maintenance, you pay rent and utilities.

A condo requires you to purchase and own and if you decide to leave you are obligated to locate a buyer, before you are released from the property. You are free to make interior fixture and design changes. You pay condo fees to share cost of maintaining the property.