There’s a whole lot of confusion in regards to the variations between condominiums and townhouses. They share many similarities, and this appears to be the supply of this confusion. Even amongst actual property professionals we regularly hear extra opinions than details.
So, let’s begin by clarifying, condominiums or condos are a sort of actual property possession. A townhouse is an precise type of constructing.
A condominium is finest described as “the idea of possession of a single unit of air house inside a multi-unit dwelling, together with co- possession of any frequent facilities (recreation facilities, swimming pools, and many others… ) and customary areas of the buildings and land amongst all unit homeowners.”
Townhouses are typically hooked up buildings of two or extra tales with frequent partitions. These are a model of the previous “Brownstones or “Row Homes” made standard on the east coast.
Townhouse possession means you personal the construction together with any related land. So the proprietor of a townhouse can have absolute possession, like a single household house.
Here is the place issues get a little bit complicated. It isn’t uncommon to have “condominium possession” of a townhouse. In different phrases, the construction is a “townhouse” whereas the possession is “condominium”.
Possession and customary areas are the first variations between condos and townhouses. You may even have absolute possession of a townhouse in addition to the land (yard) related to it. In a Condominium you solely personal the “air-space” inside your specific unit.
The homeowners of a condominium improvement every personal an equal share of the “Common Widespread Parts”. This contains the structural components of the constructing roof, partitions, halls, clubhouse, pool, and many others…
In a townhouse group, any frequent components are deeded to the House Homeowners Affiliation (HOA). The townhouse homeowners are part of the HOA however do not personal an curiosity in these components.
“Restricted Widespread Parts” are the place we see a departure between townhomes and condos. Restricted Widespread Parts are solely seen in apartment possession. These are issues which might be supposed for the use on the person unit homeowners. Parking areas, garages, balconies and patios are examples of Restricted Widespread Parts. Though these are owned by the entire unit homeowners, they’re restricted to using particular proprietor/s.
In a townhouse the balcony and storage are literally owned by the townhouse proprietor. The exception to this is able to be if a “townhouse” type house is owned as a “condominium”.
Each condos and townhouses are what is called “Widespread Curiosity Communities”. A “Widespread Curiosity Group” is one the place frequent actual property is maintained by means of assessments and dues.
Due to the Widespread Curiosity Group designation, we see a whole lot of confusion. The simplest solution to keep in mind the variations is that this, a condominium is a type of actual property possession and a townhouse is an architectural type.