It seems like this question comes up a couple of times a month… what is the differences between a condominium and a townhome? They are both types of housing for sure – but very different from each other. Another term comes in to the mix as well, patio homes.
Lets start with Townhomes
- Usually a series of homes, either single story or multi-level, which are hooked together by a horizontal common side wall.
- Ownership includes the ground underneath the home and the roof, meaning townhomes can not be stacked on top of each other.
- Common areas are owned jointly by all townhome owners.
- Property tax is paid for on the individual unit by the townhome owner.
- A property owners association, or HOA, is usually put in place to collect fees for the maintenance of the common areas as well as management of the complex.
- Some townhomes, such as Toroweap, come with single family attributes such as a garage or a small yard.
- Ideal for “lock and leave” vacation homes
- When only 2 or 3 units in a row – sometimes referred to as Patio Homes. Toroweap has 3 adjoining units in each set and therefore could be referred to as a Patio Home as well.
Now for Condominiums.….
- A condo owner holds title only the unit and not the ground underneath. Therefore, condo’s can be stacked on top of each other in high rise fashion.
- Condo owners share title to the common areas including, but not limited to, the exterior of the buildings, the ground, pools, stairways, hallways, roofs and parking areas.
- A property owners association, or HOA, is usually put in place to collect fees for the maintenance of the common areas as well as management of the complex. Because there is more shared ownership with condo sometimes the rules seem a bit tougher.
- Condo owners pay property tax on their individual units.
I hope this clears up the differences between townhomes and condominiums.