What Is the Difference between a Townhouse or Condo?

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KEY WEST, Fla. - Nov. 21, 2017 - Rezul -- Per Fred Mullins, Top Producing Member of Team Mullins at Coldwell Banker
Schmitt in Key West and owner of www.lowerkeys-homes.com,"A townhome is generally semi-detached or attached to one or more units.

For instance, a semi-detached townhouse is a single building with two separate residences connected by a wall. Attached townhomes are multiple units all connected, with two end units. Townhouses also generally are just two to three floors.

A condo, however, is more likely to be attached to several units. And, condo communities might house several buildings with several units per building. High rise condos typically include hundreds of units in a single building. Moreover, single condo units are generally just one story each.

But, this isn't the only difference between a townhouse and condo. Here are some of the biggest differences between a townhome and a condo:

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●      Ownership. In general, condos are not fee simple. And, the term "condominium" is actually a legal form of ownership. Condo unit owners generally do not own the ground below, the air above, or even the roof. Instead, condo ownership is usually from the walls in. Townhomes, however, differ in that many are more like a single family, fee simple ownership. In a single family, fee simple situation, the resident owns the ground or lot, the air above, and the roof. Townhouse owners might also own the ground below, the roof, and any lawn. Although both types of ownership generally do not include any communal areas.

●      Property taxes. Here again, because the type of ownership and what it includes, makes a significant difference between a townhouse and a condo. Since condo owners own only the interior, they only pay taxes for that space. Comparatively, townhome owners, which have rights to the land below and possibly space around the unit, must not only pay taxes for the indoor living space but the ground or lot. Of course, this can substantially impact the amount of property taxes, depending on location, square footage, and more.

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●      Homeowners' association fees. It's common for both property types to include HOA fees. These fees are used to maintain the common areas, such as the clubhouse, pool, tennis courts, streets, and so on.

As you can see, there are real and distinct differences between owning a townhome and owning a condo.

Fred Mullins, P.A. holds an MBA, B.S., real estate license the United States Coast Guard Master Captain's license and commercial pilot's license. With over 20years of cross-functional experience in real estate, international asset management, and construction management, Fred's experience places him as one of the top real estate professionals in the Florida Keys.For help with buying or selling Real Estate in the Lower Florida Keys, see http://www.lowerkeys-homes.com

The Mullins Team

Source: Fred Mullins
Filed Under: Real Estate

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