There are a lot of housing choices particularly in urban areas that makes it hard for many first-time homebuyers to choose the type of residence to purchase. Any type of homes has their own advantages and disadvantages and buyers should think about their budget and lifestyle in deciding which home type suits for them.
What Is a Townhouse?
Basically, a townhouse is known as a narrow, multilevel residence attached to other residences on a street. However, the ownership is the defining feature of a townhouse. Usually, townhouse owners own the land where the house is situated as well as the front and backyard area and the home’s exterior. Moreover, townhouses are situated in homeowners' associations and owners are obliged to pay monthly dues that cover insurance and maintenance of the common areas in the community. People who don’t want the responsibility of maintaining a big lot but willing to be involved in maintaining their homes can choose a townhouse.
Condo vs. Townhouse
Usually condos are less costly than townhouses because it has no land. The exterior of a condo unit, land and any improvements is regarded as common area and owned by all condo owners. The same with townhouse owners, condo owners have higher monthly HOA fees to pay that covers maintenance of the unit exterior and insurance for pricey items like roofs, elevators, parking structures etc. For people who want to have closer homes to their work or play and also interested in real estate ownership at a good price, condo is a good choice.