Condo (condominium) and townhouse are specific terms often used by real estate agents, property owners, and individuals looking to own, rent, or lease land. It is important to understand the differences between these types of properties, as well as the legal procedures for owning them.
A condo is a type of property where an individual owns the interior of a unit within a larger building, but shares ownership of common areas such as elevators, parking lots, and shared outdoor spaces. Condos are often found in apartment buildings or complexes, where each unit has a separate owner, but the entire building is managed by a homeowners association.
On the other hand, a townhouse is a property where an individual owns the entire structure, both interior and exterior, as well as any outdoor spaces. Townhouses are typically a series of similar-looking homes that may share common walls but are separate properties. When owning a townhouse, the owner is solely responsible for the maintenance and upkeep of their property.
Key Takeaways
- A condo is a property where an individual owns the interior of a unit within a larger building, but shares ownership of common areas.
- A townhouse is a property where an individual owns the entire structure, both interior and exterior, as well as any outdoor spaces.
- It is important to understand the differences between these types of properties, as well as the legal procedures for owning them, when considering purchasing or renting a property.
