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14 Things About Difference Between Condo And Townhouse Reddit | difference between condo and apartment reddit
- In addition to overseeing shared property maintenance, the HOA also establishes rules for all tenants. These may include rules around renting out your home, noise, and what you can do with your land (for example, some townhome HOAs forbid you to have a shed on your property, even though you own your yard). When doing the condo vs. townhouse comparison for yourself, ask about HOA rules and fees, since they can vary widely from property to property. - Source: Internet
- You’ll find condos and townhouses in urban areas, rural areas, and the suburbs. Both can be one story or multiple stories. The biggest difference between the two comes down to ownership and fees—what you own, and how much you pay for it, are at the heart of the condo vs. townhouse distinction, and often end up being key factors when making a decision about which one is a right fit. - Source: Internet
- When you purchase a condo or townhouse, you are required to pay monthly fees into an HOA. The HOA, which is run by other tenants (and which you can join yourself if you are so inclined), handles the day-to-day maintenance of the shared spaces. In a condo, the HOA is managing the building, its grounds, and its interior common spaces. In a townhouse community, the HOA is managing common areas, which includes general grounds and, in some cases, roofs and exteriors of the structures. - Source: Internet
- There’s no such thing as a sure investment. The resale value of your home, whether it’s a condo, townhome, or single family detached, depends on a number of market factors, many of them outside of your control. But when it comes to the factors in your control, there are some benefits to both condo and townhome properties. - Source: Internet
- In terms of condo vs. townhouse purchase prices, condos tend to be cheaper to buy, since you’re not investing in any land. But condo HOA fees also tend to be higher, since there are more jointly-owned spaces. - Source: Internet
- Labels Matter: In short, the PUD owner mentioned above was denied a loan with her first lender because both the lender and appraiser thought her property was a condo. Some of the “condo” information just didn’t jive well with the lender (there were far too many rentals), so the loan was rejected. BUT since this property wasn’t actually a condo (despite Tax Records saying it was), the owner was able to get a loan on her PUD property despite a high level of rentals in her subdivision. - Source: Internet
- If it looks like a duck and quacks like a duck, it’s most likely a duck. But in the case of real estate, a PUD (Planed Unit Development) often looks just like a condominium, yet it is something completely different. This might not seem like an important distinction, but after speaking with a townhouse PUD owner recently who was rejected for a conventional loan because the lender AND appraiser incorrectly labeled her property as a condo, this is definitely relevant. - Source: Internet
- A well-run HOA will ensure that common areas and general landscaping always look their best, which means you’ll have less to worry about when it comes to making a good first impression regarding your building or building community. You’ll still be responsible for making sure your home itself is fit to sell, but a stunning pool area or well-kept grounds may add some extra incentive to a potential buyer to look past some small things that might stand out more in a single family home. When it comes to appreciation rates, condos have generally been slower to grow in value than other types of properties, but times are changing. Recently, they even surpassed single family homes in their rate of appreciation. - Source: Internet
- Figuring out your own answer to the condo vs. townhouse debate comes down to measuring the differences between the two and seeing which one is the best fit for your family, your budget, and your future plans. There’s no real winner—both have their pros and cons, and both have a fair amount in common with each other. Find the property that you want to buy and then dig in to the details of ownership, fees, and cost. From there, you’ll be able to make the best decision. - Source: Internet
- A townhouse is an attached home also owned by its resident. One or more walls are shared with an adjacent attached townhome. Think rowhouse instead of apartment, and expect a little bit more privacy than you would get in a condo. - Source: Internet
- You can’t talk about the condo vs. townhouse breakdown without mentioning homeowners’ associations (HOAs). This is one of the biggest things that separates these types of properties from single family homes. - Source: Internet
- There are other costs to consider, too. Property taxes, home insurance, and home inspection costs vary depending on the type of property you’re purchasing and its location. Be sure to factor these in when checking to see if a particular home fits in your budget. There are also mortgage interest rates to consider, which are usually highest for condos. - Source: Internet
- “Condo” and “townhouse” are terms of ownership more than they are terms of architecture. You can live in a structure that resembles a townhouse but is actually a condo in your ownership rights—for example, you own the structure but not the land it sits on. If you’re searching primarily townhome-style properties, be sure to ask what the ownership rights are, especially if you’d like to also own your front and/or backyard. - Source: Internet
- Is it a condo or not? How to use a plat maps to know: If you want to be a real estate expert and provide accurate information to clients, it is crucial to be able to be able to tell the difference between a PUD and condominium. Let me use words, images and video to help illustrate how to do this. Remember, Tax Records can frequently label a PUD as a “condo”, which can be confusing. - Source: Internet
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