What is the difference between a Condominium vs. a Townhouse?

A "townhouse" and a condominium are different ways of buying a house.

For some owners, the most significant advantage of living in these types of housing is that you live with the peace of mind of not having to take care of mowing the lawn, maintenance of gardens and maintenance of the exterior of the house because the administration is responsible for that. Others are attracted by the security offered by this type of community and by access to amenities such as swimming pools, party rooms, tennis courts, gym, etc. And in a typical house, this type of comfort is not so easy to have.

When a condominium or a "townhouse" is purchased, it becomes part of a Community of Common Interest (CIS), that is to say, a property in conjunction with other owners and the sharing of responsibilities and costs of the property. Homeowners have to make a monthly maintenance payment to the condominium or townhouse administration apart from the value of the loan they prepared for the house to pay for those shared costs.

The main difference between a condominium and a "townhouse" is that in the condominium the owner owns the airspace that occupies his housing unit, but he does not own the land occupied by that unit, on the contrary in a townhouse the owner owns the unit and the land that unit occupies. The rest of the construction or land outside the units is called "common elements" or common areas and the owners share responsibilities and benefits for these areas.

Condominiums and townhouses have a list of rules and regulations to which people who buy or inhabit these places must adhere. Before purchasing a condo or townhouse, here is a list of essential questions you can ask before buying this type of home:

Are there restrictions for pets?

What kind of restrictions?

Does the administration have enough money in cash to cover maintenance, etc.?

As they pay for improvements in the residential complex-they have reserves of monthly payments or charge an extra fee to the owners without prior notice (special assessments) ·

Do you have plans to do some remodeling or big improvement soon?

What was the last improvement they made and when did they do it and where did they get the money to pay for it?

Make the decision that will make you and your family happy.