If you’re looking to buy or rent a new home and have been searching online, the chances are you’ve been coming across these terms quite often: home, townhouse and condominium. What are the differences? Let’s take a look.
This term could be referring specifically to a house or any type of home including apartment, townhouses, condos or even trailers. Therefore, it’s important to remember that home doesn’t necessarily mean house. If you’re looking for a single-family detached house, be sure to specify that in your search or to your realtor. A single-family house is a separate house not attached to any other buildings. You would own everything in that house, including the land that it sits on (unless the land is specifically deeded to another owner or interest). A single-family home comes with a lot of responsibility, but an equal amount of benefits.
A townhouse is usually defined as a long narrow home attached to a larger building with other townhouses. It usually has more than one level and sometimes has its own garage. There are several benefits to owning a townhouse as opposed to a single-family home. They are usually much less expensive, have lower utility expenses, have no outdoor maintenance, have amenities such as a pool or clubhouse and a sense of community.
Buying a condominium is kind of like purchasing an apartment. A condo is a unit inside a building of similar sized units. Owning a condo comes with some of the same benefits of owning a townhouse, except less space and most likely one level. You don’t have to worry about outside maintenance and will have access to multipleÂ amenities. Most condo residents contributeÂ to a reserve fund that helps pay for repairs and replacements to the building like windows or roofing when needed.
Be sure to do your research when searching for a new home. Whether you choose a house, townhouse or condo, the perfect home for you and your family is out there waiting to be found.