If you are new to the real estate terminology, you should understand the basic difference between Condominium and Townhouses.
Every person tries to buy their own house, as per his requirements and budget. With the legal terminology and housing specifications of different types of houses, a layman is surely in for a great surprise and confusion. It is the reason why understanding differences and similarities between housing structures and their legal meanings is extremely important for anyone, who is wishing to buy that sought after dream house.
There is a lot of difference between condominium and townhouses.
Major difference between Condominium and Townhouses is the ownership specifications. When a person owns a condo, he is the legal owner of everything which is inside the interior walls of the housing structure. On the other hand, a townhouse resident is the owner of his/her owns living unit as well as the ground area surrounding that unit.
There is also a major difference between condominium and townhouses, when it comes to paying the property taxes. Along with paying maintenance and usage charges to the homeowners’ association, a condo owner has to pay property tax for only the individual unit. A townhouse owner on the other hand, has to pay property tax for his individual unit as well as the ground area, on which his house is set.
Another basic difference between Condominium and Townhouses is the structure of the house. No matter what the size is, a townhouse is located on ground level and there are no more floors on top of it except for a terrace or if the house is built in. A condo on the other hand is located in a general two or three floor complex or a high-end and luxurious, multistory building with exotic views to go with.