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10 Shocking Facts About Difference Between Condo And Townhouse And Apartment | Townhouse Vs Apartment
- Additionally, property taxes for a townhome vs. condo are typically a bit higher. Property taxes are calculated using the assessed value of a home. The home’s square footage is a big factor in this calculation, but so, too, is the amount of land that you own. So, even if a townhouse and condo have a very similar square footage, it is likely that the condo’s property taxes will be lower, since a portion of the value belongs to the HOA. - Source: Internet
- As with nearly all property types, the longer you own your townhouse or condo, the more its value will appreciate. However, neither condos nor townhomes appreciate as quickly as a single-family detached home. One of the major reasons that detached homes appreciate more quickly is because they have so much more land than condos or townhouses. - Source: Internet
- The structure itself isn’t the only factor that impacts the cost of a home. Another reason most single-family homes are more expensive is that they are on larger lots. While townhouse owners have some yard, it is usually significantly smaller than the yard associated with most detached homes. - Source: Internet
- Another important distinction between townhouses vs. condos relates to HOAs. Both types of properties usually have homeowners associations that collect payments from residents. However, one of the biggest downsides of buying a condo is that the HOA dues are typically a lot higher than the HOA dues for a townhouse. - Source: Internet
- While some people assume that all condos are apartment-style homes, this is not actually the case. Some condominium associations look just like townhomes, but owners follow the rules of a condominium, not a townhouse. One of the benefits of condos over townhouses is that you only have to pay to maintain the interior of your unit, and the homeowners association (HOA) fees that you pay cover exterior maintenance. - Source: Internet
- One key difference between condos and townhouses has to do with the community’s amenities. While some townhouse communities offer a pool membership or even a few playgrounds or tennis courts, in nearly all cases you’ll find more shared amenities in a condominium. It’s common for condominium communities to offer pools, tennis courts, playgrounds, clubhouses, and even gyms that their members can access, all of which are included in their HOA fees. - Source: Internet
- Unlike a single-family home where you own land on all four sides of your house, townhouse owners typically only own the land in the front and rear of their home, because there are usually other homes on the right and left sides of their home. If you purchase an end-unit townhouse, there will be land on three sides of your property. Piggyback townhouses, which share a back wall with another row of townhomes, will only have land in front of their property. - Source: Internet
- Homeowners insurance policies for a condo are typically less expensive than policies for a townhouse. As mentioned above, condominium owners are only responsible for the interiors of their units. In the event of an insurance claim, damages are likely to be less compared to a townhouse, which could also experience exterior damages. - Source: Internet
- When you’re comparing a condo vs. a townhome, one key difference relates to the amount of property that you’ll own. Owning a townhouse is like owning a single-family home: Not only do you own the home itself, but you also own the land around the townhouse (though the exact amount of land that you own will vary based on the size of the lot). This means that you are responsible for maintaining the interior of your home, as well as the roof, siding, lawn, and other exterior features. - Source: Internet
- If you’re looking for an investment property, or just planning ahead to the future when you’re ready to sell, there is a difference between townhouse and condo values depending on the current housing market. During a strong housing market, the value of a townhouse is likely to appreciate more quickly than that of a condo. However, this also means that when or if the market reverses, it can be more difficult to sell a townhouse. Condos, on the other hand, are more likely to maintain a consistent value. So, while they may not offer the returns that a townhouse would during a seller’s market, you’ll still be likely to at least recoup your investment if you sell when the housing market is slower. - Source: Internet
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