A condominium (condo) development is a building with multiple units where each unit is owned by an individual. The building usually has common elements and/or shared amenities which may include the following; exterior courtyards, rooftop decks, exercise rooms, amusement/party rooms, etc… Condo buildings can range from low-to-mid-to high-rise buildings.
If you buy a condo, you own only the interior of the unit while the building owner owns the rest of the building area and property.
A townhouse is a single to multi floor residence with their own entrance. The townhomes usually will have anywhere from three to five units in a section.
If you buy a townhouse, you own both the interior and exterior of the individual townhome unit. That will include the driveway, the front and the backyard of the unit. The interior will have at least one to two shared common walls (unless the townhome is detached).
The Homeowners Association (HOA) monthly fees usually covers common areas and also the outside maintenance. Such as; snow removal & lawn care, landscaping, etc..
A condo and a townhouse both have their pros and cons. Deciding between a condo and a townhouse greatly depends on your preferences.
If you have additional questions or looking to buy and/or sell a condo or a townhome, please feel free to contact RE/MAX Results – Shannon Lindstrom, Realtor at 612-616-9714 or visit www.ShannonLindstromRealtor.com today.