Difference in Living Spaces:  Condos, Townhomes, and Single Family Homes

Many home buyers often do not understand the difference between condos, apartments, townhomes, and houses.  When looking for a future place to live, it is necessary to have a clear understanding of the differences between these living spaces.  The difference happens to be more in the ownership than the structure themselves.

First, condominiums are individually owned units within a larger structure. The buyer also owns a percentage of property and shared facilities on the property. Condos owners own the interior of their unit.  Owners in a condominium complex are members of homeowners association which requires mandatory fees to cover maintenance for the shared property and facilities.  The complex has a master deed that states the percentage of ownership each condo unit has in the complex.  Condos can fit the needs of individuals, couples, and families.

Second, an apartment can be the exact same thing as a condominium. However, ownership in this form of living is different.  Apartments are owned by a single person or company who then rents out the living spaces to individual renters. Apartment renters, depending on the contract, will also pay maintenance fees to the owner of the apartment.

Third, a townhome buyer individually owns the unit including the exterior and the land that the unit was built on.   Townhomes also have separate roofs unlike the condos.  Townhomes are closer related to individual homes than condos.  They can include garages and small backyards that the owners are required to maintain.  Like condos, townhome owners also typically pay fees in for general maintenance of the complex. Townhomes can also be known as townhouses or row homes.  Townhomes are appealing to individuals, couples, and families.

Fourth, single-family homes are the most common form of ownership in the United States.  Single-family homes are detached structures that can be one, two, or three levels.  They often come with front and backyards. This style of living space generally appeals to single families needs.

Sources:

http://realtytimes.com/rtpages/20000629_condotwnhome.htm

http://www.ncrec.state.nc.us/publications-bulletins/condos.html#legal