Condominiums and townhomes are both very popular real estate options for several types of buyers, from recent college graduates and Millennials to Baby Boomers and empty nesters. They are also smart investment opportunities in certain communities, as they typically can be easily rented out on short and long-term bases. But while these two types of dwellings share many similar features, they are, in fact, two different structures, legally speaking.
Condominiums are one of many units inside a larger building, that can sometimes be several stories high. In terms of real estate, you’re buying “air space” when you purchase a condominium, as you are purchasing everything within the walls of the unit you buy. You are also purchasing a fraction of the condo community itself. This fraction is based on the number of units in the complex, so if there are 25 units, you own one-twenty fifth of the community. This gives condo owners an interest in the common areas of the community itself.
Townhomes, on the other hand, include the land on which the townhome sits. While condos are typically all on one level inside the space, townhomes often are built vertically, with multiple stories within the home. This is to maximize the land space, as well as maximize the interior space. Townhomes, unlike single-family homes, typically have shared walls, at least on one side of the home. Unlike in a condominium, however, there are rarely neighbors above or below the townhome residents. While condominium owners are typically not responsible for exterior maintenance or upkeep, townhome owners usually are responsible for these items, including any roof repairs or replacement.
Whether you are interested in condominiums or townhomes, there are many options in every price range throughout Phoenix and North Scottsdale. I look forward to helping you check out these opportunities.