Townhomes and condos are sometimes confused
one for the other but they actually differ in a number of ways. One of the most
pronounced differences between a condo (or condominium) and a townhome (or
townhouse) is that condos, much like apartments, include only the
structure within the interior walls. A townhome, on the other hand, also
includes the exterior of the structure, including the land that the building is
sitting on. The land on which a condo is located is the
responsibility of the homeowners association (HOA), to which each residential
unit owner is required to be a dues-paying member. The condo HOA is also
responsible for the upkeep and maintenance of all hallways, common
areas, the building's exterior surfaces and the roof. Townhouse owners are
also subject to membership in their HOA, but typically the monthly dues they
pay will be less than that charged by condo associations and rules
regarding the individual residences are more flexible.
Other Differences in a Condo vs Townhome
Condos, similar to what you'd expect of an
apartment, are “typically” single-story occupancies while townhomes are often
two or sometimes three floors in design. Because of this, townhomes will
normally contain quite a bit more square footage in the living area than a condo.
While attached to a neighbor by way of one or two common walls, a
townhome is much like a house in many respects. Think row house. Condo
owners aren't free to adorn their unit's exterior as they wish and most HOAs
will have specific regulations on this. Townhomes may be much more unique in
their appearance when compared to the other, neighboring units. Plus, with an
outside area belonging to the townhouse, owners may have their own garage,
lawn, garden space, etc.
Insuring a Condo vs Townhome
Since a condo owner is only directly
responsible for the space within the walls of the residence, with the
homeowners association responsible for common areas, the building exterior
(including the roof) and, basically everything else on the property, less
insurance is needed by condo owners than typical homeowners, including townhome
owners.
A condo policy, known as HO-6
insurance coverage, typically
contains a clause covering the homeowner in the event that the HOA's master
policy has an insufficient limit to cover a claim and owners are assessed an
additional fee to cover damages. Townhomes are typically covered by HO-3 policies, just like most regular homes.
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