Family Realty Investments compares condominiums and townhouses, both of which are owned by residents, but differ in ownership and fees.
Condos are individual units owned by residents in a building, while townhouses are attached homes sharing walls with adjacent townhomes.
Ownership of a condo involves joint ownership of the building structure and common areas.
Townhouse ownership is similar to that of a single-family detached home. Homeowners' associations (HOAs) are a key factor, as condo and townhouse owners are required to pay monthly fees for HOA-run day-to-day maintenance and rule enforcement. Cost-wise, condos tend to be cheaper to buy but have higher HOA fees, while property taxes, insurance, and inspection costs vary.
Resale value depends on market factors, but a well-run HOA can improve the property's overall appeal. Ultimately, choosing between a condo and a townhouse depends on personal preference and budget considerations.