While single-family homes make up the majority of our sales at Woodleaf Realty, from time to time we do have buyers interested in purchasing a townhome or condominium (condo, for short). Both townhomes and condos are great for various reasons: they generally cost less; they often include an HOA to cover outside landscaping and exterior maintenance; they also offer more independence than apartments while still maintaining a close-community vibe.
If you are looking for any of these things, a townhouse or condo in Colorado Springs might be the right fit for you, so keep reading.
Are townhomes and condos interchangeable? Are they two words that really mean the same thing? No. And if you plan to begin searching for one, it’s important you understand the difference.
The main difference between a townhome and a condo is that a townhome does not have another living unit above or below it. The owner of a townhome also owns the land the townhome sits on, usually the exact size footprint of the townhome. The owner of a condo does not own any land; they only own the unit itself. Other differences include:
- Townhomes are (generally) owned entirely by the buyer—aside from communal areas. This means yard maintenance, roof repairs, exterior paint, etc. are the responsibility of the owner. Condos on the other hand only offer buyers ownership to the interior of the home; the exterior, yard, and communal areas are maintained by the HOA.
- Because of difference in ownership, HOA fees are usually higher for condos and lower for townhomes. Additionally, HOA fees can be lower for newer properties because there is no need for deferred maintenance repairs yet. HOA fees are higher for older properties as deferred maintenance repair lists grow and include upgrades to sprinkler systems, landscaping, replacement of weathered siding, etc.
- Condos are generally more community focused; residents can expect amenities such as a clubhouse, pool, tennis courts, parks, etc. Townhomes also offer amenities, they just vary depending on the property; some are community-focused while others offer complete privacy.
- In general, townhomes are larger than condos, often two or three stories, and are situated side-by-side (similar to row homes). Because they don’t have neighbors above or below them, they may include a patio or even a small fenced yard, which condos do not offer. Condos tend to be smaller and can range in style; while some are side-by-side, others are more similar to apartment units with other residences living above and/or below.
Want to know more about buying a townhome or condo in Colorado Springs? Contact one of our real estate agents at Woodleaf Realty today; our experienced staff is ready to help!