If you are buying a new home on a tight budget, one of the options that will come to your attention is purchasing a condominium or townhome instead of a standard single family home. Because most of them share walls, condos and townhomes are more affordable. But before you consider moving into a multi-family complex, consider both the down and the up sides to such a purchase. The Difference Between A Condo And A Townhome New buyers may be confused as to the difference between a condo and a townhome. Both are attached homes, where at least one wall is shared between two units. One difference between them is that a townhome does not have any units above or below, only on the sides. Townhomes are usually at least two stories, sometimes three stories. Condos on the other hand are often single story—although not always—and may have units both above and below as in an apartment building. But the truly important distinction between the two is in the ownership rights of the buyer. Condo owners have rights that extend only to the walls of the unit, while townhomes usually have rights to the land as well. This can become a […]
Read More