If you are considering investing in a condominium townhouse there is a difference between the two but not when it comes to the purchase itself. Purchasing a condominium over a single family home is different in that there will be different documents and potentially a different type of mortgage if needed. You will have conditions and restrictions that you will need to review in order to purchase the property. A condominium also has homeowners association dues where most single-family homes do not.
A condominium also known as a condo is a privately owned unit but still have common areas owned collectively by all of the condominium residents. A condominium is basically an apartment that you own. Condos often take the form of an apartment or a similar shared complex but really a condominium could look like anything including a townhouse, apartment or loft.
A townhouse is slightly different in that it’s usually multilevel and attached by just one or two at most other condominium or townhouse units. Townhouses may also have a small yard and may also be included in a PUD typesetting. This means that not only do you own the property inside the townhouse but you may also own part of the lands that the townhouse sits on.
A townhouse is a great option for those looking for a single family house style but still have the low maintenance of a townhouse. The exterior siding, roof and possibly the landscape will all be handled by the complexes of association paid for by your monthly or quarterly homeowners dues. A condominium, while you still have homeowners dues, you typically do not have an outside line or a multilevel apartment.
Both offer the same type of ownership unless you choose a PUD building. A PUD building means that not only does the owner on the inside of the home but potentially the land that the complex sits on as well. It is then the owner’s responsibility to take care of that land, which might mean a small plot of grass and some landscaping.
If you’re interested in learning more about condominiums and townhouses for sale in Panama City Beach please give me a call today. Our agents are standing by to answer any questions you might have and explain the differences in our area.