Townhomes versus condominiums

Since we currently have both a townhome and a condo listing, we thought it would be a good time to provide a brief primer on the difference between the two homes and the ways in which they are similar. A condominium is akin to an apartment in that it is in a building with several other units. A townhouse shares a wall or walls with neighboring properties. But there’s more to it than that.

Ownership: While most of us think about the architectural differences between the two types of homes, the larger differences are in terms of what one owns. Both types of properties combine individual ownership with co-ownership. With a condominium, the resident owns the individual unit and shares joint ownership of the envelope of the building as well as common areas, grounds, recreational amenities and the air space. Townhouse ownership is more similar to owning a detached home. You own your structure and the land it sits on, with the structure sharing some walls with another home. Townhomes often come with a modest private outdoor space, allowing for gardening and pets while any outdoor space in a condo (besides a balcony perhaps) will be shared with others.

Homeowner’s associations: Homeowner’s associations (HOAs) are found with all condos and the vast majority of townhomes. These associations are made up of residents who establish rules for the community and ensure their compliance. HOA dues may be monthly, quarterly or annual depending on what services are included in the fee. In general, condo HOA fees are higher because there is more co-owned space (roof maintenance, heating system, interior common spaces, etc). It’s important to fully understand the HOA rules and costs prior to purchasing either form of home. It’s also wise to gather information on the fiscal health of the HOA to ensure that it has been managed well and has long term viability.

You will find condominium options in the urban areas of the Capital Region whereas townhomes are located in both the cities and the suburbs. Urban townhomes tend to be row houses (think of the brownstones in Albany and Troy) and these are not generally part of an HOA community. Many of the local townhome communities have been developed as a response to adults looking to downsize and simplify while still maintaining autonomy. Some local townhome communities are age restricted though many are not.

Pros and cons: As with all forms of home ownership, condominiums and townhomes aren’t right for everyone or for every life stage. If you are looking for lower maintenance living with a built-in community, they can be a great option. However, if you are one who values privacy and space and rankles at other people imposing rules on the size of your dog or where you park your RV, you might be better suited for a detached single family home.