For unfamiliar property buyer, condo or townhouse are confusing and somewhat used interchangeably during their inquiry. You can use this set of questions when visiting properties to distinguish the difference of condos from townhouses.
How the unit attached to each other? Townhouse and condos are always built attached to each other. If the property is stand-alone and no equal attachment on either side, it is considered as a family house(home). When a property has an attached similar unit in one on either side, it is likely to be a townhouse. If you saw a property with another unit attached at least one on its side and has separate units above or below, then you are looking into a condo.
Does the unit ownership include the lot where it sits? Townhouse includes a parcel of land when it sits and usually extend a little portion up to the road. In a townhouse, included upon purchase is a parcel of the lot. Condos are different because of its structure. Since multiple units sit after one another. The ownership of the lot where it is located has a shared ownership either between the condo owners or with the corporation that manage it.
Can there be both a condo and townhouse? No. The property must fall in either one of this categories. Sometimes you’ll find a property that looks like a townhouse but with multiple separate units above it, but this is still categorized as a condo. Its because it doesn’t include the land as solely owned by the single unit above it.
How can i be so sure with the type of property that I’m planning to buy? If you are in doubt in selecting a property, we suggest talking with a reals estate agent, a license one. You may also try asking for another expert in properties like a lawyer or read this smart way of buying a dream house to get a better idea before closing a deal.
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