When looking for a home, you will generally find three home types – single family house, townhouse,and condominium.
Everyone knows what a house isb ut many buyers use the terms townhouse and condominium interchangeably. It is important to know the difference so that you can understand which type of home suits your needs.
What most people call a “house” is a stand alone home. These are detached structures, so you own all of the walls that make up yourhome. In real estate listings, these types of homes are usually called “single family homes” because they are designed for one typical family to live in. Owners possess both the house and the land that the house sits on (called the lot). Since there are no common walls that you share with neighbors, a house provides the most privacy and the most flexibility. This flexibility means that you can add on to your home or repaint the exterior if you want.
Condominium ownership is defined as individual ownership inside the unit and shared ownership of common elements. In other words, you would own the space inside your condo, and you would share ownership of common areas such as hallways, green spaces, the fitness center (if there is one), and the parking area with the other condo owners. Townhouses fall somewhere between single family homes and condos.
Like condos, townhouses have shared common walls. But, townhouses typically only have one or two shared walls. You will have neighbours on either side of you (unless you are in an end unit), but you will not have neighbors above or below you.
It is important to be able to distinguish types of homes when you are looking to buy a home. The more you know about single family homes,town homes, and condominiums, the better you can find a home that suits your needs.