If you're shopping for a home in New Jersey, you may be considering townhouses and condominiums. But what are the differences between the two?
A townhome is a single family home that shares one or more walls with other independently owned units. With a townhome a buyer will own their home and the land on which the house sits. With a condominium, a buyer will own the interior of their unit but the unit owners jointly own the land and this common interest cannot be separated from the others.
A townhouse is attached to one or more houses and while there are no neighbors above or below the home like in a condo or apartment, because the homes are attached, they still offer a greater sense of security.
Townhouse developments can be structured in many ways. Some have common areas – such as swimming pools – that are similar to condominiums. With this type of community often comes a homeowner's association, for which buyers will have to pay a homeowner’s fee, as well as various rules to adhere to. There is also less privacy than with a detached single-family home. And there might be limits on how you can make exterior changes to the home.
Like any real estate purchase, title insurance should be purchased for both condos and townhomes. There are many considerations to make when purchasing a townhome or a condominium, so be sure to chat with a qualified real estate professional before making a decision.