What Exactly Is a Townhouse? Should You Consider Buying One?

As a buyer, there are a variety of property types you can purchase. For example, you might buy a single-family home, or a townhouse or condo. What exactly is a townhouse? Should you consider buying one? Many ask what is the difference between a townhouse and a condo!

Townhouses are a popular property option, particularly for first-time buyers. But a lot of people have questions about townhouses, like what, exactly, are they—and why should someone consider buying one?

If you have questions about whether a townhouse is the right option for you, a recent article from realtor.com answered key questions buyers might have about townhouses, including:

• What exactly is a townhouse? There are a few key characteristics that define townhomes. A townhome is a single-family home that has at least two stories and shares a wall with another home. They’re also individually owned, but part of a larger community of townhouses that are typically part of a homeowner’s association (HOA).
• How is a townhouse different from a condo? While the rules aren’t cut-and-dry (for example, sometimes townhouses are sold as condos), generally, condo owners only own the interior of their home—while townhouse owners typically also own the outside property. However, it’s worth noting that, depending on the community, townhouse owners may have to follow the HOA’s rules when managing their home’s exterior. In our area, a condo unit does NOT own any real property (land). Many townhouses in our area are PUD’s. That is short for planned unit development, and those owners do own the ground it sits on. Townhouse communities have HOA’s and Condo communities have “Condominium Associations”.
• What are the benefits to buying a townhouse? Because townhouse owners typically own their complete property, they have more flexibility in customization and upgrades. But because they’re part of a larger community, you don’t have the same kind of maintenance costs or responsibilities of owning a stand-alone home. For many buyers, that’s a win-win!

Gainesville FL Area Townhome Communities

If you have questions about townhome & condo communities in the Gainesville FL area, just give us a call.  We can let you know if they are condos or townhomes.   Your lender may have restrictions on local townhome or condo communities too. And we can help you with that also.