What is the Difference Between a Condominium and a Townhome?
In condos, every owners owns a share of interest in the condominium association, plus an obligation to pay monthly dues or special assessment fees for larger maintenance problems.
A townhouse is a single-family home which may be attached to other single-family homes on one or
Townhouses also may have an HOA for the maintenance of the exterior of the structure (from the studs out). The home owner association will often be responsible for the maintenance of the siding, roof, common areas of the development and many other items - particularly if there are other amenities such as a club house, pool, or tennis courts.
There are some townhouse developments where there is no home owner association. In that case, the homeowners would need to agree with one another and share the costs when maintenance is required.
Insurance needs will differ between a condo and a townhome. Often for a condo, you need the equivalent of renters insurance, primarily covering your personal possessions in the home. For a townhouse, you will need to maintain full homeowner insurance on the structure as well as your personal belongings.
If you are a buyer, be sure you understand what type of home you are purchasing so you know the type of insurance is needed and how maintenance of your home will be addressed during your residence.