Thursday, February 16, 2017

What's the Difference Between a Condo and a Townhome?

What is the Difference Between a Condominium and a Townhome?

A condominium is the ownership of airspace.  You literally own the pocket of air in which you reside, from the walls inward (or as many agents say - from the 'studs in') and have no individual rights to the land or the building.  In condos, owners have shared rights to things like elevators, parking garages, hallways, etc.  Maintenance of these areas becomes the responsibility of a condominium association.

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

both sides.  This means owners will share one or more common walls, sometimes called 'party walls'. Owners of townhouses have the same type of ownership that people in single family homes enjoy - meaning they own the structure and the land on which it sits.

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.

January 2017 Real Estate Market Statistics

The following is the latest Real Estate Market Statistics for January 2017.
Click here for the full report

  • Sales:   1,847 in January 2017 vs 1,859 last January:  -0.6%
  • Pending Sales:   1,990 in January 2017 vs 2,243 last January:  -11.3%
  • New Listings:   2,212 in January 2017 vs 2,519 last January:  12.2%
  • Average Sales Price:   $398,400 in January 2017 vs $355,600 last January:  12.0%
  • Total Market Time: 58 days in January 2017 vs 57 days last January:  2.2%
  • Inventory in Months: 1.7 months in January 2017 vs 1.8 months last January
Inventory by Area:
  • NW Washington County   1.95 months
  • Beaverton/Aloha               1.04 months
  • Hillsboro/Forest Grove     1.43 months