25 Oct Condo or Townhome or Both?
It’s not uncommon for there to be confusion about whether someone is living in a ‘condo’ or a ‘townhome’. The assumption is that the condo is a single floor unit and a townhome is always 2 stories.
Except condo’s can be multi-story and townhomes don’t always have a 2nd floor.
The difference isn’t whether or not there are interior stairs. The difference is in the owner responsibility.
In a condo complex, the owner is responsible for “air space” or everything between the drywall. The community is responsible for roofs, structure, exterior paint, etc.
When you own a townhome, you own from the “ground to the sky.” You are generally responsible for the roof maintenance over your unit and for painting your part of the joint building. Depending on the HOA documents, the shared walls may be dual homeowner responsibility or the association.
In either case, there are usually common elements such as the parking area or a clubhouse (common elements) that would be under the care of the entire association.
It’s possible to have a condo/townhome community. It means that in order to maintain all common elements, you would have 2 assessment amounts. Your payment amount would be based on whether you owned the condo (air space) or the townhome (ground to the sky). But both would contribute to the maintenance of the common elements.