Condominium and Townhomes

A Condominium, or condo, is one of the most popular forms of residence, especially among working professionals located in urban areas and young couples embracing the joy of first-time homeownership. Condominiums are more affordable, and less demanding or time-consuming to maintain than single-family residences.

Although similar to residential homes, there are some key elements that differ, and all prospective Buyer should be aware of:

• Prospective Buyers have to submit an application to obtain approval for the purchase of a Unit.
• Purchasing a condo means buying into the building’s homeowners association and agreeing to abide by its guidelines and rules.
• A condo owner will pay regular fees to the condo association for maintenance and repairs of the building, and upkeep of shared common areas.
• Condominium owners are also subject to occasional special assessments in addition to their regular maintenance payments to the condo association.

Townhomes are especially appealing to many first-time buyers.

Traditionally, townhouses were narrow residences with multiple floors attached to other residences — but today, townhouses come in many forms.

A townhouse is like a house, but with some important differences. A townhouse owner owns both the structure and the land it’s on; but because the structure of the home isn’t free-standing, some costs and responsibilities will inevitably be shared with neighbors. Additionally, townhome owners will typically pay a homeowners association (HOA) fee that covers amenities and the upkeep of common spaces.

Sharing costs in this way can be helpful for first-time home buyers, young people, and people with moderate incomes. It’s important for all prospective Buyers to understand all the applicable HOA rules and restrictions before buying a townhouse. .