Real Estate Living: Feb 2010

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Condo, Townhome, High-Rise, Loft, Single-Family Home? What’s the Difference?

We often get asked the question what the difference is between a condo, townhome and a single family home.  With the rise of young professionals purchasing and empty nesters often without children condos and townhomes are becoming more popular.  Here’s what you need to know.

The easiest way to think of a condo is a an apartment that is invividually owned.  Often condos will be converted apartments or have the look and feel of an apartment.  The pros of condominiums is that they are often easy, “lock and leave” places.  If you travel often or want low maintanence condos are the perfect choice.  Many times condos utilities are covered in the HOA dues and most of the repairs are covered.

This varies association to association.  Condos are generally less expensive than single family homes aside from some intown condos that are more pricey based on location.  Owners also share ownership of common areas.

In a condominium the owners is generally responsible for everything in the interior of the condo.  The exterior is usually coverd by the association through blanket insurance.

Townhome

A townhome is one of a row of homes sharing a common wall.  Unlike condos townhomes own the actual land the townhome sits on.  There is likely shared ownership of common areas similar to a condo.  Be aware that townhome HOA dues may not cover blanket insurance meaning if you have to replace a roof it may be your responsibility.  Townhomes generally have a small backyard patio and some included attached garages.

Highrise

Although not common in Dallas, highrises scatter the US major metropolitan areas and are a way of life. Generally highrises are similar to condos in associations and what the associations cover. Highrises tend to be more strict on pet restrictions and some contain lavish amenities such as onsite gym, meeting room and extravagant pools.

Lofts

Lofts are usually  converted industrial buildings that have been turned into living spaces.
Lofts gained popularity in the late 50’s and 60’s of Manhattan when artists and musicians converted abandoned East Village industrial spaces to use as studios.

Lofts usually have no actual bedrooms and consist of all open space.  Lofts usually have exposted brick and an industrial look.  Most lofts are located in downtown Dallas.  Lofts generally function as condos with regards to associations and ownership.

Single Family Homes

Single family homes are pretty self-explanatory.  You own the land that your survey specifies and the physical structure.

You have no conjoining walls and are responsible for insurance and any repairs you may have to make on the home.  Generally single family homes appeal to a broader range of people because they often contain more than 2 bedrooms and have a broad range of affordability and choices available.

Don’t hesitate to call or email me with any personal questions.  I’m an intown loft, highrise, condo and townhome expert.