Whats the difference between a townhouse, apartment, and condominium?
This is a great question. They are obviously all places to live. The characteristic that distinguishes them from each other is the type of ownership involved. An apartment is rented. You pay monthly for the pleasure of living there but have no ownership. A Condominium is ownership of the “air space” between the walls. Often condominiums share attached walls and are in complexes containing many units, all governed by a Homeowner’s Association. In effect, when you own a condo, you own the right to live there, but the structure itself does not belong to you. One good thing is that you are not responsible for replacing the roof, exterior siding, or the upkeep and maintenance of the landscaping because they are not yours. People often associate a particular style of architecture with condominiums, but this is not correct…it is the legal type of ownership, not the way the building looks that makes it a condo. A Townhome is the same as a Single Family Residence. If you own a townhome, you o
