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What s The Difference Between A Townhouse And A Condo
f you own real estate or Fee Simple not only own the
are considering buying real home’s interior and exterior, but
estate, then you’ve they also own the land beneath,
probably run across terms such as and in front and back of the
townhouse, townhome, row house, property, as well as having some
condo and condominium. So what rights to the air space above the
exactly are these terms and is it property. In contrast, people
better to own one type of who own property as a
property over another? Condominium, only own the inside
of the unit itself. The land
Let’s begin by defining these below the property, the air space
words. The confusion surrounding above the property, the front and
these terms has to do with the back yards (if any), the exterior
distinction of how people legally of the unit, the stairs outside
own property vs. the type of of the unit (if any), are all
property owned. While there are owned collectively by all the
many ways to legally own unit owners within the
property, the two most common Condominium development.
methods are Fee Simple (sometimes
called Fee Simple Absolute) and So now that we’ve discussed how
Condominium. property is typically owned,
let’s review briefly the various
Although a through description of property types. The most common
the benefits of owing property in type of property in the United
Fee Simple is beyond the scope of States is a single-family home
this article, a brief definition (SFH). SFHs are detached
is, having an unqualified structures that usually have one
ownership interest in a property or two levels, a front and back
or other real estate. In most yard, and are designed to meet
cases, people who own a home in the needs of a single family.
SFHs are typically sold as Fee with the adjacent units. These
Simple. properties unusually have two or
more levels, may or may not sit
A Condominium, Condo for short, on individual lots, and may or
is a single unit that is attached may not have front or backyards.
to other units within a larger These types of properties are
complex. Condo owners only own sold either as Fee Simple or
the inside of an individual unit. Condos, so it’s important to know
Collectively, all unit owners what you’re getting.
within a development own all the
structures and land outside of The confusion then lies in what
the individual units. Condos term is being used in what way. A
usually share common walls with townhouse, townhome, or row house
the units above, below, and to could be either Fee Simple or a
either side, and all owners share Condominium. If a property is
the costs of maintaining the advertised as a condo, then the
structures and land external to method of ownership is readily
the units. You might be interest obvious, condominium ownership.
to know that many buildings that In contrast, single-family homes
look like apartment complexes, are typically sold as Fee Simple.
actually sell individual units as
Condos instead of renting the Each of the ownership methods and
units. property types above has
advantages and disadvantages. If
The terms townhome, row house, you’re considering buying real
and townhouse are often used estate, be sure to talk to your
interchangeably. These terms Real Estate Agent and legal
describe a consecutive series of advisor about the pros and cons
similar residential units that of various ownership methods and
may or may not share common walls different property types.
About the Author:
San Diego Real Estate
Riverside Homes For Sale
San Diego Real Estate
Read more articles by: Real Estate Advisor
Article Source: www.iSnare.com |
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