BOULDER, CO, Mar 29, 2024—If you're shopping for a home, you may be considering townhouses and condominiums. But what are the differences between the two? Below, Phil Boren, Broker Associate of RE/MAX of Boulder, Inc. weighs in.
"While most condominiums are apartments, a townhouse is attached to one or more houses and can run the gamut from duplexes and triplexes to communities with hundreds of homes," explains Boren. On the plus side, there are no neighbors above or below the home like in an apartment; and because the homes are attached, they may offer a greater sense of security.
With a townhome, buyers usually separately own their homes and the land on which the houses sit. With a condominium, the unit owners jointly own the land and this common interest cannot be separated from the others.
"Townhouses can be structured in many ways," explains Boren. Some, particularly huge communities, have common areas – such as swimming pools – that are similar to condominiums. With a huge community often comes a homeowner's association, for which buyers will have to pay a homeowner’s fee, as well as various rules to adhere to. There is also less privacy than with a detached single-family home. And there are limits on how you can make exterior changes to the home.
There are many considerations to take when purchasing a townhome or a condominium, so be sure to chat with a qualified real estate professional before making a decision.
For information on real estate, please contact RE/MAX of Boulder, Inc. at philboren@gmail.com, 303-441-5647, or RE/MAX of Boulder, Inc..
Phil Boren is a 26-year veteran real estate Broker and Realtor, specializing in consulting with buyers and sellers in Boulder, CO and along the Front Range of Northern Colorado. Held Real Estate Broker's license in Texas, California and Colorado; Managing Broker for over 200 agents and Brokers for Century 21 and RE/MAX franchises. Award-winning Realtor with experience in management, sales, marketing, relocation, appraisal, REO, BPO's, foreclosures, short sales; previously held the MAI designation from the Appraisal Institute. Experienced in both residential and commercial real estate and achieved the No. 14 individual ranking in the 5-state, Mt. States Region for RE/MAX International in 2001, based on sales volume. Received my BSBA in Finance and Real Estate from the University of Arkansas in Fayetteville, where he was a 4-year starter and 4-year football letterman for Hall-of-Fame coach, Lou Holtz.