{"id":629,"date":"2014-08-09T14:20:01","date_gmt":"2014-08-09T14:20:01","guid":{"rendered":"http:\/\/teammovemortgage.com\/2014\/08\/09\/difference-between-a-condo-and-a-townhouse\/"},"modified":"2020-07-13T22:37:42","modified_gmt":"2020-07-13T22:37:42","slug":"condo-townhouse-comparison","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/condo-townhouse-comparison\/","title":{"rendered":"Difference Between a Condo and a Townhouse"},"content":{"rendered":"<p>We see this misunderstanding of condo versus townhome more than any other property types\u00a0as a lot of listings will call the property a condo\/townhome and there is no such thing. Understanding this difference\u00a0 between a condo and a townhouse is very important for buyers, sellers, and their agents!<\/p>\n<h3><strong>Condo characteristics:<\/strong><\/h3>\n<ul>\n<li>The owner owns only the interiors of the unit<\/li>\n<li>The other common\u00a0areas and exterior of the units are owned as a whole by the condo association\n<p><figure id=\"attachment_1026\" aria-describedby=\"caption-attachment-1026\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1026 size-medium\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2014\/08\/condo-and-townhome-300x137.jpg\" alt=\"difference in financing a condo and townhome\" width=\"300\" height=\"137\" \/><figcaption id=\"caption-attachment-1026\" class=\"wp-caption-text\">difference in financing a condo and townhome<\/figcaption><\/figure><\/li>\n<li>There are Condo Association Dues (COA dues) which usually include insurances, exterior maintenance, amenities<\/li>\n<li>The owner of the condo does not own the land individually under or around the condo unit<\/li>\n<li>Condos are governed by specific statutes in the US<\/li>\n<li>To obtain a mortgage on a condo, the condo association must be approved for the type of mortgage the buyer is obtaining such as FHA, VA, Fannie Mae, etc<\/li>\n<li><span style=\"text-decoration: underline;\"><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/05\/23\/va-approved-condo-search\/\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to search for VA approved condos<\/a><\/span><\/li>\n<li><span style=\"text-decoration: underline;\"><a href=\"http:\/\/teammovemortgage.com\/blog\/2014\/08\/03\/fha-approved-condos-search\/\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to search for FHA approved condos<\/a><\/span><\/li>\n<\/ul>\n<h3><strong>Townhome characteristics:<\/strong><\/h3>\n<ul>\n<li>The owner owns the land as well as the interiors plus any yard or deck<\/li>\n<li>Usually townhomes are attached to others but may be separate from each other<\/li>\n<li>A townhome may look like a condo and vice versa but you must check the other characteristics to determine the classification<\/li>\n<li>There are usually Homeowner&#8217;s Association Dues (HOA dues) to cover insurance (not always), common areas, amenities and are usually cheaper dues than a condo&#8217;s dues<\/li>\n<li>Townhomes are governed by the same laws that apply to single family homes<\/li>\n<li>The townhome maybe covered by a master insurance policy or it may have to be insured by owner individually. Check with the association<\/li>\n<\/ul>\n<p>So make sure you review diligently which type of property you are considering buying or listing.\u00a0 It will save a lot of issues later and make it easier to sell.\u00a0 <a href=\"http:\/\/teammovemortgage.com\/contact-us\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Contact Team Move<\/span> <\/a>today to finance your condo or townhome.<\/p>\n<h4><em><strong>\u00a0Team Move\u00a0lends in\u00a0areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, as well as the rest of NC.\u00a0 North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of SC<\/strong><\/em><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>We see this misunderstanding of condo versus townhome more than any other property types\u00a0as a lot of listings will call the property a condo\/townhome and there is no such thing. Understanding this difference\u00a0 between a condo and a townhouse is very important for buyers, sellers, and their agents! Condo characteristics: The owner owns only the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1026,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,57,33,88,40],"tags":[55,56,58,137,25,26,27,28,29,30,31,32,9,10,11,12,13,18,20,138,42,44,45,46,47,103,49,21,139],"class_list":["post-629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-condos","category-frequently-asked-questions","category-general-info","category-tips","tag-approved-condos","tag-condominiums","tag-condos","tag-down-payment","tag-fha","tag-fha-guidelines","tag-fha-home-loans","tag-fha-loan-calculator","tag-fha-loan-requirements","tag-fha-loans","tag-fha-purchase","tag-fha-rates","tag-first-time-buyers","tag-homebuyers","tag-low-down-payment","tag-lumberton-board-of-realtors","tag-mortgage-faqs","tag-realtors","tag-team-move","tag-townhomes","tag-usda","tag-usda-home-loans","tag-usda-rural-development","tag-usda-rural-development-guidelines","tag-va-home-loans","tag-va-refinance","tag-va-requirements","tag-wrar","tag-wrightsville-beach-nc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Condo and Townhouse: How to Tell the Difference Between Them<\/title>\n<meta name=\"description\" content=\"Common mistakes during a purchase is mistaking a townhouse and a condo. 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