Condos and Townhomes
In the last week I've had "comps" provided by agents for condominium sales, and in both cases they included single-family residential non-condo townhomes. In the greater Richmond area there are a number of plans that blur the line between Single Family Townhomes and Condominium Townhomes which can lead to confusion.
Ownership The major difference between condos and single family residences (SFR) is ownership. When you buy a condo, you own the interior of your unit, but the exterior and common areas are owned by the condo association. This means that you’ll typically pay monthly dues to the association to cover maintenance and repairs for shared spaces like the lobby, hallways, and elevators. In contrast, when you buy a SFR townhome, you own the unit and the land it sits on. You’re responsible for maintaining the exterior of the property, including the roof, siding, and yard. However, in our market, there are townhome plans that include exterior maintenance in the HOA - and there are condo plans that don't include exterior maintenance.
If you are planning on selling your property, make sure you work with an agent who knows how to price that specific real estate. For lending purposes, you can NOT mix these two forms of ownership any more than you can mix up 1,000 sf ranches and 5,000 mansions.