Increasingly, there are a number of terms relating to residential property such as townhouse, townhomes, row house and condominiums that are leaving people increasingly confused. Indeed, where developers who are believed to be marketing condominium townhouses. This is a little like combining apples and oranges and coming up with an exotic new fruit. So, you might ask, what exactly is the difference between a condominium and a townhouse when looking for Littleton CO real estate?
A condominium in the, is generally a residential unit that is contained within a block of similar units and share common spaces such as stairways or gardens. A townhouse is generally a self-contained residence with its own roof or terrace and often, a small front or back yard. However, in legal terms, townhouses and condominiums are two different styles of ownership. A townhouse represents a style of ownership called Fee Simple where the ownership in a property is unqualified. This means that the owner owns not only the inside of the house but also the land beneath as well as the land at the back and front as well as some rights to the airspace above. Townhouse owners may well belong to a Home Owners Association which looks after maintenance of common areas for a monthly fee.
Condominiums are a little more complicated. Generally, in a condominium style of ownership, the owner will only own the interior of his residential unit while all the condominium residents will jointly own the land beneath, in the front and back and the airspace above. In addition all the residents also jointly own all the common spaces such as staircases and landings. The percentage share of each resident will normally be defined in the sale deed. In fact the term condominium is Latin for "common ownership". In fact, because of the amount of common space that is shared, condominium ownership can never be as clear cut as Fee Simple ownership.
Because condominium owners live in such close proximity to one another, Home Owners Association rules tend to be a lot more rigid and restrictive. You can, for instance, paint the interior of your house any way you like but you would be limited in expressing yourself in the exterior. Even spaces such as balconies, patios and carports are designated "limited common spaces" where your ability to express yourself is limited to what the rules allow. Similarly, because so many people live together in such a restricted space, you may well find that the rules regarding pets or use of recreational facilities are irksome.
Condominium home ownership members fees tend to vary depending on the kind of development and how expensive it is, but members generally agree that the membership is worthwhile. By subscribing to the home ownership rules, the members accept the need for self-discipline in these small and crowded communities. Moreover, the Home Owners Association is the only way in which the quality and the market value of the property can be maintained.
Whatever you are looking for, be it A condominium or a townhouse, you will find some fantastic options in cities like Denver Colorado or Erie CO. All you have to understand is what you really need. If you are looking for space where you can enjoy a barbecue with friends and family in your backyard then you will need a townhouse, a condominium will just not do.
