With our Sacramento real estate market getting hotter, many first time buyers and investors will turn their interests to condos and townhomes for a few reasons: they are more affordable, require less work, as some of the exterior and roof repairs are covered by the Home Owner’s Association, and offer more security features, especially the gated ones. When I showed a condo to my cash investors last week, they asked me: “What is the difference between a condo and townhome?” Excellent question!
CONDOS AND THEIR FEATURES
According to the article below from Realty Times, “a buyer of a condominium owns his or her individual unit, plus a percentage of the surrounding property, including land and any amenities on the property (The word “condominium” is Latin, meaning “common ownership” or “common control”).
http://realtytimes.com/archives/item/20020-20000629_condotwnhome
- The condo shares more common areas.
- Common areas include stairs, driveways, walkways, hallways, parking lots, and Home Owner’s Association amenities, such as pools and club house.
- Only few condos have garages; most of them have shared carports.
TOWNHOMES AND THEIR FEATURES
As opposed to the condo, the townhome has a very distinct characteristic: owning the ground underneath the unit and having their own roof. Additionally, some townhomes look like a detached home and have garages, which is not that common with condos.
When I first got into the business, my first sale was a condo and then I kept selling quite a few others, so my nickname was “the condo queen.” I learned about each condo complex and sold a few townhomes, too. I am helping one of my clients who bought this condo with me 17 years ago. She used it as a personal residence and then turned it into an investment property. Thus, condos or townhomes can make great financial sense in a hot market, in which it might be hard to buy a home.
For more info on my new condo listing, check out the virtual tour, and feel free to call me for a viewing. This one will go quickly!
http://1520hoodroad.ihousenet.com/
For more info on running and real estate, whether buying or selling, please e-mail me at carmenmicsa@yahoo.com, or call me at 916-342-2446. Running for real estate with joy!