What's the difference between a condo and a townhome in Franklin TN? Buyers often think they are different names for the same thing. Not so.
Generally speaking, a condominium or condo, is a property where individuals own the interior space of a building (their unit). They have common ownership with all the other unit owners of the outside spaces such as a pool, parking lots, entry gates, and grounds, and some interior spaces such as hallways, stairwells, and elevators.
A condo association or homeowners association (HOA) manages, or hires a property manager, to care for all of these common spaces. Fees and assessments are charged to the individual unit owners to generate the funds necessary for the repair, replacement or general maintenance of commonly owned spaces including pool, roof and exterior walls.
Townhomes are properties where the individual units may share one or two common walls, but the property itself includes a lot or parcel of land, albeit small, where the unit sits. There are commonly owned elements, similar to a condo, such as parking lots and recreational areas. Once again, an association or HOA maintains these common spaces and charges monthly fees or assessments.
Franklin TN has a wide variety of condos and townhomes ranging in price from under $100,000 to over $500,000. Unfortunately the public side of our local Multiple Listing Service (MLS) does not differentiate between condos and townhomes. To further complicate matters, some new construction townhomes are listed in the residential, single-family section of the MLS. These are just a few of the reasons why you need to enlist the help of a buyer's agent when buying a condo or townhome that is right for you.
If you you are looking to buy a Franklin TN condo or townhome,
Information Is Believed To Be Accurate But Not Guaranteed. Copyright 2017 MTRMLS, Inc. RealTracs Solutions.