There are 3 main home types most loved by customers now - single family homes, town homes & condominiums. The word 'house' is clear to everybody, while some clients as well as real estate agents still have a unclear idea of the terms 'town home' and 'condominium'. It is crucial to differentiate the terms when looking for an ideal property.

'A house', or 'a single family house', is a detached structure suitable for a typical family to live in. Both the house and the land it occupies are in the owner's possession. There are no walls to be shared with neighbors &, therefore, one may enjoy his or her privacy to the fullest. As 'a house' is in the owner's absolute possession, any redecoration exterior of a house can be done.

Yet, possessing 'a house' may be rather high-priced if compared with townhouses or condominiums. Furthermore, the owner is also assumed to take a suitable care of the outside and pay all the maintenance work by himself/herself. Typically the expenses are shared between members within a townhouse or condo community. The common budget is made up of fees applicable to all condo owners.

When buying a condominium, one should always keep in mind that only inside of the unit is owned, while the outside is in the communal possession. To put it differently, everything that is interior the condominium is the owner's property & everything including green lawns, yards, corridors, parking places outside the condo is owned by a condominium community.

Condos are usually bought by somebody who cannot afford high-priced single family houses & maintenance expenses. Nevertheless, owning a condo may have several minuses. First and foremost, you have no privacy, as neighbours are all around you. Secondly, you have no private garden or a lawn where you can plant your favourite flowers. Anyway, when buying a condominium, select the one which has fewer common walls. It will cost more, in case you would like to put it up for sale. Charges should also be taken into account before acquiring a condo, as in some areas they are gradually growing. Fees may rage from one to five hundred dollars per month, thus it will significantly raise the cost of your home.

Town homes have basic features of both single family homes & condominiums. Therefore, when possessing a townhouse you will have to share walls with your neighbors, but only on either side of you. There will be no neighbors above or below your unit. Lucky are those buyers who own an end unit, since they share only 1 wall and, therefore, can sell their property easily and at a higher price.

In comparison with condominiums, there is typically a yard nearby a town house which is as big as that nearby a house, but is not that expensive. Thus, townhouses may be an appropriate option for those purchasers who are hunting for private space of a single family house & reasonable prices of a condo.

Being able to differentiate home types is believed to be a key to selecting a suitable place to live in that will meet all requirements of the owner.


The author of this article is a specialist in real estate, and mainly in Buy condo Toronto and House on Beaches, Toronto.


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