Apartment, Condo, Townhome, What’s the Difference?
With so many styles of homes out there many buyers are having a hard time distinguishing the differences between apartments, condos, and townhomes. As you browse through the online listings you may find multiple different property types, from single family homes, apartments, townhomes, condominiums, mobile homes, lots, the list seems nearly endless and yet all have their own classifications that help categorize each listing type. So, what are they? The differences between them are surprisingly much smaller than you may think. The three listing types that buyers seem to have the most questions about include apartments, condos and townhomes.
Apartments - Rentals
The main thing to remember when you hear the term apartment is that it is rented vs. owned. An apartment in itself can be any style of living within in a multi-family unit such as an apartment building, however, the home must be rented in order for it receive the “apartment” title.
Related: Why is the Rental Market so Competitive Right Now?
Condos - Homeownership
Condos can be extremely like apartments as far is being in a multi-family building, however, unlike the rented apartments as mentioned above, condos are owned by those who reside in them. Oftentimes it is believed that condos are more luxurious than apartments, however this isn’t always the case as the real only difference is between homeownership and renting. Keep in mind there luxury condos that have a luxurious feel and stand out among the rest.
Townhome - Multi-Story Adjacent Properties
In order to be classified as a townhouse, the residence must be multi-levels, have its own entrance, as well as share a wall with another adjacent property. Townhouses are constructed in rows and oftentimes have their own garages below the living spaces.
Related: 3 Hidden Costs of Calling the Coast Home
While homeownership vs. renting a property are obviously two totally different spectrums, when it comes to the actual physical differences of apartments, condos, and townhouses, there really isn’t a ton that makes them differ from one another. While using a buyer’s agent is something that most buyer’s plan on doing when it comes to purchasing real estate, many renters don’t realize that there are many agents who also work within the rental community and can help you find the perfect rental to settle into. So, whether you prefer apartments, condos, townhomes or other forms of Real Estate, enjoy hunting for your new home!
If you’re currently searching for a new home, regardless of the home style, are ready to sell your home and need a qualified seller’s agent, or if you have any questions regarding Miami Real Estate, please feel free to contact our office at any time.
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