There are many confusions regarding the differences between condos and townhouses. They share many similarities, and this seems to be the source of the confusion. Even amongst real estate professionals we frequently hear more opinions than facts.
So, let us begin by clarifying, condominiums or condos are a type of real estate ownership. A townhouse is an actual manner of building. You can browse https://40eastend.com/building/ for affordable UES luxury condos.
A condominium is best described as "the concept of possession of a single component of air space inside a multi-unit dwelling, along with co-ownership of some common conveniences (recreation facilities, pools, etc.. . ) And common areas of the structures and land one of all unit owners."
Townhouses are generally attached structures of two or more tales with shared walls.
Townhouse ownership means you have the structure along with any associated territory. So the owner of a townhouse can have complete possession, like a single family dwelling.
Image Source: Google
Here is where things get a little perplexing. It is not abnormal to have "condo possession" of a townhouse. To put it differently, the structure is really a "townhouse" while the possession is "condo".
Ownership and common places are the primary differences between condos and townhouses. It is possible to actually have absolute ownership of a townhouse in addition to the land (lawn ) associated with that. In a Condominium, you just own the "air-space" interior of your particular unit.
The owners of a condo development each have an equal share of their "General Common Elements". This includes the structural elements of the building roof, walls, and halls, clubhouse, pool, etc….
In a townhouse neighborhood, any common components are deeded to the Home Owners Association (HOA). The townhouse owners are part of the HOA but do not have an interest in these elements.
Limited Common Elements are only seen in condo ownership. All these are items which are meant for the use on the individual unit owners. Parking areas, garages, balconies, and patios are cases of Restricted Common Elements. Although these are possessed by all of the unit owners, they are confined to the use of specific owner/s.
At a townhouse, the garage and balcony are in fact owned by the townhouse owner. The exception to this would be when a "townhouse" style home is possessed as a "condo".