People that are not too familiar with the various real estate terms can easily end up getting things mixed up every so often, and this is particularly the case when it comes to people in Miami who tend to get condos and townhouses interchanged because of the simple fact that they are not fully aware of the distinctions between the two housing structures.
Nowadays, this mix up can really get in the way, especially in these times wherein Miami condos are such a big hit on the real estate market. There is always the chance that someone out on the real estate market selling a piece of real estate property while claiming that the property is actually a condo.
First of all, in breaking down the difference between Miami condos and townhouses, it helps to learn about the actual definitions for these real estate properties.
Townhouses are single-family residential properties that are built in a way which make them a part of a chain wherein different units are connected to one another; each property retaining one separate entrance per unit. Condos are housing units which are suites of rooms which resemble apartments because of the structure in which they are created. However, Miami condos are different from apartments because of ownership rights.
In an attempt to further break down the differences between Miami condos and townhouses, there are characteristics that become the main focus and these are the actual structure of the real estate property, the ownership rights that are granted to occupants, as well as the existence of a homeowner’s association.
Miami condos bear the structure of individual rooms that are located within a building of significant size which allows condo owners to share the entire building along with other occupants and owners of these condo units. Also shared are the amenities and utilities found within the building.
Ownership that is granted to owners of Miami condos include the interiors of a condo unit, which means that the owner has no claims over ownership of the building in its entirety, or of any land on which the condo building has been erected. While people who buy townhouses are granted ownership of land where the property stands, including any backyard areas that may be included in the actual real estate property deal.
People who are looking to buy real estate property in Miami should definitely know about the options that are available to them, as well as the differences between these options. When it comes to choosing between Miami condos and townhouses, buyers just need to take everything into account before coming up with a final decision.