Attached lifestyle structures include three major categories, condominiums, townhouses and lofts in most areas. Here are the basic differences between them:
Condominiums – A condominium buyer owns the space inside their individual unit. All of the common areas, such as parking, land, building structures, pools, clubhouses, etc. are commonly owned so each owner has a percentage of ownership. A condominium owner membership association makes decisions, collects dues, and manages the project.
Townhomes – Townhouse owners own their individual units and the ground beneath them. Similar to condominiums, townhouse owners pay dues and an association manages the project. The dues pay for maintenance of common areas.
Lofts – Lofts originated as large open space units above commercial or industrial spaces. Or, they were commercial or industrial buildings totally converted to residential use. Loft living has evolved and is currently defined as any apartment–like unit utilizing open floor plans, large windows and exposed fixtures in an urban setting.
Each of these lifestyles are enjoyable and offers its own benefits and drawbacks. Contact CondoAgent007 if you are in the market for a condo, townhouse, or loft.