Attached lifestyle structures include three major categories, condominiums, townhouses and lofts in most areas. The Penthouse is a category all by itself. 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.
Penthouse – A penthouse is traditionally known as the top-floor unit of a luxury residential building but that definition is changing. Now, “penthouse” is usually more of a marketing term that refers to a unit with a different layout from others in the building, ample outdoor space, great views, or largest size — but it’s not necessarily on the top floor.
If you call or consider your property a penthouse and not on the top floor it should at least be in a full service building. Amenities such as 24 hour door person and security, valet, pool-sap-gym-conference room. The building should be located close to bars, restaurants, shopping, etc. A penthouse is a feeling and you will know if you have a penthouse by the feeling you get.
Each of these lifestyles are enjoyable and offers its own benefits and drawbacks. Contact CondoAgent007 if you are in the market for a penthouse, condo, townhouse, or loft.