Townhouse, Condo, Loft…What’s the Diff?
Many Colorado Springs and Fountain Home Buyers ask this question, “What is the Difference between a Townhouse, Condo, and Loft? “. It is important to know the difference before you Start your Home Search.
What is a Condo?
A Condo is short for Condominium. Colorado Springs Condos are built like apartment complexes. Instead of renting, the owners own their individual unit inside the complex.
In a Colorado Springs Condo, owners own everything from the walls inward of their unit. They do not own the land it sits on. Just like an apartment, they have neighbors living above and below their unit and share all common property.
Colorado Springs Condo owners are members of a condominium association. This requires a monthly fee in exchange for maintenance of the common property. For example: elevators, clubhouses, etc. Condo owners are active members of the condominium association, where they make common property decisions, along with all the rest of the Condo owners.
Colorado Springs and Fountain Home Buyers who are looking for the privacy of their own yard for example, should not consider this style of living. Condos are for folks that like low-maintenance homes, don’t mind close neighbors, and are willing to share amenities with all of the owners in the complex.
Pros:
- affordability
- low-maintenance
- pleasurable amenities
Cons:
- lack of privacy
- no yard or attached garage
- condominium association fees and participation
What is a Townhouse?
Photo Courtesy of Pulte Homes
A Colorado Springs and Fountain Townhouse offers more privacy than a condo, with the same amenities. Townhouses are attached to adjacent homes. Owners share common walls with neighbors, but do not have anyone above or below them. Owners own the land their Townhouse is on, which may include a front and back yard. Common areas are shared with other residents, such as, parks and open spaces.
A Colorado Springs and Fountain Townhouse is usually multi-storied and part of a Townhouse community. Owners also belong to a Home Owner Association, which requires a monthly fee in exchange for maintenance of the common areas. The HOA may also include trash and snow removal.
Colorado Springs and Fountain Homebuyers who want affordable low-maintenance living with a little “breathing room”, and possibly their own garage should consider a Townhouse.
Pros:
- low-maintenance
- small yard
- no one above or below you
- may have attached garage
Cons:
- noise
- almost always a two-story (stairs can be a problem for some)
- strict covenants (rules of community)
What is a Loft?
Unlike your typical condo, Colorado Springs Lofts are more luxurious. They have one of a kind features; very high ceilings, exposed ducts and pipes, open floor plans (very open), modern designs and are typically located in/around Downtown Colorado Springs.
Many in Colorado Springs love the idea of having a loft as their home. Located in Downtown Colorado Springs, owners are close to businesses, restaurants and entertainment.
Pros:
- downtown
- amenities (media room, fitness center, elevators)
- contemporary floor plans
Cons:
- more expensive, higher HOA fees
- no yard
- noise
Which One will You Pick?
Colorado Springs has many different styles of living. It’s all about you, what you can live with, and what you can live without. Start your Colorado Springs Home Search Here and see what’s out there for you!
