We are noticing a surge in sales for Myrtle Beach townhouses and patio homes. Of course, Myrtle Beach is most known as a condo community by vacationers yet interested buyers are starting to learn the difference between a townhouse and a condo. Most people do not know the difference between a townhouse and a condo. As a matter of fact, the two descriptions are used interchangeably. Below is a list of differences that you must consider before making a purchase.
1. In a townhouse, you usually own the land. The land is always owned by the Homeowners Association if it is a condo.So, what is better? Both!
2. Financing a townhouse is similar to a single family home. Financing a condo usually requires a questionnaire to to be answered by the association. This is used to determine if the condo is FHA approved and meets the guidelines of Fannie Mae or Freddie Mac. All of this will determine the interest rate that a bank can offer you for the purchase.
3. Both will have a property owners fee yet the townhouse fee is typically less because the association does not own the land and the entire structure.
4. Both options offer low maintenance living and shared amenities.
5. The townhouse is separated by a wall yet the condo can be separated by a wall, floor or ceiling.
6. Property owners monthly fees are usually a lower in a townhouse versus a condo.
The differences between a townhome or a Myrtle Beach condo is not about good, bad, right, or wrong. You have to determine what style of living you feel most comfortable with and then move forward with the purchase.
We are starting to notice a surge in townhouse sales in Myrtle Beach due to the lower association dues. Purchasers seem to be watching every penny and this is one way to keep the monthly expenses to a minimum.
If you are confused as to if you are looking at a condo or a townhouse, contact us through our website at www.c21TheHarrelsonGroup.com or call us, and we will foward you the information.