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New homes aren't always single-family residences. These references help you decide if a condo or townhouse is the best choice for your housing needs.

Condos - Townhouses
Similarities and Differences

Real estate titles to condominiums and townhouses are described as hybrid forms of ownership because they include elements that are owned by individuals and elements that are owned by a group. Here are a few explanations to help you sort out the differences and similarities:

Condominiums - Condos

• An individual condo owner holds title to the condominium unit only, not the land beneath the unit, so condos can be stacked on top of each other.

• All condo owners share title to common areas. Common areas include land, the exterior of buildings, hallways, roofs, swimming pools -- any area used by multiple owners.

• Condominium owners pay property taxes on their individual units.

• A property owners' association usually manages the complex and collects fees from all owners in order to maintain common areas.

Townhouses - Townhomes

• Townhouses are usually a series of single or multistory units that are linked to each other horizontally by common walls.

• Townhouse owners own their units and the land beneath them, so units cannot be stacked on top of each other. As with condos, common areas are owned jointly by all townhouse owners.

• Townhouse owners pay property taxes on their individual units.

• A property owners' association usually manages the complex and collects fees from all owners in order to maintain common areas.