New Townhomes were built by all through Apple Valley, Rosemount, Lakeville and Farmington during the booming market.Â Â Â Many of those complexes are classified as Condominiums instead ofÂ Townhouses.Â There can be some challenges when buying a Condominium or Townhouse, specifically theÂ financing of a Condo can be more expensive than a Townhome.
The difference is Townhome owners hold title to their units and the land beneath them, Â owning the land is the reason townhomes are not stacked on topÂ of each other.Â Â Townhome owners have exclusive use of the association common areas andÂ Â Townhome owners pay property taxes on their individual units.
Individual Condo owner hold title to the condominium unit only, not the land beneath the unit, so condos may be stacked on top of each other.Â Condo owners have a proportionate shareÂ of the interest (ownership) and use of common areas. Common areas include land, the exterior of buildings, hallways, roofs, swimming pools and any area used by multiple owners. Condo owners pay property taxes on their individual units too.
Additional information can be found on theÂ Minnesota Office of the Revisor of Statues, itâ€™s a grueling read but offers lots of information.Â For specific questions about your townhouse or condo,Â just click here, weâ€™ll be happy to help.