Home Buying in Houston>Question Details

Abcde, Home Buyer in Houston, TX

what's a townhouses style condo in houston?

Asked by Abcde, Houston, TX Tue Apr 12, 2011

what's townhouse style condo in Houston? do I own the land or not? what do I share regards of HOA? do I own the property if I buy it? it's a two story,ground floor and up, sharing 3 walls with other unit, no one above or below this unit. what's the difference between a townhouse and a townhouse style condo?

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Hello, without actually looking at the listing details, I am assuming that this condominium is set up with an Upstairs/Downstairs floorplan. I've seen some with 3 stories as well. Generally the downstairs is the living and kitchen area and the upstairs has the bedrooms/bathrooms. Condominiums in high rises may have each unit on a floor without an upstairs/downstairs access for each individual unit. Townhouses may have only 2 levels for each unit, with no one living above or below you. You own the property which is the condominium unit itself and have a right to share the common elements of the condominium project with the other co-owners. HOA fees range in price depending on the condominium - some have only the exterior grounds maintenance covered, whereas others can include either water, trash, cable or all of these.
Persis
713-294-7747
persis.realtor@gmail.com
0 votes Thank Flag Link Tue Apr 12, 2011
Townhome buyer,

A townhome/condo could be a "fee-simple" property or part of a common community with shared ownership. The fee-simple means you own the dirt below and sky above...look for the legal description that includes lot, block and section number. The other type is where you are a percentage owner of the entire community, and your part is within the 4 walls of unit "x". Having a garage, one or two story, touching walls etc has no bearing on the legal description of a "townhome".

Both types could have common walls, both types could have monthly assocation dues, both types could have very little insurance paid by the HOA all the way to full coverage paid by the HOA, some units you are in charge of exterior maintance and others the HOA takes care of everything.

Financing is typically easier on a fee-simple property, but in Houston, those are typically in higher price ranges. Non fee simple would likely require the community to be at a minumum 51% owner occupied before you can do FHA financing or a loan with 5% down.

Get with a Realtor who has sold these types of properties and can give you more detailed advise. Both are good to purchase, just don't overpay and stay put for 5-10 years and you will come out ahead when you sell.

Good Luck!

Mark McNitt
Bernstein Realty
m 832-567-4357
1 vote Thank Flag Link Tue Apr 12, 2011
You or your realtor can look on the tax records and tell. Genrally what they call Fee simple townhomes have a lot size in the property description while Condos only show a common land value. In a fee simple townhome you own the land under the home. One very important thing to consider on both is who is responsible for the exterior of the building. Many townhomes you are responsible for maintaning and repiaring the roof. Beware also many Condos have "Townhomes" in their name.
Web Reference: http://www.DaveRealty.com
0 votes Thank Flag Link Wed Apr 13, 2011
Your buyers agent can point out the difference, each property may vary based on HOA and construction.

Ideal location for any multi family dwelling is the end unit
0 votes Thank Flag Link Tue Apr 12, 2011
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