Condos for Sale in Colorado Springs
There is always some confusion on the difference between a townhouse vs a condo. If you are in the market for buying a condo, here is some helpful information that may help you with your purchase of a condos for sale in Colorado Springs.
Though less common in the Colorado Springs area, mobile homes and coops are additional housing types you might encounter.
Quick Facts about Condos vs Townhomes
What is a Condo?
A concept of real estate ownership. Buying a "Condo" means you own:
- The airspace within a single unit of a multi-unit dwelling.
- An equal share amongst all unit owners of common elements. For example; land and amenities in the complex (pool, recreation center, greenbelts, etc..)
What is the Difference between Condo and Townhome?
A condominium, is actually a form of ownership, while “townhouse” is a description of a type of dwelling. "Townhouses" are generally attached real estate of 2 or more stories with common walls. A person may have “condominium ownership” of a townhouse, or they may have absolute ownership, like a single-family home.
What is a Condo Association?
When you’ve purchased a condo, townhome or another type of property in a planned development, you are required to join that community’s homeowners’ association (HOA) and pay monthly or annual HOA fees for the upkeep of common areas and or building. It’s recommended to review their rules before purchasing and to find information about the fees.
You own the airspace inside of your unit and an equal share amongst all unit owners of common elements. i.e. land and amenities in the complex (pool, recreation center, greenbelts, etc..)
The owner actually owns the home, not just the airspace. Any yard, deck, garage or part of the property is owned. Unlike condo ownership, the common elements are not owned.
Condos have amenities that are common to all units in the building. Gyms, pools, common areas and party facilities are all possibilities.
Townhomes tend to not have as many amenities as condos. Walking paths, common areas and exercise areas are all possibilities.
Condos in Colorado Springs take on more of an apartment structure with units in a larger building on multiple floors.
Townhomes in Colorado Springs tend to be 2 story units with the bedrooms on the upper level and the living areas on the lower level.
For Condos, prepare to spend approximately $300/mo in condo association fees. These fees pay for amenities and services. Items like trash and water can be included in this fee.
Townhomes usually have an HOA fee, but often less than Condos. Prepare to spend approximately $200/mo in HOA fees to cover maintenance and amenities.
Maintenance on condos generally covers everything on the exterior including a leaky roof, decking, landscaping, and maintenance of amenities.
Townhomes maintenance covers exterior maintenance like landscaping, decks and common areas like parking lots and common facilities.