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What’s the difference between condos, lofts, and townhomes?

What’s the difference between condos, lofts, and townhomes?

5/16/18

Condominiums

A condominium buyer owns the space within his or her individual unit; the common parts of the property, such as the land, building structure, etc., are owned jointly by the unit owners. Each of the condo owners within a property belongs to an owners’ association which manages the complex and collects monthly association fees in order to maintain the common areas. Because unit owners do not own the land beneath their unit, condominium units are often stacked on top of each other. Learn more about condos for sale in Minneapolis and St. Paul

Townhomes

Townhome buyers own their individual housing unit as well as the ground beneath that unit. Similar to condo owners, townhome residents belong to a homeowner’s association and pay monthly fees in exchange for the general maintenance of common outdoor areas. Townhomes are usually a series of units that are linked to each other horizontally by common walls.

Lofts

Traditionally, a loft buyer owned a large, open space above a commercial or industrial space. Loft living originated in Paris, and was usually owned by artists as a combination residence and studio. Over the past 100 years, however, loft living has evolved and is defined as any apartment-like units with open floor plans, huge windows, and exposed fixtures, in an urban setting.

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