RE/MAX Properties, Inc.
Terry Naber, RE/MAX Properties, Inc.Phone: (719) 491-8966
Email: [email protected]

What is Common-Interest Housing?

by Terry Naber 10/12/2020

Image by Free-Photos from Pixabay

Common-interest housing includes individually owned spaces and common areas shared by all owners. The common areas can include clubhouses, landscaping, parking lots or pools. Multistory buildings share lobbies, stairwells, and elevators. Any community that shares property including single-family free-standing homes in developments, falls into the common-interest category. 

The two most familiar types of common-interest housing terms are condominiums (or condos) and townhomes (or townhouses). Although both belong in the category of common-interest housing, condos and townhouses may mean different things depending on regional or legal definitions.

The Difference

A condo is a shared building or group of buildings and common spaces in which housing units are owned individually. This could be a single unit within a tower building or a conjoined home having its own ground floor with exterior entry. Other homes in the condominium category include single-family cottages or even modular homes inside planned communities. When you purchase a condo, you own the unit itself while you are a co-owner of the common areas.

A townhome is a style of house that is connected to another structure on at least one side. It may be solely owned by an individual as part of a CID, part of a multi-family apartment dwelling, or individually owned without property in common. A true townhome is built with independent sidewalls that stand alone even if they touch the walls of another townhome. When you purchase a townhouse, you own the unit itself and whatever yard area is affiliated with it as you would with a detached single-family house.

While condominium units might incorporate elements like private outdoor spaces, individual ground-floor entry options or design elements that resemble those of a townhome, it is ownership that truly defines them. 

Homeowners’ Association 

All CID properties have a homeowners’ association (HOA) of some sort. While some are mainly hands-off with regard to individual units, others have specific regulations regarding renting, remodeling, and exterior décor. 

If you are trying to decide between purchasing a condominium or a townhouse, have your agent explain the differences in common ownership between them, and make certain to factor in the HOA fees to your monthly budget.

About the Author
Author

Terry Naber

Your "Good Neighbor" In Colorado Springs Real Estate Since 1990 (28 years experience) 

Certifications:

  • CRS / CDPE / LHP / MRS / CFE / MRE / CNE / IRES/ SRES

Specializing in

  • Black Forest / Calhan / Castle Rock / Colorado Springs / Elbert / Ellicott / Falcon / Fountain / Manitou Springs / Monument / Palmer Lake / Peyton

Specialties:

  •  Buyer's Agent
  •  Listing Agent
  •  Relocation
  •  Foreclosure
  •  Senior Real Estate Specialist

Terry has been an award-winning licensed Realtor since 1990 when Colorado Springs was "Repo Capital" of the United States.  Getting into the business when most agents were leaving the business was a challenge, but one that she eagerly embraced because she came in with a different business philosophy of putting her clients interests above all else, serving them with integrity and care ever since. Buyers and sellers alike appreciated the difference and have rewarded her with repeat and referral business.