Condo vs. townhouse vs. apartment - what are the differences?

Generally, apartments that you own are condos or co-ops. A condo is an interest in the specific property, and therefore your use of the apartment is less restricted. A co-op means that you own a share in the entire building relative to the assigned value of the specific apartment in which you reside. Because you essentially own shares in the entire building, a co-op building will have a board that both must approve you when you buy the place, certain alterations and renovations to the apartment, will charge a higher maintanence fee, and also, when you move to sell the place, will have the discretion to approve the new tenant before the sale goes through.

For these reasons, condos are more often priced higher than a co-op.

A townhouse is just a townhouse – a tall thin house that is or nearly is abutting the property next to it. you can own or rent a townhouse – but if you own it, it’s pretty much a house.

I am not sure how it works in places like New York where you actually buy an apartment. With a condo you usually own the airspace while the association owns the structure. With a townhouse you own the structure while the association owns the land the townhouse is built upon. Most of the things you mentioned such as who handles upkeep and maintenance are outlined in the covenants codes and restrictions and it varies by association.

“Condo” and “coop” describe ownership arrangements, and since I’m not well versed in the particulars I’ll leave that to others who know the specific details.

“Townhouse” describes a type of structure. As @iamthemob more or less describes, it’s a multi-story building with its own entrance, more than likely its own basement and attic, too.

In the case of condos and co-ops, you usually have a monthly upkeep fee in addition to your payment, The boards can also assess maintenance or reserve calls.

This varies around the country. In NY people use the term apartment to mean a place you rent or own ina bulding. In FL an apartment is something you rent in a building, a condo is something you own in a building, townhouse is two story attached housing, and a villa is aone story attavhed housing. Some parts of the country a villa is not attached. Most attached housing the owner does own the land, but many communities the association maintains it. Condominiums are owned in fee simple, which is the same as a house, townhouse or villa. Co-ops are not held in fee simple, the owner owns part of the ownership of the building (kind pf like being a stockholder) it is slightly different thatn owning a condo, but in the end it is basically the same for the owner in practice. In NY this is fairly common, in other states it is seen much less often.

About making alterations, most require the association to approve alterations. Sometimes it is only required for exterior improvements, sometimes it is both interior and exterior. When you buy a condo or townhouse you would be supplied with the covenants/condo docs with all of the rules for this sort of thing to look over before you buy it. Some states have very strict rules regarding this. In FL a buyer gets 15 days by law to cancel a contract from the time they are given the condo docs, unless the closing happens before that time. So, a deal can easily fall through upon review of the documents.

Apartment – owned by an individual or real estate company. Occupant has a lease, generally for 1 year, owner is responsible for all maintenance. Occupant cannot make changes or paint without owner’s permission. When you move you get back your security deposit.
Co-op – (As explained by a former co-worker who lived in one) Generally an apartment where you pay a deposit in order to get the lease on the place. The lease is for more than one year. There are generally by-laws governing repairs and what you can and cannot do to the interior. There is usually a property maintenance company. When you decide to move, you can sell your deposit back to either the co-op board or to the next occupant. Essentially, you’re buying the right to lease. This is attractive in areas where finding affordable housing is at a premium.

Condo – can be an apartment that has been converted into individually owned units. Owner is responisble for all maintenance inside the four walls of the unit. The condominium association is responsible for exterior and shared system maintenance, landscaping, etc. Owners are required to pay condominium dues to the association; this is not optional. Additionally, if a large unexpected expense comes up, the association can levy an additional request for funds upon the occupants, which must be paid. The owner of the unit can sell their unit through a realtor; most condos required notifying the board prior to listing the unit.

Townhouse- attached housing. May function as a condominium, or may be regarded as single owner attached housing. Important to read the bylaws and restrictions.

There is no specific difference between a townhouse and a condo. In California the names are used interchangeably.

@BarnacleBill your explanation of co-op makes it sound too much like a rental so I thought I would provide this link for you and everyone.

Also, sometimes apartments are converted to condo, and they can also convert to co-op, usually referred to as going co-op. But, also buildings are built as condos also from the beginning, the don’t have to start as rentals.

The townhouse is owned in fee simple, exactly the same as a single family house, same as the condo.

I can’t always spot the difference between a condo and an apartment too… in my hometown Ft. Lauderdale, for instance, the agents almost always list their properties as condominiums. An example could be this building www.riva-condo.com But what I’ve notices so far, and JLeslie said as well, condos are built as such from the very beginning.