HOW ARE TOWNHOMES DIFFERENT FROM CONDOS
Townhomes are different from condos in a couple of ways. First, it will be easier to get a loan on a townhome. Why? Banks look at a Dallas townhomes much as they look at a single family home. This is because with a townhome, you buy the land along with the structure. With condos you don’t.
This leads us into the main difference for condos and townhomes. In a condo, you just own the four walls. They are usually highrises or apartments that have been turned in to condos. When you buy a townhome, you get the land. This is one of the ways of easily telling the difference. In about 80% of cases, townhomes include a private garage.
Now back to the loans. It is harder to get a loan for a condo, because any if the structure is destroyed, the equity is destroyed with it. With land, the structure can be destroyed, but you still have equity in the property itself. So, for the bank, there is more risk involved in lending money for condos. Some other reasons that make condos loans tougher are they are for the most part going to be very similar floor plans. Every unit that ends with, lets say 07 in a highrise, will have the same floor plan, so they are not unique. Banks are not big fans. With all this said, condos are not a bad purchase to look at some of the condos in the Dallas Uptown area click this link:
Take a look at all of the Dallas UptownTownhomes for Sale and Lease in Uptown