Ian Bennett, Elevations Credit Union
BOULDER – If you’re looking to buy a home along Colorado’s Front Range, you’re probably familiar with the low inventory and high costs in our real estate market. For many first-time homebuyers, considering a condo or townhome opens up additional options. However, it’s important to know the differences between buying a single-family home and buying a condo or townhome.
A condo or townhome complex usually belongs to a homeowner association (HOA), which operates by collecting HOA dues from unit owners to pay for various items like insurance for the exterior of the complex and/or the interior of the units, gas, electricity, water, trash, recycling, common area maintenance, pools, tennis courts, snow removal, etc.
Owning a condo means you own the individual unit as well as an interest in the common areas. Owning a single-family townhome means you own the individual unit plus the land it’s on. One easy way to tell the difference is to look at the legal description of the unit. An example of a condo’s legal description is: Unit 1 Bldg G, plus the name of the condominium complex. An example of a single-family townhome’s legal description is: Lot 1 Block 2, plus the name of the townhome’s subdivision.
For more on this subject, visit the Elevations Blog at elevationscu.com/condotownhome
Ian Bennett is a Mortgage Loan Originator at Elevations Credit Union in Boulder. If you have questions regarding mortgages, please call (303) 443-2050 or e-mail [email protected].
