They become members of the Homeowner's Association and pay a monthly association fee for the amenities of the complex (typically maintenance of the property and all amenities available in the complex to its' residents). The amount of the association fee is determined by the percentage of ownership each individual unit has.

The buyer of a townhome, on the other hand, purchases the unit plus the ground beneath the unit. Residents belong to a Homeowner's Association and pay monthly fees as well. Typically, the monthly fees cover the maintenance of the common exterior areas. In the last several years, however, townhome communities have been built with additional amenities within the complex as an incentive to lure buyers (clubhouse, exercise facilities and the like). Generally townhome owners enjoy a small yard.

Both condominium and townhome communities come in a variety of styles, with several floor plans to choose from. Parking arrangements can also vary from a separate garage to an underground parking area, to reserved parking spaces for residents.

Monthly association fees can vary dramatically. This is usually determined by the number of amenities offered within the complex and the number of units paying into the association.

In recent years, condominiums and townhomes have been purchased most often by first-time buyers and seniors ready to downsize. Next month, I will touch on some of the features you might want to consider before you make your move!

Continue to Part II...

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