If you are like most people, you use the terms townhouse, townhome, condo, and condominium interchangeably. The use of town "home" and town "house" is the same as "home" and "house", so you can use them any way you choose.
It is important, however, to note that a townhouse is NOT a condo. There are a few distinctions that you must know prior to making a purchase.
There are a few ways that a townhouse and condo are similar. Both types of real estate offer a low maintenance lifestyle. In addition, the common areas and the amenities are owned by the association. It is common to pay a monthly HOA fee for the upkeep of the pools, fencing, landscaping, trash service, signs, parking and other features that are shared by each property owner.
Some of the differences between a townhouse and condo are very important to know. One major factor is that in about every case, the townhome owner owns the structure and land below the townhome. This is not the case with a condominium which you own the interior, yet the association owns the structure and the land it sits on. Because condos usually have more common areas, they also usually have higher monthly association fees.
The financing options are different between a townhouse and a condo. Because a townhouse has land attached to it, it is financed similar to a home. Condos are looked at differently by the banks. Is it warrantable or non-warrantable? -meaning - Does it pass the strict guidelines of Fannie Mae and Freddie Mac, and has it been approved by FHA? If some of these guidelines have not been met, then it may mean a higher interest rate on the mortgage.
If you are buying a Myrtle Beach condo and will need financing, ask your real estate agent if the condo is warrantable, non-warrantable, or FHA approved. Finding this information out after you have submitted your loan application is too late. In every case, the property owners association is capable of providing this information.
One way that you can tell if you are looking at a townhouse or a condo is whether or not there is a second dwelling above another. If there is another property above, then it has to be a condo because it is not sitting on land. However, a condo can sit on land and still not own the land so be careful. Looks can deceive you.
Still another similar property is the Garden Home or Patio Home. One builder's definition of this type of structure is: "a single-family detached or duplex home on a small lot with amenities similar to a townhome or condominium, such as yard maintenance provided by the homeowner's association or a community pool".
Some townhomes in Myrtle Beach and North Myrtle Beach that we like are:
Edgewater in Barefoot Landing
Townhomes in The Woodlands in Barefoot Landing
Sawgrass East Townhouses - Carolina Forest
Townhomes in The Farm - Carolina Forest
Wellington Townhomes
Park West Townhomes in Murrells Inlet
Parkview Subdivision
Riverbend at Enterprise
Pine Island Townhomes
Ocean Keyes in North Myrtle Beach
Longleaf Place
Plantation Harbour in Little River
No matter what you read on the internet, make sure you verify before you buy a Myrtle Beach townhouse, patio home, garden home, or condo.
This Charming Country Home with Old World Style is situated in a Lush Plantation Setting Surrounded by Live Oaks with unobstructed Views of Chapel Creek. Enjoy the Natura...
Listing courtesy of The Litchfield Company RE , Linda Crampton.
NEW TOWNHOMES in the highly desired neighborhood The Preserve in Pine Lakes. This is an Interior UNIT! This is the Pinehurst Model. These townhomes includes a two car ga...
Listing courtesy of Lennar Carolinas LLC , David Nuckles.
In search of a turnkey, well-maintained original MODEL HOME with an ideal floorplan layout? Would living in a desirable RESORT STYLE community within minutes of the beach...
Listing courtesy of RE/MAX Southern Shores , Daniel Ober.
Live in the middle of Market Common and enjoy all that it and Myrtle Beach has to offer. The Ocean and beaches are a short distance away. This townhome has an elevator in...
Listing courtesy of James W Smith Real Estate Co , Bill Jagger.
Absolutely gorgeous 3 bedroom, 2 bath townhome in Dogwood Estates/Island Green Subdivision. Features include new HVAC 6/2022, Sunroom, whole house water filtration syste...
Listing courtesy of Sellers Choice Real Estate , Karen Guiffre.
Rare Find here. Updated and Fresh 2 Bed /1.5 Bath Townhome with NO HOA. Ideally located at the end of a street in the heart of Myrtle Beach; Rear Unit with plenty of peac...
Listing courtesy of Realty ONE Group DocksideSouth , Janet Hoffman.
Brand new townhome located in the new Watertower Estates community, located in North Myrtle Beach, right behind Barefoot Resort. Enjoy the maintenance free lawn, beautif...
Listing courtesy of HIGHGARDEN REAL ESTATE , Kathryn Heverly.
Brand new townhome located in the new Watertower Estates community, located in North Myrtle Beach, right behind Barefoot Resort. Enjoy the maintenance free lawn, beautif...
Listing courtesy of HIGHGARDEN REAL ESTATE , Kathryn Heverly.
Brand new townhome located in the new Watertower Estates community, located in North Myrtle Beach, right behind Barefoot Resort. Enjoy the maintenance free lawn, beautif...
Listing courtesy of HIGHGARDEN REAL ESTATE , Kathryn Heverly.
Brand new townhome located in the new Watertower Estates community, located in North Myrtle Beach, right behind Barefoot Resort. Enjoy the maintenance free lawn, beautif...
Listing courtesy of HIGHGARDEN REAL ESTATE , Kathryn Heverly.
Provided courtesy of The Coastal Carolinas Association of REALTORS®. Information Deemed Reliable but Not Guaranteed. Copyright 2022 of the Coastal Carolinas Association of REALTORS® MLS. All rights reserved. Information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.