There are various expectations and responsibilities from condo and townhome management companies. You may be thinking about which one is more difficult to implement or better for your property. Property management could be a complex matter, but we’ll help you understand them better in this article.
First, How Do Condos and Townhomes Differ?
Townhouses are generally single-family homes that share one or two walls with adjacent or independently owned properties, but with their own entrances. Townhome residents own the interior and exterior walls, roof, and other surrounding space and property. They spend regular maintenance fees, based on the amount determined by the homeowner’s association.
On the other hand, condos are usually composed of a building or group of buildings separated into wall-sharing units owned by individual residents. The residents are the owner of the units; however, they do not own the property where the unit is constructed. The yard spaces, common areas, and exterior walls are all insured and maintained by the condo management. Usually, condo fees are paid monthly by each unit.
How About the Property Management Between Condos and Townhomes?
Managing condos are often more complex because there is a lot to look after. Unlike the usual garbage disposal, landscaping, and snow removal in townhomes, most condo property management companies also do maintenance of all the common spaces, roofing and windows services, and other complex utility matters.
It is vital that every townhome is unique. Therefore, it needs to have a property management expert to identify the townhome community’s key points and issues. There should be regular monitoring and recognition of structured opportunities for customers and their feedback.
Indeed, both townhome and condo management should have transparent communication.
When it comes to expenses and contributions, there are also differences between condos and townhomes.
Townhomes are generally a bit less expensive when it comes to operational costs and regular maintenance. Because of how the ownership process works, there are fewer issues to deal with townhomes. It is observed that property management companies and homeowner associations have fewer concerns and problems to deal with. However, there can still be high-ticket issues that can be related to townhome management.
On the other hand, condos demand more attention from a property management company since issues can be more frequent. Condo management companies deal with landscaping concerns, space maintenance, and exterior aesthetics. Depending on the number of the problems, expenses can be more expensive or less costly than the town management requires.
Condo management should promote policy creation and communication, simple bylaws, and a one-stop shop for communication. There is a lot of work needed to manage the condo complex effectively. They are responsible for keeping the property in good condition and ensuring that it is well-adept with the environmental standards. They should also handle concerns and questions from the unit owners and handle the condo’s insurance policy.
It’s important to learn the distinction among properties, so you’ll have a great understanding of their value and condition. Whether you purchase a condo or a townhome, getting reliable property management greatly matters. A condo or townhome management company will help in handling the property from maintenance to insurance and more.
Let go of the worries and stress of managing your property. Whether you own a condo or a townhome, More Property offers professional management for you. If you need a helping hand from the experts, then we are here to help you. Call us today for more details!