If you are beginning your search for condos for sale in Dana Point, you may be confused about all the terms used in real estate. Condos, townhomes and single family homes may sound like foreign words if you are new to the real estate world. Here, we break down each type of property.
Condos, also called condominiums, are a type of housing that is part of a larger property. They are most similar to apartments but are individually owned unlike an apartment complex which is owned by a single owner or investment group. The homeowner only owns the actual dwelling but all common areas such as walkways and outdoor spaces are commonly owned by all the residents.
Townhomes are individual homes that are placed side-by-side with one or two walls of the house shared with adjacent homes. Typically, townhome owners also own the property on which their home sits.
A single family home refers to a home that shares no common walls with any neighbors. Owners of a single family home also own the parcel of land that their home sits on.
Most condos and townhomes are part of an association and collection homeowners association fees also known as HOAs. These fees help to cover the expenses of maintenance and repairs. Many condos and townhomes offer amenities such as a pool, tennis courts, fitness center or business center.
