Some townhomes have condo fees, others are fee simple — here’s what you need to know
- Friday, July 23, 2021
Some homeowners take immense pride in caring for their home while others are perfectly happy being invoiced for home maintenance. Hence, for those considering purchasing a townhome, there are two types of ownership: fee simple and condominium.
Fee simple means the home and the land are owned outright. In a condo, the buyer owns their unit and a portion of the shared property. With fee simple, the owner is responsible for everything including the bills. With a condo, the association is responsible and all owners share expenses via a mandatory monthly fee.