Under contract for townhouse under construction – now they are changing it to a condo

Hello all,

Apologies if this is a super obvious question. We are under contract to build a townhouse (classified as such by the county) but were informed today that this designation is incorrect and the unit actually has to be considered a condo per local regulations.

Our unit is a 2-story end unit in a grouping of 4, so it looks like a classic townhouse. Google informed me that with a condo, I own studs-in on my unit and am a fractional owner of the rest of the building (?), including the land. Whereas with a townhouse, I own the whole thing, including the land. (Each unit has a small backyard with an individual plunge pool – do I even own this pool now?).

I’m not sure how this affects the insurance or HOA fees also, or if I would be on the hook for possible assessments with a condo that I wouldn’t be with a townhouse. The unit is in a hurricane and flood-prone zone, so insurance is quite important.

What are your thoughts on how this designation change affects the value of the unit? Is this a super sketchy change that I should be wary of?

Thanks so much for your insight.

submitted by /u/babynamesthrowaway20
[link] [comments]

Hello all, Apologies if this is a super obvious question. We are under contract to build a townhouse (classified as such by the county) but were informed today that this designation is incorrect and the unit actually has to be considered a condo per local regulations. Our unit is a 2-story end unit in a grouping of 4, so it looks like a classic townhouse. Google informed me that with a condo, I own studs-in on my unit and am a fractional owner of the rest of the building (?), including the land. Whereas with a townhouse, I own the whole thing, including the land. (Each unit has a small backyard with an individual plunge pool – do I even own this pool now?). I’m not sure how this affects the insurance or HOA fees also, or if I would be on the hook for possible assessments with a condo that I wouldn’t be with a townhouse. The unit is in a hurricane and flood-prone zone, so insurance is quite important. What are your thoughts on how this designation change affects the value of the unit? Is this a super sketchy change that I should be wary of? Thanks so much for your insight. submitted by /u/babynamesthrowaway20 [link] [comments]

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