Residential Guidebook Residential Guidebook 2015 | Page 35

with separate owners each living on one floor of the building. Other condos have multiple units on each floor. A board of directors oversees the rules for the condo complex. Individual condo units may also be “detached,” which means they stand alone, much like a single family home. Others are connected -- some condos share common exterior walls. Townhouse A townhouse is similar to a condo in that each residence is attached to adjacent residences. However, townhouses are purchased as individual properties like a single-family home. Each homeowner pays property taxes and home repairs on his own property. There are sometimes common areas in the building, or in outside areas like pools or tennis courts. Investment Propert