When deciding on the type of Prescott home you’d like to purchase, it’s important to know what’s available and envision how your lifestyle and needs might evolve in the next five to ten years.

Condominiums (or condos for short) are single units within a larger building or community. Condos share a wall or two with other units, and generally come with homeowners’ associations (HOAs), which require the residents to pay monthly or yearly dues. They are popular in urban, high-density areas, where there are many restaurants and shops.

Pros

There is minimal responsibility on the homeowner’s part to contribute to maintenance and upkeep. For example, if the roof goes out, you share the costs with other residents instead of paying for the whole thing yourself. Additionally, some condos offer gyms, lounge areas, pools and other amenities that you might not be able to afford or have space for in a single-family home.

Cons

Condo homeowners’ associations often limit the types of remodeling you can do, and there can be pet and rental restrictions as well. HOAs want uniformity and safety; you don’t want one homeowner replacing doors and windows if they’re not to a high standard, or safely installed! In addition, because you share a space with others, there’s not as much privacy, and you need to be extra cautious of disturbing your neighbors because they are so close.

Townhomes (or townhouses) do come with land -- the ground directly beneath the dwelling. This is called a "zero lot line," because you don't own a yard.

Townhouses are a hybrid between a condo and a single-family home. They are often multiple floors, with one or two shared walls, and some have a small yard space or rooftop deck. They’re generally larger than a condo, but smaller than a single-family home.

Pros

Townhomes often have more privacy than a condo might afford. Some have HOAs or joint maintenance agreements to share upkeep costs. They tend to be more affordable than a single-family home.

Cons

Townhomes don’t usually have shared amenities like a gym or a pool, but they’re not as private as a single-family home.

Townhouses can be attached, detached or semi-detached. They have HOAs, and owners pay dues, just like condo owners do

Properties are also classified by the way the space is owned. Condominium owners don't get title to any land.

There is common space, maintained by the homeowners association (HOA), but the individual owner just gets the interior space.

Appraisers divide condos into additional categories, which can affect mortgage approval and financing costs.

• Garden projects have three stories or fewer.
• Mid-rise projects are four-to-seven stories high.
• High-rise projects have eight or more floors.
• Detached structures do not share walls.
• Row houses are identical structures in rows, attached to each other by common walls.