FAQ about ELEVEN
What makes ELEVEN townhomes different than a condo or apartment?
Think of a townhome as a single-family home that is attached to other single-family homes. There’s no one living above or below you, and you literally own the land underneath. For example, at ELEVEN we created courtyards where you can have a private garden without sacrificing proximity to Durham’s urban center.
With a condo, like Church + Main or Mangum Flats, you own the “volume” of space within your unit, but the condo association owns the structure, the shared walls, and all the common spaces. Condos typically offer single-level living, elevator access, and sometimes higher vantage points, all of which appeal to certain buyers.
Buying a townhome is very similar to buying a single-family home, so the paperwork, mortgage application, and closing process are usually familiar. Buying a condo is more complicated, with more paperwork and a more difficult mortgage application process.
Both townhomes and condos have owners’ associations that govern the community. In addition to administering the rules and regulations, the association collects monthly dues and pays for common expenses such as landscaping, maintenance, and insurance. Monthly dues for condos run higher than townhomes because condo buildings are more expensive to maintain and have more shared spaces.
Apartments are another beast entirely, with a single landlord owning the entire building and renting individual apartments to each tenant. In larger apartment communities the landlord hires a third party property management company to collect the rent, maintain the property, and administer leases.
What’s an ADU?
The most familiar example of an accessory dwelling unit (ADU) is the “in-law suite” or “granny flat”. These small apartments are either attached to the main dwelling, or they might be located in a separate structure on the same property (above a detached garage, for example).
These small apartments are a classic housing type providing flexible and affordable accommodations for friends, family, or renters. More than just a guest room, these apartments are complete dwellings with sleeping, cooking, and bathing spaces. Having a small space to rent out is a classic way to earn extra income and can provide affordability for both the renter and the homeowner.
Am I allowed to rent out all or part of my home at ELEVEN?
Yes! We carefully crafted the community covenants to balance the needs of owner occupants with the financial benefits of short term rentals. As long as ELEVEN is your primary residence, you’re allowed to rent a part of your home on a short term basis. We think short-term rentals work best when the owner lives in the home and can manage renters more closely.
If ELEVEN is not your primary residence, you’re still allowed to rent the entire home for 6-months or longer, but no short term rentals are allowed, and the smaller unit can’t be rented out separately.
The plans, the design, and the owners’ association rules all work together to preserve a sense of community without creating unreasonable barriers to rental income. The owners at ELEVEN will enjoy a lot of flexibility that is not available in a traditional townhome or condominium community.
What about short-term rentals like AirBnB?
To some, short-term rental platforms are a valuable source of income, but they must be managed appropriately so as not to become problematic.
At ELEVEN townhomes, we permit short-term rentals but encourage active oversight by owners who must occupy the townhome as their primary residence for at least 50 percent of the year. Owners may rent either the small suite, or the primary dwelling, but never both at the same time. The covenants of the association reflect these guidelines to create transparency and mutual accountability for all community members.