Although it serves a similar function, namely as a living room and an additional means to enjoy the scenery outside the home, but in fact the terraces and balconies are two different things. The terrace is a building whose surface is slightly higher than the surrounding soil, and is usually placed in the rear and front of the house. While the balcony is an additional part of a building that tends to come out and be seen attached to the wall of the building.
Function generally porch for relaxing or hobbies like gardening, to managing a small pond containing fish, while the balcony offers views can generally better because it is usually at the top of the building. Coolness and stuffy air that will provide good air circulation in your dwelling.
In terms of size, patio generally has a large size and extensive than a balcony, this corresponds to the meaning of the terrace which is derived from the Latin (terrace), which is the term used for a structure built on the earth, and come from stone, wood and tiles. Another difference between the balcony and the patio is the location of the building, if the patio does not require a building nearby as it can be free-standing structure is built directly on the ground, the balcony on the contrary, because the balconies are generally unable to stand because attached to the other buildings and the positioning above the altitude.
For the way it puts balcony - should be in accordance with the place because it will affect the beauty of the balcony you want to create.
Similarly, this explanation may be useful.