LETS TALK ABOUT TOWNHOUSES 

In this article, we are going to dive into the pros and cons of owning a townhouse. Before we begin, let’s first explain what this type of real estate property is and discuss its individual characteristics. As a homebuyer, it is very vital you make the necessary research before going to see what the market has to offer. This helps you be a little more decisive in your purchase since you already know what you’re searching for. 

Before contacting your real estate agent for any type of assistance when you’re in the process of acquiring a property, it is important for you to make your own research. This will be due diligence on your part and will make the closing of the deal very smooth and stress free. Also it is very vital to involve a real estate lawyer in Newmarket in your transaction since the buying and selling of real estate properties involve a lot of paper work and legal documentation.

THE DEFINITION OF A  TOWNHOUSE

 A townhouse or a townhome can simply be described as a housing style which has several identical homes built on the same piece of land and divided by a wall. These houses are usually built in a row. Unlike condominium owners who own only the interior of their properties, townhouse owners own both the exterior and interior of their property.

Townhouses are considered to be the perfect single family homes. Townhomes come with a front yard as well as a back yard. This gives the inhabitants plenty of outdoor space as well as privacy. Most families prefer to live in townhomes simply because of its independent feel and freedom associated with this type of property. 

When it comes to the cost to maintain a townhome, they can sometimes be a bit steep especially if it’s an old property in need of renovation. New townhouse owners don’t usually know the amount of money that goes into renovating a newly purchase townhome and get overwhelmed after the purchase. This is why it is vital to make your research before making any big decisions.

 

THE PROS OF OWNING A TOWNHOUSE:

• Complete autonomy: Inhabitants of townhomes usually have the complete freedom to whatever changes they deem fit to their property without any external problems. Townhouses are built as detached homes which means that, its owners can make renovations both in the interior and exterior part of the property. This is why townhomes are the favourite choice of property for most home buyers. Home owners are free to customise and personalise their homes however they want with no external problems.
• High value: Townhomes are known to always have a higher sale value in the real estate market since the demand for them is usually high. The common characteristic of a townhome is freedom and also peace. This makes home buyers very interested in acquiring this type of properties. 

THE CONS OF OWNING A TOWNHOUSE:

• High level of responsibility: Inhabitants of townhouses have a higher sense of responsibility when living in townhomes. Unlike living in apartment complexes or condos where maintenance work is done by the maintenance department, people living in townhomes will have to perform these tasks by themselves. These tasks include everything from plumbing issues to lawn works.
• Security: Townhomes which are usually built with their doors and windows facing the streets are usually not deemed safe. Townhomes unlike apartment complexes or condominiums don’t have 24hour securities. And also buying and installing a security system can also be pricey.

 

WHAT IS THE DIFFERENCE BETWEEN A CONDO AND A TOWNHOUSE?

Are you planning to buy a real estate property here in Scarborough?  Investors usually go for two of the most popular options. These include, condominiums and townhouses. Its always a big decision when trying to decide which real estate property type is the best fit for you. A real estate lawyer in Scarborough is always available to assist you in closing all your real estate deals.

The price of the property, the location of the property as well as the price of the property plays a big role in the decision making process when acquiring a real estate property.

According to a research conducted Royal LePage, 18% of people who are new to Canada prefer to buy condominiums. When it comes to townhouses, 15% of newcomers prefer to close the deal on the purchase. 

Depending on the parts of Canada you live in, either one of these properties may suite your needs depending on what you’re on a look out for.

It doesn’t matter if you’re looking for a townhouse or condo in Scarborough, this article will explain everything you need to know in order to make an informed decision when making a final choice. Niro law lawyers will also assist you with everything real estate related. 

 

POPULAR REAL ESTATE CHOICES

Across Canada, first time home owners as well as experienced real estate investors always opt for the option to buy a town house or a condominium. Both types of real estate properties have different traits and offer the buyer a separate experience.

In order to decide on what type of property you want, you’d have to identify the one that best suits your lifestyle. 

Let’s further explain each of these properties in details for you to decide which best suites your needs.

WHAT IS A CONDOMINIUM?

Condos can simply be explained as residential spaces that are owned by individuals instead of landlords. Condominium owners only have claim to the interior of their property. However, the social amenities such as the parks, pool areas, etc. are usually owned by the Home Owners Association. This means that, condominium owners have to pay HOA monthly fees.

If you’re considering buying a condo, you aren’t alone. Over the last few years, the condominium market has seen a huge increase. This is as a result of people from all over moving into the country and also, the booming job market. 

WHAT IS A TOWN HOME?

A townhome is usually built in a style where, multiple independent homes which are identical are built on the same plot of land usually in a row. Unlike condominiums, townhouse owners usually own both the interior of the property as well as the land their property is built on. Town homes are considered as the perfect single family home.

Homes that are built in this style, commonly come with a backyard as well as a yard. This means that there is a lot of private outdoor space free from neighbours and more private. 

WHAT ARE TOWNHOUSES?

Town houses are one of the oldest types of residential real estate. They have existed for centuries. However, over the last few years, the development of townhouses have slowly declined. In a recent study, it was discovered that, in the year 2020, townhouses comprised of 11% of single family homes newly built. This went down from 14% from the year 2008. 

However, for people who enjoy the experience of living next to neighbours, townhouses are always the better option. Townhouses are usually built as a multi floor home that share a wall or two with adjacent properties even though they have their individual entrances. 

Mississauga without a doubt has a growing real estate market. This sector has been doing well in the last few years. The city finds investors drawn into investing in their booming real estate market. This has also helped the residential real estate side. Townhouses are a common form of investment in the city & families from all over the country are moving to Mississauga for a chance at an all round better life. Niro law layers are always ready to assist you with your real estate needs.

THE DIFFERENCE BETWEEN A TOWNHOUSE, A CONDOMINIUM AND AN APARTMENT

A townhouse is simply a style of building a house. Therefore a townhouse can easily be considered a condo if its part of a condominium community with the associated terms and conditions. Condominiums also come in many styles and a townhouse is one of them. Condominiums are usually individually owned however, they can also be rented to tenants. Apartments are commonly owned by corporations the inhabitants all pay rent. 

THE MERITS AND DEMERITS OF BUYING A TOWNHOUSE

The merits of buying a townhouse

• The cost. When you plan on buying a townhouse that shares walls with other townhomes, the price is significantly lesser than a detached single family house in the same area. 

 

• Maintenance. Smaller townhomes require less maintenance. 

 

• Amenities. In a case a townhome is built as a development, it comes with certain amenities like a pool or a clubhouse. 

 

• Outdoor space. A main characteristic of a townhouse is that, it comes with an outdoor space. They are sometimes large or small in size. 

The Demerits of buying a townhouse

*HOA. Most people don’t like to conform to external rules implemented by HOA. These rules may include, colours of paint that can be used on your townhome, and also the types of windows youre allowed to use on your town home. HOAs also come with monthly fees that you’d have to budget in your monthly expense.

*Noise pollution. In most cases, townhomes are in close proximity with other homes which means that, you’d sometimes have to deal with a little noise from your neighbours. 

*Multi floor living. For most home owners multi living floor town homes might be considered as non sustainable. 

TIPS TO CONSIDER WHEN BUYING A TOWNHOUSE

1. Consider your budget. As an investor, it is important to ensure that you can afford to make such a big purchase before you start searching the market. You would also need to budget for not your home alone but also any form of HOA payments you might incur as well.
2. Perk up your ears. Sharing a wall with a neighbour means that, it is likely you will be hearing a lot going on in the home of your neighbour. When in the market for a town house listen for how thin the walls are and how much sound travel from your neighbour’s house.
3. Check out common areas. When you are looking to use certain facilities such as the gym or a game room, make sure you make it a point to view facilities first before making a decision. This is to ensure that you know what you getting into.
4. Make it a priority to read HOA rules. Before taking the final step to make a purchase, make sure you are comfortable with the terms and conditions that come with the property. A real estate lawyer in Mississauga can assist you with any legal problems you might face.