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.