You've probably heard that buying a townhouse is a great way to get the best of both worlds: the convenience of apartment living and the sense of community and space that comes with owning your own home.
But how do you know if it's right for you? To help you out, we’ve answered some common questions we get asked from clients about townhouses.
What Are The Benefits Of Buying A Townhouse?
Townhouses are great for people who want to live in an urban area, but who are looking for something other than an apartment or a condo.
They're also good for people who want to own their own home, but don't need all the space of a single-family house.
Townhouses are typically built in rows on one or more lots, so they have some of the same benefits as apartment buildings: shared walls and common areas mean less upkeep on your part, which means more time doing fun stuff like… well… whatever it is that YOU like to do!
When buying a townhouse, you need to think about your lifestyle and what you want out of a home.
What Are The Disadvantages Of Living In A Townhouse?
If you choose to opt for a strata townhouse, you’ll need to add strata fees to your monthly budget. Since the strata corporation owns and maintains the exterior of the townhouse complex, the strata fees go towards the upkeep of your surroundings. Depending on the age of the strata townhouse, these monthly maintenance fees can get expensive.
Secondly, a townhouse provides less privacy than a detached home. Since you live closer to your neighbours (and might even share a wall), you might find yourself bumping into them more than if you lived in a detached home. So, when you’re buying a townhouse, make sure you meet the neighbours!
Is A Townhouse A Good Investment?
The best thing about townhouses is that they tend to be located in more urban areas and close to downtowns and businesses. This means that they're more likely than other homes to appreciate in value over time, so buying a townhouse can be a good investment.
If you buy a townhouse in an area that's expected to have strong growth potential—like near a university or medical center—you could see your property grow by hundreds of thousands over time. In this situation, buying a townhouse is a good investment.
But if you buy in a neighborhood where crime rates are high or there's no new development happening nearby, your townhouse could lose value over time as it becomes less desirable for residents.
What Is A Freehold Townhouse?
There are two types of townhouses: strata and freehold.
A strata townhouse gives you ownership over everything inside the townhouse. However, the exterior of the townhouse, parking spaces, and the yard are owned by the strata corporation.
A freehold townhouse gives you ownership of the entire townhouse – you own the land.
One isn’t necessarily better than the other. However, when buying a townhouse, you may have a preference based on your goals and lifestyle.
Need More Information?
Whether this is your first home or second, buying a townhouse is one of the most important decisions you’ll make in life.
We’re here to help with any questions you may have. Contact us today for more information on townhouses!