One of the many advantages to living in a condo are the amenities that are available right within your own home. Toronto condos offer no shortage of amenities to enjoy: pools, restaurants, children
Everything You Need To Know About Townhouses
Dated: May 16 2021
Townhouses are a beautiful type of home to live in. They are a nice transition between condo living and fully detached homes. Townhouses are multi-level homes that share at least one or two walls with the adjacent unit. If you are thinking about buying a townhouse, here are some things you need to know.
Single Family Feel For Less
Detached homes in Toronto are an undeniably expensive purchase. For those who are seeking a detached home lifestyle without a detached property budget, a townhouse is strongly worth considering. Townhouses are often still close to urban life but provide them the feeling of a single family home at a more affordable rate.
What To Know About Homeowners Associations
When you purchase a townhouse, you become a part of a community the abides by certain basic agreements. This could be a restriction on bold paint colours on your garage and front doors, there may even be a prohibition on pets. If you are looking to purchase a townhouse, it is worth investigating with your real estate agent what freedoms and responsibilities you have when it comes to the upkeep of your property as well as community grounds. Not all townhouses will be leasehold (where you pay HOA fees), some will be freehold. A freehold house while saving you a monthly fee, grants you more responsibilities such as lawn care, snow removal etc.
What Kinds Of Townhouses Are There?
We briefly mentioned two kinds, but there are actually three that are available for purchase in the GTA. A freehold townhouse has the same legal and financial definitions as a single family detached house. You will be responsible for all maintenance of the property, including roof, windows, electrical, plumbing etc. You will not pay any monthly HOA fees.
Then there are leasehold or condominium townhouses where you as an owner own a percentage of the condo corporation as opposed to actual land. With this kind of townhouse you will be required to pay monthly maintenance fees that cover water, garbage, sewage and other shared amenity costs. Part of these monthly fees will go towards the corporation’s reserve fund (much like a condo corporation) which is saved for larger maintenance and renovations of the complex. As a leasehold or condominium townhouse owner, you are responsible for maintaining the inside of the home.
The third variant is the stacked townhouse. A stacked townhouse is two or more individual townhouses that are stacked on top of each other but are owned by different people. Generally, the first townhouse in the stack comprises the basement and the main level, while the second and third floors form separate, individual units. Each have their own private and secure access directly into their unit.
Have you wondered if moving into a townhouse is the right next step for you in your life? Please feel free to reach out to me here. I would love to talk to you about all things townhouses and how to find you your ideal one.