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Townhomes Part 1 - An alternative to an apartment

For many people, an affordable home for a first-time buyer, investor or even empty nesters later in life is a townhome. Townhomes may be categorized as condominium or freehold. This article and the next, will help to explain some of the differences.

Both share many similar features, such as, for example, one or more common walls. Of course, an end unit will only share one. A so-called ‘starter-type’ townhome is not likely to be built with some of the attention to detail you might expect from higher-end luxury models. Generally, you do get what you pay for – much like everything else these days. And of course, location makes a difference.

Beyond structural niceties and built-in amenities, the primary difference is this; with a condominium townhouse, you own the actual space within the structure. You also own a percentage of all the land on which the condominium corporation itself resides. This percentage is based upon the number of units comprising the company. A corporation is a form of collective. There are specific rules and regulations governing each owner. This may regulate outside door colours and styles, the number of cars parked in a driveway – even pets. Each corporation will vary. While they may appear less expensive an investment than a freehold model, there are some additional monthly costs you should be aware of. In addition to realty taxes, you will be expected to pay a set amount each month as a fee to cover maintenance costs – such as retaining a property management firm, garbage pick up, snow removal – perhaps grass cutting. Always check beforehand.

Looking for a residential choice where almost everything is done for you with a minimum of hands-on maintenance? Then a condo townhome may well be for you. Next time we’ll examine freehold options.

Buying or selling your home? Consider Mary Bateman, a professional real estate agent with considerable expertise and knowledge of the residential home and condominium market in Barrie and Simcoe County. A trusted real estate solutions provider. Call Mary Bateman today at RE/MAX Chay Realty Inc. at 705-722-7100 or toll free 866-606-2429. Get to know Mary at www.marybateman.com or on Facebook. A convenient call or a click away.