Are you considering what type of home to buy? If you’re looking for something that’s more affordable than a single-family home and more spacious than you’re average condo, a townhouse may be your best bet. Of course, this unique property type comes with potential pros and cons—and knowing what they are can help you make a fully-informed purchase.
If you’re thinking about buying a townhouse, here’s everything you need to know…
What is a townhouse?
Unsure about the difference between a semi-detached home and a townhouse? You’re not alone. Put simply, the former is a building divided in two by a shared wall. You own your side, including the land it sits on. A townhouse is similar in the sense that’s it’s separated from its neighbour by a wall, but there’s a major difference. It’s one in a row of homes.
Unlike the average single-family home, townhouses tend to be built narrowly. In most cases, they have street-front entrances and small backyards.
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Freehold vs. Condo
There are two types of townhouses. If you go with a freehold option, you’ll own your home and the land it sits on. Condo townhouses are different. When you buy one, the land it’s built on won’t belong to you. It will instead be owned by a homeowner’s association to whom you’ll pay maintenance fees. As is the case with a more traditional condo, there will likely be common areas that are accessible to all residents. That usually means a backyard, though it can also include other shared amenities (such as a gym).
If you’ve lived in any type of condo before, you already know the major pros and cons. One of the biggest upsides is a lower maintenance lifestyle, which can mean more time for yourself (and less time shovelling snow and getting appliances repaired). On the downside, you won’t have the same level of control over your property—and you’ll have to get permission to do major renovations.
Is a townhouse right for you?
Before you decide whether owning a townhouse is right for you, consider your lifestyle. It’s about more than just money (though having an affordable alternative to a single-family home can be beneficial in Toronto’s housing market).
Do you want to live in the suburbs, or are you the type who’s happier when you’re at the centre of it all? Townhouses are typically located in lively areas near the city’s core. That’s worth considering if you have a strong preference for urban living.
Since townhouses are usually smaller than single-family homes, you’ll also save money. Less square footage means lower heating and cooling costs (along with fewer repairs, which is an especially good thing if you opt for a freehold home). You may also find that you enjoy the sense of community that comes with having neighbours close by.
On the flip side, townhouses are less private than single-family homes. Buying one means sharing at least one wall with someone. There’s a (small) chance that you won’t like that person. Even if you do, noise could be an issue, depending on the building’s construction. For this reason, asking about sound-proofing is key. If you go with a condo townhouse, you’ll also want to factor in the unique considerations that come with that model of ownership.
The bottom line
Townhouses offer many of the advantages of a single-family home, usually at a lower price point. If you decide to purchase one, the biggest decision you’ll have to make is whether to go the freehold or condo route. The choice is yours, and it shouldn’t be made lightly!
Fortunately, a local agent who has dealt with townhouses before can ensure that you weigh your options carefully—and ask the right questions.
Thinking about buying a townhouse? Get in touch to learn what’s on the market today!
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