Why buy a townhouse?
If you’re in the market for a place to live, there are a number of great options to consider, single-family homes, condos and townhomes among them. Single-family homes are usually larger and offer the experience of owning both the house and the land in exchange for the sole responsibility of maintenance and repair costs. Condos offer the opportunity to own your own space, but not land, with the benefit of sharing common expenses with a number of other tenants. If you’re looking for something in the middle, where you are the property owner of a larger space with some shared expenses, you might consider moving into a townhouse.
Townhouses are best defined as housing units that share one or two walls with neighbours. Each neighbour owns the inside of their unit, but many of the common expenses can be shared. Units in a townhouse are typically smaller than single-family homes but larger than condos, and they are a great option if you’re looking to combine the feel of living in a single-family home with the convenience of condo living. Some things to keep in mind when considering investing in a townhouse:
What is the difference in responsibility owning a townhouse vs a house?
Sharing land means you also have the opportunity to share some of the responsibilities of home ownership. Many townhouses have a homeowner’s association responsible for determining shared costs, which can include snow shoveling, roof repairs and window washing. While you’ll be responsible for the maintenance and repair of anything within your walls, sharing a number of other costs with your neighbours will save you money in the long run. Keep in mind, the homeowner’s association may also have limitations on the types of decisions you can make regarding your townhouse, especially if such decisions are likely to affect the personality of the community: you may be limited in what colour you can paint your door or what you can store on your balcony (i.e. no bicycles).
How much are townhomes?
Townhouses are generally more affordable than traditional houses, so they can be a great way to own a home without as much financial duress. Since common expenses can be shared among neighbours, you won’t be paying the same maintenance and repair costs as you might if you were living in a single-family home. Additionally, heating and cooling costs in townhouses are often lower than in single-detached houses because of the shared walls, which is a fact that is often overlooked when comparing the cost of different types of home ownership.
How much privacy can I have in a townhouse
Townhouses can give the impression of having less privacy than single-family houses, but depending on the builder, this isn’t always the case. Although the homes share walls, insulation and quality construction can go a long way. Townhouses also offer more privacy than typical condos, as you are sharing a space with far fewer neighbours and you won’t have anyone living above or below you.
Are townhouses safe?
One benefit townhouses have over single-family homes is the added safety of having neighbours so close. While theft can happen anywhere and at any time, having neighbours located close enough to keep an eye out for suspicious activity is a great deterrent. It’s in the best interest of everyone in the community to keep it safe, as a home in a safe place is more appealing both to those who already live there and to those looking to make a purchase in the area.
ONE at Keswick has plenty of townhome options available: including Averton Home’s new modern collection of townhomes, and Dolce Vita Home’s modern architecture townhomes, or their new MODA collection of townhomes. Visit a showhome for more information.