Top 7 Benefits of Owning a Townhouse
- January 9, 2019
- Posted by: @dmin
- Category: Uncategorized
In a number of ways, townhouses are a comfortable middle-ground between condominiums and detached and semi-detached houses.
Townhouses are more spacious than high-rise condos, but they don’t carry the same maintenance needs or costs as detached/semi-detached houses. In fact, townhouses draw on many of the quality of life benefits of condominiums that condo owners take for granted.
It’s this combination of affordability, convenience, and space that has made — and continues to make — townhouses “an increasingly popular option for would-be buyers.” Use our list below to see if the top benefits of owning a townhouse match with your homeownership needs.
(Source: disorderly via DepositPhotos)
1. Low Purchasing Cost
While actual pricing will vary with location and size, townhouses generally cost less than single detached houses. For example, in London, Ontario the average estimated cost of a new single house is over $550,000, but a townhouse can range from $300,000 to $400,000.
As you might imagine, a lower purchasing cost will mean a smaller mortgage and, in turn, lower monthly payments. However, it’s worth noting that many townhouses belong to communities led by Condominium Corporations, which may ask for monthly maintenance fees as well.
2. Minimal Maintenance Needs
But don’t let those maintenance fees detract you from a major benefit: minimal upkeep work.
We all know how much of a hassle it is to shovel snow from the driveway each winter. But in a single detached or semi-detached home, you have to do it or pay someone to do it for you, always.
That’s not necessarily the case for townhouse owners.
Like high-rise condominiums, many townhome communities are managed by Condominium Corporations that will ask for a maintenance fee every month.
In exchange, the community will shovel snow, clean the area, conduct general repairs (e.g., to common areas), and other essential services.
For More on Owning a Townhouse:
- Is Buying a Townhouse a Good Investment?
- 5 Things to Consider Before Buying a Townhouse
- 5 Key Housing Trends to Watch Out for in 2019
3. Space & Flexibility
While you’ll get the maintenance benefits of high-rise condos, townhouses also offer the benefit of much more space and flexibility than a condo suite.
Indoors, you’ll get a multi-level home with multiple, reasonably-sized bedrooms, full bathrooms, a living room, kitchen, and, potentially, a basement.
It’s the added space that attracts a lot of new and young families to townhouses. Unlike high-rise condos, townhouses offer room for kids to play and grow and for you to do more at home.
Townhouse owners are property owners. Everything within the house as well as the immediate proximity — i.e., the front yard, patio, garage, driveway, etc — is yours. You can set-up a grill for outdoor cooking, a patio, a basketball net, and more.
While your townhouse will share walls with neighbouring units, you’ll still get privacy.
In fact, because you own the entire vertical, you don’t have to deal with neighbours below and/or above you, which should offer noise reduction compared to a condominium.
You can also utilize your garage unit at-will, e.g., house your car as well as store your things.
5. Safety & Security
Though townhouses offer privacy, that doesn’t mean you’re all alone!
Because of the close proximity between townhome units, you and your neighbours are going to be quite close. The amenities of many townhouse communities will offer you a chance to make friends and acquaintances as well.
You can use those relationships to ensure that someone is always watching out for your home and kids, especially when you’re unable to (e.g., due to work or a trip). This is vital for seniors who may be in need of immediate help in certain situations.
6. Quality of Life Amenities
Townhouse communities managed by Condominium Corporations may offer amenities such as a gym, tennis and/or squash court, swimming pool, and play area for kids (just like many condominiums). In high-end or luxury townhouse communities, you could get even more.
Not only do these areas offer an opportunity to meet and interact with your neighbours, but they’re also convenient and improve quality-of-life in terms of health, leisure, and community-building.
7. Strong Rent Potential
The above all apply to those who intend to live in townhouses.
However, buying a townhouse doesn’t always mean having to live in one. If you’re intending to buy a townhouse for renting-out, then these benefits will translate over to the rental market.
In 2019, home purchasing prices are expected to climb in the GTA due to a growth in demand as well as regulatory changes. This will drive more people to seek rental units and, like high-rise condos, townhouses are poised to be attractive destinations.
ICC Property Management will help your townhouse community make the most of its existing maintenance fees to improve homeowner satisfaction, fuel demand for your townhouses, and increase the value of each property. Talk to us today to see how.