Home Realty: Townhomes Are A Popular House Alternative
By NextHome Staff
September 25, 2017
September 25, 2017
They’re spacious and private, but cheaper than detachedAs the prospect of purchasing a detached home gets farther out of reach for most GTA homebuyers, townhouses are becoming an increasingly popular ownership option.Townhouses tend to be more affordable than detached homes and they represent a more palatable alternative for those who don’t fancy the idea of living in a highrise or midrise condo. Townhomes offer the space and privacy of detached homes, but at a relatively lower price point.Traditionally, townhouses have been two- or three-storey structures, some with basements and some without, with at least three housing units per building that share sidewalls with their neighbouring homes. These townhouses usually have a frontyard and backyard.But as affordability has become more of a concern for buyers across the spectrum, other forms of townhomes have emerged that enable owners to still live in ground-oriented homes but not have to pay the higher prices that traditional towns command these days.
Parking at townhouse complexes can vary and include above-grade, underground or private garages that are attached or detached from the homes.Towns are built on a variety of lots, whether it’s infill urban developments in the heart of established neighbourhoods, at the base of condo complexes, or projects in locations that might have in years past been earmarked for detached home communities (builders are developing townhomes in order to hit density targets set out in the provincial growth plan).Townhouse projects offer different types of ownership options: freehold and condo. With a freehold home, the buyer owns the home itself and the plot of land it sits on. With a condo townhome, the purchaser only owns the interior of the unit and the lot that the structure sits on is owned collectively by all of the unit owners.With freehold ownership, owners may not have to pay a monthly maintenance fee — although some have fees that cover basic grounds maintenance — and there are often no rules dictating how the property should be maintained. If so, owners can add elements like decks or gardens and paint their home without requiring approval from the condo corporation. The flip side to not contributing to a reserve fund is that the owners must bear the full cost of any repairs that may be required, big or small.With condo towns, all maintenance work (landscaping, snow removal, exterior repairs) is taken care of via maintenance fees and there is consistency in how the units in the complex are maintained, keeping property values at more or less the same level. The drawback with condos is that owners might end up paying fees for amenities they don’t use, such as a pool or gym.Regardless of the ownership structure, townhouses are generally regarded as a good investment. Not only is the rent cheaper than it would be with a detached home, but the townhouse comes with many of the same benefits of a traditional house (privacy, outdoor space, ground-oriented living and fewer neighbours), making it far easier to secure tenants.
Debbie Cosic, CEO and founder of In2ition Realty, has worked in all facets of the real estate industry for over 25 years. She has sold and overseen the sale of over $15 billion worth of real estate and, with Debbie at the helm, In2ition has become one of the fastest-growing and most innovative new home and condo sales companies. In2ition has received numerous awards from the Building Industry and Land Development Association and the National Association of Home Builders.
Enter the stacked townhouse, a housing type that’s been expanding exponentially of late across the GTA. These units are stacked vertically, with two to four units per structure. They may have a front or backyard, a patio or a rooftop terrace.There are also back-to-back towns, which share rear walls and a sidewall with other units. These units have exterior spaces only in the front or on the rooftop. Then there are stacked back-to-back townhouses: stacked units that share a sidewall as well as a rear wall, with a front or rooftop exterior space.
Parking at townhouse complexes can vary and include above-grade, underground or private garages that are attached or detached from the homes.Towns are built on a variety of lots, whether it’s infill urban developments in the heart of established neighbourhoods, at the base of condo complexes, or projects in locations that might have in years past been earmarked for detached home communities (builders are developing townhomes in order to hit density targets set out in the provincial growth plan).Townhouse projects offer different types of ownership options: freehold and condo. With a freehold home, the buyer owns the home itself and the plot of land it sits on. With a condo townhome, the purchaser only owns the interior of the unit and the lot that the structure sits on is owned collectively by all of the unit owners.With freehold ownership, owners may not have to pay a monthly maintenance fee — although some have fees that cover basic grounds maintenance — and there are often no rules dictating how the property should be maintained. If so, owners can add elements like decks or gardens and paint their home without requiring approval from the condo corporation. The flip side to not contributing to a reserve fund is that the owners must bear the full cost of any repairs that may be required, big or small.With condo towns, all maintenance work (landscaping, snow removal, exterior repairs) is taken care of via maintenance fees and there is consistency in how the units in the complex are maintained, keeping property values at more or less the same level. The drawback with condos is that owners might end up paying fees for amenities they don’t use, such as a pool or gym.Regardless of the ownership structure, townhouses are generally regarded as a good investment. Not only is the rent cheaper than it would be with a detached home, but the townhouse comes with many of the same benefits of a traditional house (privacy, outdoor space, ground-oriented living and fewer neighbours), making it far easier to secure tenants.Debbie Cosic, CEO and founder of In2ition Realty, has worked in all facets of the real estate industry for over 25 years. She has sold and overseen the sale of over $15 billion worth of real estate and, with Debbie at the helm, In2ition has become one of the fastest-growing and most innovative new home and condo sales companies. In2ition has received numerous awards from the Building Industry and Land Development Association and the National Association of Home Builders.