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Townhouses: Pros and Cons
The choice between a townhouse or a detached home can be confusing. Here are a few pros and cons of purchasing a townhouse and if it’s the right choice for you!
What is a Townhouse?
A townhouse is when one or more walls are shared with your neighbour but are independently owned dwellings. The units are well known for ease of living, featuring shared outside maintenance costs such as lawn care and snow removal.
What’s Better: Buying a Townhouse or a Detached Home?
Compared to detached homes, townhouses can offer a more modern look for a better price, and outside maintenance costs are pooled together with other residents, keeping the homes well maintained. Townhouses are typically built in higher-density populations, making them closer to more valuable amenities.
Whereas, in a single-family home, all the maintenance falls on the owner—which can be daunting. The detached house’s location has more impact on the cost, even if it is an older home that needs many renovations.
It is up to you which option you choose and what is best for you and your family. Ensure you also review the rules and regulations of the townhouse complex/corporation. You might discover extra condo fees, a cap on the number of inhabitants in one townhouse or pet restrictions.
How Are Townhouses Set up?
A townhouse can come in three set-ups.
1) A land trustee: only land around the unit is common ground with other owners in the complex. The owner is responsible for the unit.
2) Independent ownership: there are commonly shared property elements between the owners, like walls and backyards.
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3) Registered condominium corporation: The property and the building are shared responsibilities of every owner and usually come with extra condo fees.
What Features Should You Look for in a Townhouse?
The biggest perk of purchasing a townhouse is “maintenance-free living.” Ask about the townhouse agreement and any rules and regulations that it has to make sure it fits your needs as a buyer. Also, consider if the townhouse is within your budget and in your desired neighbourhood. Even if the townhouse is a brand new build, always consider getting a home inspector to verify it’s safe to purchase.
Is Buying a Townhouse a Good Investment?
Commonly, yes! Buying a townhouse is a good investment based on resale value. They hold up better value than their apartment condo counterparts. They could also be rented out reasonably quickly for extra income, with no yard maintenance required on your part. Real estate is a considerable investment, and hiring an experienced agent is essential in purchasing a property.
Tips for Purchasing a Townhouse.
Here are a few additional tips that don’t fit in with the above categories:
- Look at many options of townhouses in the areas you desire. Ask your real estate professional about the differences between the ones you view and if a townhouse or detached home is right for you and your lifestyle.
- If you are buying into a condo corporation, ensure that the reserve fund is sufficient for long-term planning. Ask for a copy of the most recent meeting minutes to gain insight into the current property maintenance, plus any additional information.
Should I Buy a Townhouse?
It depends! Buying any property is a lifelong investment, so choosing the right one can be difficult. Weigh the pros and cons of each unit you see and decide if it’s the right choice for you! Work with a trusted real estate agent to provide you with personalized advice.
Moving and Selling with Pets
Buying or selling a home with pets can seem daunting for everyone involved. Here are a few great tips to make moving with a pet easier.
Buying a Home as a Pet Owner
Pet owners buying a new home should consider their furry friends’ current and future needs. This can restrict the number of house choices available and create additional expenses to make modifications. Some pet-owner questions to ponder are:
- Where can I take my dog outside to play or pathways to walk on?
- What time do I walk my dog, and will I feel safe walking in the neighbourhood then?
- Is there a yard for my dog?
- Is the yard fenced for safety?
- Do the neighbours have dogs too?
- Are there any pet restrictions (primarily condos)?
Condo Life and Pets – What Should I Think About?
Before falling in love with a condo or townhouse, start by investigating the pet restrictions. Whether you have pets or plan to in the future, check the condo board rules. In general, condo townhouses have fewer restrictions than condo apartments. You should be able to inquire about pet rules and regulations through your REALTOR®, the condo property manager or by checking the by-laws (on the unit’s status certificate).
Some common restrictions are as follows:
- How many pets can you have?
- Is there a specific weight limit?
- What type of pets can you have (some condos only allow cats, for example)?
- Limits on pet noise?
- Rules about where pets can relieve themselves?
- Rules about pet access?
- Do you have to register the pet with the building?
- Are there extra fees to have pets?
I Have Pets and am Selling my Home – What to do?
When selling your home, you want it to appeal to the masses—both the buyers who love pets and the buyers who do not. Firstly, to attract the attention of pet owners, mention things about the property, like a fully fenced yard, near parks, and let buyers know about the pet restrictions (if there are any). The second crowd you need to appeal to is the pet-free crowd. Many buyers have pet allergies and get nervous about the “dirt” that animals leave behind. If possible, deep clean the whole house before each showing, and remove any signs of a pet and your actual pet.
The key takeaway is that you remove the pet(s) before showing a home to eliminate distractions. On the other hand, animals can also get stressed with strangers in their house, and the last thing you want is to have your cat, dog, or rabbit run out through an open door. Ask your REALTOR® about giving you a heads up to remove your pets before they bring clients.
If you have some furry friends and want to buy or sell comfortably, let me help you find the perfect house!
Moving as a Retiree? Here are Some Things to Consider
It’s an exciting time in your life! You have finished your career, and you are ready to retire. And as a result, you might be considering moving or downsizing to help meet your new needs. Here are some things you may want to consider while looking for a new home as a retiree.
Budget
The number one thing to think about when looking for a new home as a retiree is how much you want to spend and how much you can afford in the future. These are some factors that may influence your budget:
- Retirement Income
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- What is your future income stream, and how much do you want to spend on a mortgage?
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- Savings
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- How much do you have in savings, and what amount do you want to spend on a new home?
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- Sale of Home
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- If you sell the home you’re in now, what price would you want, and how would that inform what you can afford to buy?
Commitment Level
What are your home needs now, and what do you expect them to be in the next ten years? Try to be realistic about what you want and need in your home.
- Lawn Care
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- Taking care of a yard is a huge commitment. While it may be something that you can handle now, moving is a great chance to decide if this is something you want to continue to upkeep in the future. And by joining a community garden, you can still enjoy being outdoors with less commitment.
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- Stairs
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- Physical structures like stairs may become a hindrance in the future. It may be a good idea to look for somewhere that is accessible to accommodate you as your needs change.
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- Transportation
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- As you look for a new place, consider what transportation options are available. Are there accessible parking spots? What about nearby public transit options? It’s good to have various options as you look for somewhere new.
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- Travel
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- How much time do you plan to spend at home in retirement? Some want a “home base” but will travel for up to 6 months of the year. If you will be travelling extensively, that should factor into how much you want to spend on your new home.
Location
Perhaps this new move is a chance to explore your location options. After all, retirement is an excellent time to try something new.
- Rural vs. Urban
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- Do you want to live in the hustle of the city or spend your time in the peace of a lakeside village? Knowing what social environment is essential to deciding where to live.
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- Shared vs. Single
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- A smaller, single-family home can still be a good option depending on your family’s needs. However, some people prefer to live in a condo or a shared living community for the social aspect.
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- Nearby Amenities
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- Choosing a neighbourhood that has the amenities you need is critical. Whether that includes parks, gyms, or shopping districts is up to you and your preferred lifestyle!
Amenities
Speaking of amenities, it is essential that you know what kind of amenities you want in your new home. If you are looking at shared living space, what options are available in the building could be a huge selling feature. Single-family homes also will offer different possible amenities or spaces for you. Knowing what you need and want will help you narrow down your list of potential homes.
- Hobbies
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- Retirement means you will have ample new free time for your hobbies! Having a workshop, sewing room, fully stocked kitchen, or other rooms dedicated to your hobbies may be great in your new retirement home.
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- Friends
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- Whether that means friends nearby or space in your home for friends to visit, deciding what you want in a social space is very important.
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- Outdoor Space
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- We touched on this before, but having an outdoor space can be different from having a yard. Some shared living buildings have outdoor green spaces for their residents. Other times that can mean having a nearby park or public green space. However, you should decide how important it is to have outdoor space in your home.
Retirement can be very exciting, but it can also be stressful trying to navigate your new needs now and in the future. Having a real estate professional to work with can help you decide what is most important and reduce the stress of moving. Feel free to contact me if you have any questions or need any assistance!
