You have made the decision to buy yourself a new home and when looking into the various options available you have zeroed in and decided on purchasing a townhouse. You feel it is the best choice for you and your family. As with all types of housing there are pros and cons to this decision.
Take some time to educate yourself about attached-home living as there are some big differences when comparing to detached homes. If you are interested in the Okanagan Valley Canada, the Penticton real estate market has many townhouse complexes to choose from. You will just want to ensure before you commit to buying that a townhouse is the right fit for you. Consider these pros and cons.
Typically a townhouse will carry a lower price point than a traditional home in the same area. If you are in love with a specific neighbourhood but cannot afford to buy a detached house there a townhouse gives you with ability to get into a neighbourhood you could not otherwise afford.
One of the best things about living in a townhouse community is you don’t have to do building maintenance. Any repairs will be organized and contracted out to professional companies as well. If the roof needs redoing it will be a shared cost and with your monthly feed you pay for these costs up front instead of having to take it out of your savings later.
Buying a townhouse is like buying into an established community. You get to know your neighbours and if you plan on an extended holiday you have people to keep an eye on your home. Young families will likely find easy playmates for their children. If you like a sense of community a townhouse could be perfect for you.
Many townhouse communities are built in prime real estate locations. A lot of the best neighbourhoods have incorporated them into their plans. Also, if you are into walkability many complexes are built with this in mind. Restaurants and other amenities tend to pop up around townhouses if they are not already there.
This is one of the elements that sets townhouses apart from detached homes. Affording your own pool or gym might not be cost effective but if you live in a complex with amenities you get the best of both worlds. Many also have clubhouses or extra rooms for guests to stay in.
If the market drops it can be more difficult to sell a townhome than a detached home. When traditional homes are more affordable, the townhouse option becomes less desirable to potential buyers. Also, if you happen to buy into a problem plagued townhouse complex it will make it harder to sell your unit.
If privacy is important you should reconsider whether buying a townhouse is for you. As units share both a common wall and parking lot you may find having your neighbours so close uncomfortable. Yards often run along the same space with only a gate in between. This can make sitting in your back yard annoying if you do not enjoy seeing your neighbours through the fence.
- Lack of Freedom
When living in a townhouse your home is not completely your own in that you are expected to conform to the rest of the complex in some ways. For example, you cannot repaint your exterior wall because you do not like the colour. Also, there are often strict rules in place when it comes to making any changes whether it be to the inside or outside of your unit.
- Yard Space
If you want a trampoline in your backyard for your kids to jump on a townhouse’s backyard is little small. If you are into hosting outdoor barbecues with your neighbours you may find a detached house with a larger yard more your cup of tea. Keep this in mind if you are considering a townhouse as they traditionally have much smaller outdoor space than a freehold home.
While every townhouse community has different monthly fees, they do add to the cost of running your household. While your mortgage payment is smaller you have to add the fees to that cost each month. When you are looking into buying make sure you compare the fee structure of the complexes you are viewing. Also talk to the association to ensure your fees will be properly allocated and upkeep is regularly done.