If you’re looking to buy a new construction home, you may be contemplating whether a townhome or condo townhome may have its benefits over a detached home. In this post we will go over the top benefits of townhome ownership.
Benefits of buying a townhome
A townhome can be a smart choice and investment. Here are some of the things you’ll benefit from with this type of home ownership:
- A lower purchase price
- Easier maintenance
- Designed for good living
- A sense of community
Affordability
Townhomes are typically less expensive than detached homes or even some traditional condos, with location of the estate or property being a big factor. But if you’re comparing a detached home and a townhome in the same neighborhood with roughly the same finishes, then you’ll usually pay less for the townhome. The reason? It’s cheaper to construct properties that share walls than it is to build them separately, and so that savings is passed on to the homeowner. Particularly stacked townhomes can provide a great price point with more space than a traditional condo.
Townhomes are also a great way to invest in the market without having to come up with as large a down payment. Townhome owners are likely to experience a growth in capital appreciation with the increase in demand for their properties, and that’s a win-win situation for buyers and owners.
Need some townhome inspiration? View our past project: Barra on Queen
Easier maintenance
When you buy a detached single-family home, you need to maintain your property’s lawn, arrange snow removal, and do the many other things owners of detached homes do. When you buy a condo townhome, you generally only need to maintain your home’s interior because your condo corporation will often take care of exterior upkeep. If you’re a first-time homebuyer, a townhome can help you get a handle on how much home maintenance you want to deal with
Designed for good living
Condo townhomes are usually built with the goal of providing owners with a great standard of living. They are built in good communities, with great amenities, a nearby transportation system, accessibility, and security. Many condo townhouse communities offer common area amenities that could enhance your quality of life. Our upcoming condo townhome community Viva, for example, will offer perks like a common outdoor BBQ and picnic area.
Shopping, grocery stores, restaurants, and schools are also nearby, making these communities very convenient.
Our Kitchener townhome communities: Barra on Queen and our latest project coming soon, VIVA
A sense of community
Townhomes, by nature, are close together, which means you may have an easier time getting to know your neighbours. That’s a good thing if you’re the social type who enjoys interacting with others.
In conclusion, if you are looking to get into the real estate market or don’t have a huge home ownership budget, then a townhome could be a more affordable choice. As with any home purchase, when looking for a condo townhome, do your research on the prices of the properties and the place it is located in. Go through listings of properties in the same location to figure out what you will need and what amenities and maintenance levels are best suited to your lifestyle.
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