A townhouse is a modern solution to real estate’s rising costs in the lower mainland. With multiple floors and a smaller economic footprint, a townhouse gives homeowners the space they need to feel comfortable while reducing the negative impact on the environment and lowering the cost involved with larger land sizes. Know how much mortgage you can afford with our free mortgage calculator.

 

If you’re in the market for a townhome, you’ll want to be certain that you’re making the right purchase decision.

 

Here’s what you need to know when buying townhouses.

 

What are the prominent features of a townhouse?

 

A townhouse is a perfect cross between a single-detached family home and a condominium unit. You could say that it’s the best of both worlds.

 

Generally speaking, townhouses are multi-level homes separated by a wall to another residence or more, similar to a condo unit. However, townhouse owners would typically have a yard or a patio since they most likely have rights to both the interior of the home and a part of the exterior land.

 

Another similarity to a condo unit is paying for a homeowners association (HOA) fee for maintenance and housekeeping in common areas and trash pickup. This can make it more convenient for you to own land without the added need to care for the yard or the home’s exterior.

 

Criteria of a townhouse

 

There are criteria to follow for a unit to be considered a single-family home. There should be no units above or below and it must be separated by a ground-to-roof wall. It should also maintain separate heating systems with individual meters for public utilities.

 

The advantages of owning a townhouse

 

Townhouses are extremely affordable in comparison to single-detached family homes with the same dimensions in that location. That is because of the cost of land, which is ridiculously high nowadays. With townhouses, you won’t have to buy a huge piece of land that’s more than what you’d need for your family’s everyday accommodation.

 

Because of this, you have more ownership over both the interior and exterior of the home. In most cases, but your homeowners association may have certain rules and aesthetics codes to follow for the home’s exterior. You would need to observe these carefully. In general, there’s still more freedom to personalize the outside of the house as opposed to owning a condo unit.

 

With townhouses, you’ll have to worry less about maintenance as they are smaller lots than usual. Keeping everything in check in both the interior and the exterior of a townhouse is easier, not to mention the added help from the home owners association. Oftentimes, you’re also not responsible for any issues on the outside and shared grounds.

 

Why you need to buy a townhouse

 

Townhouses are affordable and a great solution in addressing our era’s carbon footprint problem. They are easier to maintain and offer a great way to live in a city bustling with growth without having to invest a huge amount. If you are thinking about upgrading from your current home grab a free home estimate. 

 

Reasons a Townhome may not be for you

 

With all the good comes the negative. Here are a few things you may want to watch out for if you are in the market for a townhome:

 

1. You can have added fees if something in a shared area needs repair
2. You have no control over the aesthetic of the property

 

While these problems may be minor it is important to keep them in mind when looking for your new home. If either issue may stop a purchase it may be best to look at a single family detached home. 

 

If you need help deciding on your next home in the Abbotsford, Salmon River, Chilliwack and Walnut Grove area give me a call.

I would be happy to help!