Is buying a townhouse better than a house in Canada?
Deciding between a townhouse or a house is dependent on your needs for living in the location you want to live in, as well as your budget. If, for instance, you’re retired and want to reduce your home’s size and downsize, a townhouse could be the better choice, this is especially the case in expensive real estate markets, where a Vancouver townhouse for sale costs nearly as much as a Burnaby house and Surrey, BC. If you’re a couple looking to grow families, a larger home is likely to meet your needs better. Also keep in mind that a row house is similar to a townhome except it has no British Columbia strata fees from homeowners associations.
For this article we may keep in mind that properties in Alberta, and the rest of the Canadian provinces may be different.
Pros of Townhouses
One of the major benefits a townhouse owners have is lower maintenance. Unlike detached houses, which require upkeep, a townhouse can be cleaned and maintained by its owner.
Depending on the Townhouse community, the homeowner may be responsible for exterior maintenance and lawn care, which can save a homeowner time and money.
Additionally, a townhouse is ideal for retirees or those who are unable to maintain a large, elaborate home.
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Townhouses are also a good option for first-time home buyers because of their lower maintenance requirements. Renters typically pay higher rents for houses than for apartment units.
Although townhouses can be costly, they are perfect starter homes for families or individuals with limited budgets. Compared to apartment buildings, a townhouse is easier to maintain, which is important if you plan on spending a lot of time on your home.
If you’re looking for a low-maintenance home, a townhouse is a great option for you. Its low-maintenance costs and communal feel are attractive for many people.
Cons of Townhouse vs house
However, a townhouse lacks the privacy of a single-family home. Although townhouses may offer more square footage, you won’t have any outdoor space to enjoy. A small patio and yard are the best additions to a townhouse. While townhouses aren’t as spacious as apartment buildings, many buyers prefer them for the extra space. If you’re in the market for a new home, you should look into townhouses.
While a townhouse has more amenities than a single-family home, they do have more upkeep responsibilities. For example, the owners of a townhouse will pay for snow shovelling, lawn cutting, and exterior repairs.
Another major downside to living in an apartment / townhouse is the smaller size. In an apartment, you are likely to have fewer closets and living spaces. Your living room will be crowded, but you’ll also have less privacy. You’ll also have to pay for a strata special levies, which is a separate expense from your rent. Furthermore, if you’re allergic to pets, you won’t have to worry about them, because many houses provide plenty of room for pets.
Pros of Houses
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While the appearance of both types of homes is similar, the main differences are in their interiors. The exterior of both are similar, but a house has more privacy.
The first advantage of a house is its bigger size. In comparison to a townhouse, a house is a more spacious structure. You can park more cars, which can be advantageous if you need extra parking.
A house is quieter than a townhouse. You won’t share any communal spaces with other owners. You can have your own private space and landscape without worrying about noisy neighbours.
Also a single family house is more expensive than a town home, which means that it is likely to be a more profitable investment for you.
Cons of Houses
You’ll also be responsible for maintenance and renovation. Furthermore, houses can cost more than a townhouse. If you’re looking to buy a house, keep in mind that you’ll have to share the space with your neighbour.
In general, a home is more expensive than a townhouse. Homes also limit the choices of where you can live. There are more houses away within the suburban areas. If you’re planning to live within the heart of the city, you might find it easier to locate the townhome option over a detached, single-family home.
Is it worth buying a townhouse?
Townhouses are similar to houses in their structure but have common areas, like yards. Many people prefer townhouses over houses for these reasons. They are cheaper, especially in competitive housing markets.
Of course you will have to deal with less living space, and share common spaces and exterior walls. But many townhome amenities come with perks like tennis courts.
Depending on your real estate market in Canada, and your budget, the types of property you select will ultimately dictate the purchase price you will be going for the the type of monthly maintenance fees you will have to pay. Recall that a free-standing house doesn’t come with condo maintenance fee or a condo community politics, or condo corporations.
Key Takeaways
There are several other considerations when buying a townhouse. Some people prefer a single-family home because of its larger space. But others don’t like the concept of a shared space. If you can’t afford the extra space, a townhouse may be a better option. It’s also cheaper than a single-family home. You’ll find more privacy and less yard maintenance in a modern townhouse.
Buying a house is a major investment, but it’s also a great choice for families looking for space and privacy. While apartments offer many perks, you’ll need to consider the cons of each option before deciding which is best for you. Although you’ll have a larger living space, you may be closer to parks. You’ll also have more freedom to decorate and personalise your space.
Many first-time homebuyers prefer a townhome community as opposed to detached houses for the reasons stated above. If your budget is lower than perhaps its even better to become condo owners rather than owners of free-standing homes. A real estate agent can usually advise which would be the better investment for you, and of course it will also depend on your price ranges.