A Townhome is an attached home in which an individual owns a unit within the same building structure. Each unit has its own outside entrance but is shares a common wall.
Some pros and cons of purchasing a townhome:
•Very low maintenance-Maintenance and landscaping of the exterior structure and common areas are handled by the strata corporation. This is attractive when you are a busy professional that does have the time or patience for home maintenance.
•Many townhome complexes have amenities and common areas such as fitness centers, jacuzzis, indoor or outdoor pools, etc which are included in your monthly maintenance fees.
•Having your neighbors so close may give you a greater sense of community and security.
•Townhomes are often more affordable in comparison to a detached home in the same area and as a result, townhomes are ideal for a first time home buyer or a young family.
•You are required to pay monthly maintenance fees and these fees increase as maintenance and repair costs go up. Increases and decreases of maintenance fees are determined by the strata corporation (which is made up of all the owners within the complex).
•There may be limited parking spots for guests.
•Typically, there will be less storage space than in a detached home.
•You will be required to get strata approval for structural changes you wish to change in your home. For example, changing your floors, taking down walls or partitions, etc.
Before you purchase any home, you should always consider the potential for resale. Working with a knowledgeable and experienced REALTOR® will help you determine whether the property you are considering is a good investment!