Toronto is the city with the highest cost of living index in Canada. However, it is comforting to know that you might decide to relocate to Toronto and own a property without breaking the bank. If you are looking at getting a place of your own, you should consider getting a townhouses as they are a favorite right now in Canada.
Townhouses originated in Great Britain in the 18th century, and it was created by wealthy British families who moved with their families to smaller houses which consumed less land. Townhouses are hot commodities in Canada, and if you are thinking of buying a property, going for a townhouse would not be such a bad idea. Now, Townhouses which we also refer to as townhomes are multi-levels houses whose ownership is shared by people whose houses are demarcated by a wall. Townhouses help to bridge the gap between living in a condo and a house. A townhouse is ideal for those who want to maintain their houses without maintaining a large lot. What this translates to is that you have less responsibilities on your plate, especially if your work takes most of your time. Townhouses can span some units, and their facades bear striking semblances. It is not uncommon to see townhouses having a well-defined space outdoors and a carport. Many aspiring homeowners, especially the Millenials in Toronto, go for townhouses because they are cheaper than single-family houses and offer a similar feeling of being in a single-family house. Add to that, the younger generation loves living life in urban settlements and would rather dwell in an affordable place that shares close proximity to the city... Boomers are not left out. They reap the benefits of living in a townhouse due to affordability and fewer responsibilities. The townhouses in Toronto were praised for being the “new real estate reality” because of their affordability. According to Zoocasa, the purchase of townhouses saw an 83% increase in half a decade (2011-2016). This shows a positive boost for townhouses in Toronto. Being the owner of a townhouse in Toronto comes with some perks. You have the advantage of being in a convenient house, in a choice location and of course some price perks. Before you start spending the money you have made for some down payments, you should look before you take a deep plunge. If you want to buy a Toronto townhouse for sale, here are some factors you should consider.
There are numerous townhouses sprawled over different areas in Toronto, but you will find a huge concentration of them in areas with constrained spaces. These spaces include cities and suburbs. Your proximity to your place of work, school, religious center, or fun center is pivotal when thinking of purchasing a Toronto townhouse for sale. The good thing about Townhouses is that there are found in the middle of towns so that you can have easy access to the finest things of life. If you are looking for a good place to get affordable and trendy townhouses, these are the popular places in Toronto;
A vast majority of individuals who live in townhouses are either informed about some laws such as no pets, no renovations, and additional monthly fees which are used for the upkeep of the community. After considering the rules and regulations of the homeowners association, you might want to consider if buying a townhouse is the right choice for you. At this point, you’d ask yourself if you would love to be free in your property or being restricted by some rules when you are living in a house you own.
With townhouses, you get your money’s worth. They are wonderful alternatives to single-family houses because the homeowners association take care of the exterior of the townhouse. Individuals who lead busy lives will find this quite helpful. Also, townhouses have topnotch amenities such as cable, garbage, and water. If your fence or roof is damaged, the repair fees are covered in your homeowner's monthly fee. Some townhouses in Toronto come with parks, fitness centers, trails, ease of access to shops, public transit, and lots.
Nothing beats, enjoying some peace and quiet without interference. Asides enjoying privacy, there might also be a need for you to want to personalize your house to your taste. This might be quite tricky to achieve in a townhouse as the walls in townhouses are shared. When the walls of two houses are shared, it will reduce privacy between occupants of both houses and increase the noise levels. Add to that; you may have to deal with unforeseeable circumstances such as a faulty pipe somewhere in your neighbor’s house leaking into your house. However, this is not much of a hassle as townhouses do not have units below or above them. This helps to minimize noise. The added space in townhouses creates enough room for you to customize to your taste.
The prices of townhouses vary in Toronto. In some areas such as Fletcher Building, three-bedroom apartments cost $820,000 to $1.5 million. In some places in Christchurch, a 3-bedroom apartment costs $499,000.
If you are buying a townhouse with the aim of reselling, you should have a rethink because you may have to sell at a cheaper rate. Townhouses are more profitable when you rent out after buying instead of reselling.
Townhouses lack storage spaces and a closet that you might need for your kid’s play items and their personal effects. If you are getting a townhouse, you might pay some fees to get an additional storage area to store your items. Toronto townhouses for sale are perfect for amateur home buyers or for property lovers who are looking to downsize. Townhomes can offer you the amazing benefits of feeling at home as you are made to feel like you are a part of a big community.