When it comes to buying a new home, townhouses are the perfect option for those looking for a spacious, low-maintenance dwelling that offers a sense of community and convenience.
Before any major purchase, it’s important to understand what townhome living entails and what financial considerations you should be aware of before buying. In this article, we’ll answer the top ten questions we hear from prospective townhome buyers.
What are the Advantages of Buying a New Townhouse?
One of the main benefits of buying a new townhouse is the low-maintenance style of living they offer. Townhomes are often smaller than single-family homes and don’t require as much upkeep or maintenance, especially regarding yard work. Additionally, many new townhomes are built with energy-efficient features such as double-paned windows, Energy Star appliances, and efficient heating and cooling systems.
Some townhomes also have shared amenities such as recreational facilities and parks, which can foster a sense of community among residents.
What are the Disadvantages of Owning a Townhome?
One of the main disadvantages of owning a townhome is the limited privacy they offer. Townhomes often share walls with other units, reducing privacy and leading to more noise from neighbours. Additionally, townhomes may require additional fees, such as maintenance fees and road fees.
Homeowners may also be restricted in terms of what modifications they can make to their homes, which may be a major drawback for those looking to customize their space.
What are the Different Types of Townhomes?
There are several types of townhomes, including split-level townhomes, three-story townhouses, duplex townhomes, multi-plex townhomes, loft townhouses, stacked townhouses, and many more. In general, a townhouse is any type of connected housing that consists of two or more stories and has its own exterior entrance. They are also known as row houses.
Do Townhomes Have Good Resale Value?
Townhomes typically have a better resale value than condos but don’t fare as well as single-family homes. Factors that impact townhome resale value include location, condition, and size. Townhouses in desirable locations with modern amenities and finishes will typically have a better resale value overall.
Condo vs. Townhouse For Investment: Which Is Better?
The decision between a condo and a townhome depends on your lifestyle and investment goals. If you want low-maintenance living and amenities such as a pool and gym, a condo may be a better option. On the other hand, if you want more privacy and outdoor space, a townhome is likely better suited for you.
Maintenance fees for townhomes also tend to be lower, while the value of a townhouse typically appreciates more than a condo unit. With this in mind, a townhome may be a better long-term investment from a financial standpoint.
Interested in learning more about townhomes by DeSozio Homes? Contact our team today and we would be happy to walk you through our homes!
What is the Price of New Townhomes Compared to Resale Homes?
The price of new townhomes can vary depending on location and the level of amenities offered. In general, new townhomes are more expensive than resale homes, but they also provide the benefits of lower maintenance costs and energy efficiency. It’s important to compare the price of new townhomes with resale homes in the same area to get a better understanding of the overall real estate value.
What is the Difference Between a Freehold Townhouse and a Condo Townhouse?
A freehold townhouse is a type of townhome that is owned outright, including the land, with no shared common areas or amenities. A condo townhouse, on the other hand, is a type of townhome that is part of a larger condominium complex with shared common areas and amenities. With this type of townhome, you only own the interior space of the residence.
What are the Typical Fees for New Townhomes, and What Do They Cover?
Fees for new townhomes vary based on whether they are freehold units or part of an association, with monthly costs ranging from $100 to $800. Many freehold units do not require you to pay maintenance or association fees but may have a small road fee or common element fee. These cover the cost of maintaining shared amenities such as roads, walkways, and grounds.
Are New Townhomes More Energy Efficient?
Many new townhomes are built with energy-efficient features such as double-paned windows, innovative insulation techniques, modern appliances, and ultra-efficient lighting, heating, and cooling systems. These features can help lower energy costs and a home’s ecological footprint.
Are There Any Warranties or Guarantees For New Townhomes?
Many new townhomes come with warranties or guarantees from the builder. Warranties for new townhomes can cover things like defects in workmanship and materials, as well as any issues that may arise with appliances or mechanical systems. Therefore, it’s important to ask about the warranties or guarantees that come with a new townhome and to review the terms of those warranties thoroughly.
Talk to a Builder Today
When buying a new townhouse, it’s important to understand the pros and cons of row house living and what options are available. By asking the right questions and considering all of the factors, you can make an informed decision that will best suit your lifestyle and investment goals.
If you are considering a new townhome in the Hamilton area, be sure to contact DeSozio Homes. Our projects include new row house developments, efficient home upgrades, and much more. Learn more from our team today!
