Whether you have been looking to purchase your first home want to sell and move onto your next, you may be considering a freehold (i.e. a home that’s attached at both sides with the rules of a detached home) versus a condo townhome. You may be wondering what the difference is, or you may already think you have a plan of action already figured out. Whatever your case may be, we urge you to discover the advantages and disadvantages of both; below are a few of the most important.
No condo fees or neighbourhood guidelines to follow
This can save you some money on your monthly payment; if you’re price-conscious, this is a major perk. Moreover, if you would rather not have to abide by the neighbourhood guidelines of a condo townhome community (e.g. dictating the colour of the exterior of your home) a freehold townhome may make sense for you. Such freedom allows you to make alterations to the exterior and interior of the home, giving some people more of a sense that they ‘own’ the townhome.
Then again, freehold townhomes are much more expensive than a condo townhome. Although the appreciation tends to increase, freehold townhomes are always in demand and can cost significantly more than a condo. Expect to pay at least thousands of dollars more.
You own your home, land (but so do your neighbours)
As stated, you can alter essentially anything you desire in your freehold townhome (as long as it complies with local zoning laws) – but so can your neighbours. What can you do if a neighbour decides to build a chicken coop and raise roosters that wake you up at 6am every damn day and it’s compliant with local laws? Nothing, that’s what.
Maintenance is provided
Remember earlier when we said that no condo fees can save you some money on your monthly payment? Well, the money saved can cost you a small fortune later down the road. When something goes wrong with your condo townhome, it’s up to you to fix the issue; in a condo, it’s never your responsibility. Maintenance services extend beyond just fixing things, though. Things like snow removal, roof and window repairs, and the like are also provided – and it’s all possible thanks to your condo fee.
Your condo fees are always calculated into the overall carrying costs, meaning you will have to pay significantly less on a mortgage with a condo townhome than you would with a freehold. Coupled with your condo company taking care of your maintenance issues (thanks to condo fees), you’ll never have to worry about plumbing issues or spending thousands replacing a roof. It’s all taken care for you!
Condo townhomes are almost always built in premier locations to ensure homeowners won’t have to go far to work, shop, eat, socialize, and so on. This can also save money on fuel costs annually. With amenities usually in walking distance, it provides a sense of community and kinship that is rarely replicated in a freehold community. Ready to own your first home yet can’t decide where to start? Start with us! Give Dunpar Homes a call today and allow us to start you on the road to home ownership today!