First time buyers of townhouses very often get confused about the difference between Condominium Townhouses and Freehold Townhouses. Let us take a minute now to explore those differences.
A developer acquires a parcel of property and builds a number of town homes.
He doesn’t have to go through the cost of subdividing the property into smaller lots or creating in addition to paying for a legal description on each townhouse.
In place of that the developer forms a Condominium Corporation that owns the property and improvements made to it on behalf of all of the individual townhouse owners.
Each individual townhouse owner then becomes a part owner of the property and any improvements like parkland, playgrounds, parking areas and roadways.
These facilities in the townhouse complex have to be maintained of course which is the reason behind your monthly maintenance fees.
You’ll be responsible for any repairs and maintenance to the inside of your unit unless that fix is the result of an outside occurrence such as a leak in the roof leading to ceiling damage.
The developer will also set up a set of rules and regulations governing such things as what color you may or may not paint the front door or garage door of your unit.
And if you’re thinking of parking that nice new camper you purchased this past year in your driveway you will likely need to believe again. You probably won’t be permitted to.
Condominium Townhouses as a rule are generally less expensive than Freehold Townhouses.
Sooner or later,Olivias Townhouse, Condominium Townhouse owners become tired of the monthly maintenance fees and yearn for a possession choice that provides more freedom.
Recognizing this market, programmers started offering Freehold Townhouses.
Under this model of possession you may own both the property and the townhouse that sits upon it.
There is no Condominium Corporation and all repairs and maintenance become the duty of each individual owner.
You’ll also have the freedom to paint your front door whatever colour you wish, but you may hear from your neighbors if you go too wild with this.
More recently, developers have been building some Freehold Townhouses with a restricted condominium aspect to them.
The townhouse and property will be owned by you, the individual owner but the roadways in and out of the complex is going to be possessed by all under the creation of a Condominium Corporation.
There is monthly maintenance fees involved here but they are no where near as much as those of a complete condominium townhouse complex.
Freehold Townhouses are as a rule more expensive than Condominium Townhouses.
Fee associated with Townhouses.
To a point, townhouses have characteristics of condos and single family homes.
A townhouse is basically a house that is a portion of one or a number of different homes and it’s located on a plot that’s also owned by you. The townhouses could be duplexes, triplexes or large townhouse communities which harbor a lot other comparable houses.
Townhouse communities’ structure can fluctuate. In some cases, it might be a mere agreement that says that each parcel of land in addition to the house that is found on it is owned separately. That is mostly for duplexes and triplexes. This possession is shared equally among all owners of this townhouse complex.
Some townhouse purchases generally demand a Homeowner’s Association. It is very important that you get enough info on these since the association may have an impact on your ownership experience of the house.
1 advantage you will have when you buy a townhouse is that you won’t have to do a great deal of exterior repair in addition to maintenance. You won’t need to handle it Though you may have a small lawn. The homeowner’s association will be the one in control of repairs and upkeep services.
But it can also be a drawback to be under the homeowner’s association because you’ll have to live by its own rules. The association could be having principles which are anti-dog, or else they may also have rules about leasing out or landscaping. Such restrictions may create your stay in that particular house harder and make it hard for you in the event that you wish to do a resell in the future.
A townhouse allows you to live more independently compared to other homes such as condos. You’ll have a small lawn, your own front door and you may also have your own garage. Since many townhouses are considered to be single family houses, the renting prices for them are not very high.
Townhouses are usually freehold and thus you won’t find any extra company fees attached to them.