Here is a list of a few points to consider which type of ownership suits you best.
Advantages of owning a Freehold townhouse:
- No condo fees.
- No rules or regulations to adhere to.
- I can make changes to the exterior as I want, e.g. paint or style of door and windows.
- I can park whatever vehicle I want in my driveway as long as I adhere to municipal regulations.
- I can landscape my front yard in any way I want and I might choose the natural look?
- If I buy my townhouse new, by the time major repairs are needed I can sell and move on and let the new owner pay for all the repairs that are coming up.
Disadvantage of owning a Freehold townhouse:
- You might be buying in just when all the major costs start, roof shingles, windows, A/C, furnace, doors & driveways to name a few. If regular maintenance has not been done to your unit and given some of the materials used by some builders the expensive replacements can start as early as year 10.
- You or your neighbor can paint the exterior of his townhouse, front door, trim & garage door any colour he wants? How does purple sound to you, or maybe pepto bismol pink? One persons dream is another’s nightmare. Or he may not bother to repaint when the paint starts peeling.
- When your home is attached in a row of townhouses, the example of a partially disassembled vehicle in your neighbors’ driveway or any lack of maintenance issues will reflect and affect the value of your property; no matter how well you care for your own unit.
- The fence between units is falling down and your neighbor does not want to share in the expense of replacing it? This same scenario can happen in a freehold detached home but not in a condominium. Typically in condominiums fencing and exterior maintenance are the condo corporations’ responsibility.
- Your unit is attached to an adjoining unit and the roof shingles need replacement, you are prepared to do this repair but your neighbor is not?
Check in to view next segment on “Condominium Townhouses Pros and Cons”.