In hot markets, setting your sights on purchasing a home isn’t always realistic. In a market such as Toronto or Vancouver, most first-time homebuyers instead opt for the more affordable option of purchasing a condo.
While there’s no denying that a traditional condo can be a solid investment, it isn’t realistic for all. After all, some buyers might require more space for a growing family and others might insist on the notion of having greenspace.
The good news is that buying a property doesn’t have to mean deciding between a house and a condo. Instead, buyers can opt to get a little creative and settle on something perfectly in the middle.
A condo townhouse can provide first-time homebuyers with the perfect alternative to a home or a condo. Perched right, smack in the middle, a condo townhouse might just be the answer your first-time home buying dreams have been looking for.
Generally speaking, a condo townhouse is significantly more affordable than a freehold home.
For first-time buyers, saving up to afford a traditional home could take years. As time goes on, the price of homes is all the more likely to skyrocket and become even more unaffordable. This is why biting the bullet on a purchase when you have that down payment saved is so beneficial.
For a significantly lower price tag, a first-time buyer could purchase a condo townhouse that has a similar square footage and overall tone as a freehold home. This is an affordable and fitting first step to take before transitioning to a freehold home.
Unlike a traditional box-in-the-sky condo, a condo townhouse is going to benefit from significantly more square footage. Fortunately, this excess square footage makes it all the more realistic to have enough space for a growing family (or, let’s be honest, a dog ).
In fact, most condo townhouses are going to have two or three different floors. This floorplan is going to allow for greater functionality and privacy than a traditional condo.
If you’re looking to move away from the hustle and bustle of the city, you’re in luck.
The good news is that condo townhouse complexes are predominantly located in residential areas. The idea is for the townhouse complex to resemble a traditional, family-friendly neighbourhood like any other home.
This is especially helpful for parents that are interested in being located in a specific school zone or simply away from the busy urban core. Like any other neighbourhood, young kids can roam free and play outside as they wish.
Of course, condo townhouses do have maintenance fees. Because the townhouse technically belongs to a condo corporation, the homeowner is responsible for said paying maintenance fees each month.
The good news is this means that your townhouse will benefit from many of the same amenities and routine maintenance as traditional condo buildings. For example, there might be a complex pool or gym facility that is shared amongst the townhouse residents.
Is outdoor space one the must-haves on your house shopping checklist?
Perhaps you have a dog that you’re hoping will have a yard to roam free. Or you want your children to grow up with the experience of having a backyard. Let’s face it, this type of outdoor space just isn’t going to happen with a traditional condo.
With a condo townhouse, many of the units will benefit from having some degree of outdoor space. This might include anything from a rooftop patio to a traditional backyard.
Where to Go From Here?
Let’s face it, buying property in a hot market can be downright stressful.
Once you’ve finally saved up enough for a solid downpayment, it can be incredibly disheartening to hear how far your money can realistically go. In reality, affording a home in this type of market isn’t always in the cards.
This is why meeting halfway between a condo and a house is becoming so common with first-time homebuyers. A condo townhouse allows buyers to benefit from more space and freedom but without putting themselves in a position of becoming house poor.