Should You Buy A Townhouse In The Greater Toronto Area?
Planning on buying a townhouse in Greater Toronto Area? Here’s everything you need to know. Read on to know more.
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Toronto is booming with plush properties to invest in. Buying a house in Toronto could very well be a Canadian dream. You can invest in your dream home in Toronto, in a condominium, townhouse, etc.
While a condo is an apartment, a townhouse is an independently owned property separated by a common wall between two townhouses. However, they have their separate entrances, basement, etc.
Before you put down your money for a townhouse in Toronto, let us know four pros and cons.
Pro’s of buying a townhouse
We have listed four top pros in favor of buying a townhouse in Toronto.
1. Shared facilities and amenities
A townhouse, also known as a row house, shares many common facilities for all townhouse owners, such as swimming pools, shared playgrounds, gyms, and much more. It adds up to the advantages of investing in Toronto townhouses. Some townhouses may even have clubhouses for all residents to mingle and collaborate.
2. A simpler maintenance policy
Compared to the condominium housing structure, a townhouse has a relatively simple maintenance policy. You need to maintain the interior, while the townhouse HOA (Homeowners Association) looks after the exterior maintenance. The townhouse maintenance is hassle-free.
3. An economical purchase value
Townhouses share the same wall with other houses and are ready to move in anytime, not putting any construction load on the investor. For these reasons, a townhouse is available for purchase at a reasonable and economical cost than other housing properties in the Greater Toronto Area (GTA).
4. A friendly community environment
Townhouses are situated close to each other. It provides a friendly and cheerful environment for residents to mingle. A healthy relationship and a friendly community help the residents fulfill any time and kind needs. It builds a positive vibe among its residents.
Con’s of buying a townhouse
If the pros of townhouses are overwhelming, wait until we look at the top cons that might deter you from going for one.
1. Uneconomical & expensive HOA fees
Investing in townhouses helps in saving for investors. However, sometimes, the HOA (Homeowners Association) monthly fees could be a dampener, as it could be expensive for many residents. Investors must consider the budget before pledging their investments in townhouses in Toronto.
2. Poor resale price
As affordable as a townhouse may seem, its resale value may not look that encouraging, eventually. As per the market appreciation standards of other forms of houses in the Greater Toronto Area, the resale value of most townhouses is not up to the mark, making many investors shun investing in townhouses.
3. Space issues
A townhouse looks a bit congested and compact but lacks spaciousness. Townhouses save little space for the buyer to live with a fuller family. Small living spaces may discourage many families from buying townhouses if you are looking for larger areas to live in.
4. Privacy factor
A townhouse housing setup may disrupt your privacy if you love to have ample personal space and privacy. A townhouse setup that involves sharing the same walls can hinder the privacy of individual families living alongside.
To conclude, investing in townhouses in the Greater Toronto Area has many advantages and disadvantages. Always plan before you choose the form of a house in GTA for a marathon living.
