Freehold Townhomes around GTA: Everything You Should Know
In the past decade, the Greater Toronto Area (GTA) has seen a dramatic rise in the popularity of freehold townhomes. Low in prices and without management fees, freehold townhomes around GTA are the first choice of many first time home buyers right now. In this post, you’ll learn all about these property options, including the definition and the benefits.
Living true to its name, a townhome is a house in a big city. Also known as a row house, it is connected to other dwellings on either one or both sides. What makes it a popular choice is that you don’t have to pay a maintenance fee for your townhome.
What Exactly is a Townhome
As discussed, it’s a type of property that is connected to another townhome. Unlike a condo, the rules of living in a townhome are similar to a traditional home. A homeowner doesn’t have to pay a maintenance fee to anyone. In addition, there isn’t any shared space.
- Why People are Loving Townhomes
Apart from no maintenance fee, there are plenty of reasons behind the increasing popularity of freehold townhomes around GTA. And, here are some of the most common ones:
- Lower Cost Than a Detached Home
As per Toronto property rates in 2020, an average detached home in Toronto had a price tag of at least $1.5 million. If a buyer had to pay a minimum down payment of 20%, the initial payment became $300,000.
On the other hand, the average townhome cost in and around GTA is around $1 million. Apart from that, if your negotiation game is good, then you can get your townhome below seven figures.
There’s an ongoing debate in the real estate world on ‘Which is better: a townhome or condo’. A condominium may be a little cheaper than a townhome, but the latter offers more greenspace. In addition, you don’t have to share your space with other homeowners.
You can decide what changes you want in your townhome and when. Apart from that, as there is no maintenance fee, you can save money for big renovation projects to provide your place with a more personalized look.
Townhomes may be connected to other dwellings, but they are very much similar to the concept of traditional detached homes. It means you get lots of space for a big family.
Who Should Buy a Townhome
A townhome is a great property option for new home buyers who don’t want to spend a big amount because they may move to somewhere else in the future. In addition, a townhome becomes a good investment for:
- Those who want more freedom of a house than a condo
- Investors who aim to earn a positive return on investment
- Homeowners who want to have more control over their property
Freehold townhomes around GTA is a wise investment option if you want to have a property that comes with no maintenance fee and feels like a traditional home.
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