If you’re on the hunt for your dream townhouse, you might have stumbled upon some confusing terms like “freehold townhome” and “condo townhouse.” Fear not! We’re here to break it down for you in simple, everyday language, so you’ll be an expert in no time.
Let’s dive in and demystify the differences between these two townhouse options.
Freehold Townhome: The Kingdom of Ownership
Picture a freehold townhome as your very own kingdom. When you buy one, you become the sole ruler of both the townhouse and the land it sits on. Total ownership, total control. Want to paint the walls purple or create a beautiful garden oasis in the backyard? You can do it all – it’s your castle, after all (you still have to abide by your city’s by-laws though)!
Condo Townhouse: Sharing is Caring
Now, let’s talk about condo townhouses – the team players of the townhouse world. When you purchase a condo townhouse, you own the interior of your unit, but the land and common areas are shared among all the residents. Think of it like being part of a big family, where everyone pitches in to keep things running smoothly. You pay a monthly condo fee, and that covers the maintenance of the exterior and shared spaces. It’s all about sharing the responsibilities and the benefits!
Condo townhomes can come in a variety of styles. At times, from the outside, they may appear no different from freehold townhomes, but in reality, they belong to a condo corporation.
Condo townhouses can also be part of a condominium building that also houses apartment units. For the condo townhomes that are in a condo building, the entrance to the home will usually be from inside the condo building, and parking is an underground lot with all the residents’ parking spots.
Benefits and Disadvantages to Living in a Freehold Townhome
- No monthly condo maintenance fees
- Greater autonomy to make changes to your property
- Often offer more space and privacy compared to condo townhomes
- Flexibility in pet ownership
- Fewer rules and regulations
- You are responsible to maintenance/repairs so if there are major or time-consuming repairs – it’ll be on you to foot the bill
- Typically cost more than condo townhouse
- Less shared facilities/amenities
Benefits and Disadvantages to Living in a Condo Townhome
- Less upkeep – don’t have to worry about mowing the lawn, shovelling snow or handling major repairs
- Access to shared amenities such as swimming pools, gyms, community rooms
- Tend to be more affordable than detached or freehold townhomes
- Provides more security and safety as condos usually have surveillance/security on-site
- Monthly condo fees
- May need approval from condo board/management for any changes to your unit like renovations
- Potential for special assessments (unexpected repairs or major renovations that require owners to pay an extra fee that’s separate from the monthly condo fees)
- Noise and proximity to neighbours
- Must follow condo rules and by-laws (pets, rentals, parking, exterior modifications)
- Limited outdoor space
The Verdict: Which One’s for You?
Now that we’ve unraveled the mystery behind freehold and condo townhouses, it’s time for the big question: which one suits you best?
If you crave full control over your castle and value privacy, the freehold townhome might be your ideal match. But if you thrive in a community-oriented environment, love sharing responsibilities, and want access to shared amenities, the condo townhouse might be the one that steals your heart.
Remember, there’s no right or wrong answer here – it all boils down to your lifestyle preferences and what feels like home sweet home for you.
So, go forth and conquer the world of townhouses, armed with the knowledge of freehold and condo living. Your perfect abode awaits – happy house hunting!