- What is Considered a Townhouse?
- Pros and Cons of a Townhouse
- What to Look for When Purchasing A Townhouse?
- Introducing the Fountain West Townhouse Community in London
Looking to buy a townhouse in Ontario? If so, you’re in luck. According to WOWA London Housing Report for March 2022, there has been a 7% growth year-over-year in available townhouse listings in the city of London alone.
Source: WOWA – Canada’s Real Estate Encyclopedia
Townhouses continue to become popular among young adults. With rising housing costs, more and more families are considering making the change to a townhouse.
What is Considered a Townhouse?
A townhouse or “townhome” refers to a single-family home that is attached by a communal wall to at least one other independently-owned family homes. Townhouses often have multi-levels, with private yards, and feature things like patios and car garages.
Townhouses normally operate like a traditional home. You own the exterior & interior of the home, along with the land of the home. When you own a townhouse you share no legal or financial relationship with your neighbours. The only thing you share is the common wall between you.
Pros and Cons of a Townhouse
When deciding on whether or not to purchase a townhouse, many factors come into play. Let’s take a dive into some of the pros and cons of purchasing a townhouse.
The Pros of Buying a Townhouse
More affordable: Townhouses are often much less expensive than single-family detached properties. They make better use of the available lot to give you better value for your money.
Full ownership: When you purchase a townhouse, you have full ownership over not only the interior, but the exterior as well. Just like the average single-family detached home.
Less maintenance: Owning a townhouse you have less maintenance responsibility. With a smaller lot, you will find it does not take much to maintain your property. Additionally, if you are required to pay monthly maintenance fees, you will often not be responsible for a good portion of the exterior maintenance.
Easier to rent out: If you purchase multiple properties, and decide you want to rent out your townhouse, you will have less problems finding tenants, since they are much more affordable to begin with.
Sense of community: If you like being active in the community, interacting with your neighbours, and making new friends then a townhouse is perfect for you. With so many neighbours in close proximity to you, going for walks together and going for coffee will never be easier!
The Cons of Buying a Townhouse
Limited privacy: Since your townhouse will only be separated from your neighbours by a communal wall, you may run into issues if your neighbours are non-courteous. Before buying you should always check on how sound-proof your townhouse is.
Unable to renovate: If you’re into making major renovations or updates, you may run into problems with a townhouse. There may be limitations on what you can and can’t do to your property.
Smaller lots: If you’re into big summer backyard BBQ parties, a townhouse may not be the perfect fit. With a townhouse you generally have smaller lots, including backyards. Limiting room for activities.
Maintenance fees: You may be responsible for paying townhouse maintenance fees that cover things such as water, garbage disposal, snow removal, etc.
What to Look for When Purchasing A Townhouse?
When purchasing a townhouse, there are many things to consider. You want to create a safe environment for your family, while still balancing an exciting and luxurious lifestyle. Below see some of the things we recommend looking for when purchasing a townhouse.
Convenience of Amenities
There is nothing worse than moving to a new home, and realizing you now have a farther commute for convenience. No matter where you’re moving, you should always be aware of what amenities are within close proximity of your new home. Some things at the top of your list to check would include:
- Grocery stores and speciality shops
- Restaurants and fast food
- Parks and trails
- Golf courses, fitness centres and arenas
- Activities nearby (ski hills, community centres, etc.)
Safe & Friendly Neighbourhood
One thing that is extremely important to check is the safety of your neighbourhood you are moving into. You do not want to sacrifice safety for price or convenience. A good way of checking how safe your townhouse community is to ask your real estate agent on crime rates in the area.
We also recommend checking in with neighbours! Often the best living experiences are ones where you can have a great relationship with families living around you. A friendly neighbourhood makes all the difference.
How New the Townhouse is
This one is important for a couple of reasons. With a newer townhouse you will have the luxury of being either the first family or one of the first families to live in your house. This allows you to start a fresh new chapter, in a fresh new home.
With a newer townhouse you also will have the luxury of having a more modern day home. You will not be stuck with the limitations that come with owning an outdated townhouse where you have restrictions on renovating.
One more reason a new townhouse is beneficial is in terms of re-sale value and renting. If you purchase a new townhouse in a desirable area, it will be much easier to rent out. Every one is looking for new modern places to call home, and a new townhouse fills that void. As well, the re-sale value of new townhouses have been going up drastically since 2020 in Ontario. The price of a townhouse went up 51.5% from December 2020 to December 2021 in London, Ontario.
Introducing the Fountain West Townhouse Community in London
If you’re looking for a townhouse in Ontario, look no further than the Fountain West Community by Legacy Homes of London . Located in the safe neighbourhood of Warbler Woods in London, Ontario these three-story townhouses offer both luxury & convenience to families.
- Top schools nearby
- Various grocery stores and specialty shops
- Beautiful golf courses and driving ranges
- Easy access to Highway 401 & 402
- Walking distance to several fitness facilities (MedPoint Fitness, F45 Training & Oxygen Yoga)
- Many nearby parks and trails
- Various activities nearby (Boler Mountain Ski Hill, Bostwick Community Centre, etc.)
- Minutes away from Byron Village
For more details on the three-story townhouses for sale in the Fountain West Community click here.