It is becoming more common for couples and families to invest in townhouses or condos instead of detached homes. While a traditional house often seems like the better option there are reasons why strata living is a good choice. Cities and towns are also realizing the benefits and a large number are supporting development of such complexes. If you are house hunting you should consider buying and living in a townhouse.
It is important to do some homework before committing to any property as there are pros and cons to any style of residence. Take the time to think about it and you might find a townhouse or condo suits you perfectly. If you like the Okanagan Valley, the Vernon real estate market has communities offering nice townhouse complexes. Here are a few reasons why investing in one may be the best choice for you.
A Community Atmosphere
A lot of people enjoy living in a townhouse complex because it offers them a sense of community. A detached home can be more private in a number of aspects and this often makes it more difficult to get to know one’s neighbours. Make sure you do some research though as each complex is unique with its own demographic. If you are a young professional you likely want to buy where people with similar interests live.
A Sense of Security
Neighbours in a townhome community tend to keep an eye out for one another’s residence as you all own a share in the complex property. Also, thieves and criminals tend to stay away as there are more people living in a close proximity who may see them and call the authorities. If you are going away on holidays you could let a neighbour know and they can easily watch out for your home.
Prime Locations
Of course not every townhouse complex is but a lot are built in prime locations throughout the town or city. If you want to live in the downtown core you might not be able to afford or even find a suitable detached home however it is likely there will be a townhouse or condo community to choose from. Many are also developed around transit and they tend to bring more businesses with them such as restaurants, community centres and shops.
Less Yard Work
While some people are born with a green thumb and love to garden many find it time consuming and overwhelming to keep up with a yard and all the work it entails. When you buy a townhouse you typically do not have a large yard to tend to and all of the other gardening around the complex is done by professionals. If you do not want a yard at all there are places with decks or patios instead.
More Affordable Price Tag
Of course there are many benefits to owning a detached home however you will find a higher price comes with them. With a townhouse you can afford property in an area you love without necessarily breaking the bank. While you should know the monthly fees when you invest in this style of residence you can find yourself with a nice home in a great walkable area that suits your needs.
Great Amenities
One of the positive attributes of strata living is there is often the pool or gym that you have always wanted but the costs and maintenance are shared with your neighbours. While some come with more amenities most boast at least the basics. Others may have not only the pool and gym, but a guest room, tennis courts and a clubhouse for meet-ups or card games.
Good Investment Opportunity
Even if you do not want to live in a townhouse or condominium it can be a good investment if you are thinking of adding to your portfolio. As they are often built in convenient locations near universities, transit or trendy neighbourhoods a townhouse is a great option for a rental property. You won’t need to worry about attracting renters because the area does that for you already.
Shared Maintenance and Repair Costs
When you are the owner of a detached home the cost of repairs and maintenance comes directly out of your pocket. If there is an unexpected repair to do you will need to dip into your savings account. In a townhouse or condo all repairs and maintenance costs are usually shared with your neighbours and typically covered by your monthly fees.
