Ron Matin
It’s not easy to find the right home for your tastes, especially in Canada’s real estate market, which is very diverse. Condos and townhouses are two popular types of property that you might come across as you look into your choices to buy a property. These homes are different because they have additional features and ways of being owned.
Defining condos and townhouses
In Canada, condos and townhouses are two different types of homes. When you live in a condo, you have an apartment-style unit inside a more significant building or complex. You share common areas like hallways, lifts, and outdoor spaces. A condominium corporation owns them and takes care of the land that they share. Some walls link the different levels of a townhouse, and each level usually has its own entrance and open space. People who live in townhouses feel like they own their homes more because they own both the inside and the outside. If you know about these differences, you can make a choice that fits your wants and tastes.
Ownership structures: Condo corporation vs. individual ownership
In Canada, the way people own condominiums and apartments is different. Condominium Corporations are the leading group of people who own condos. They make decisions about the land and run the shared areas. Members have rights and responsibilities, such as voting on problems that affect the group and paying for upkeep. On the other hand, people own townhouses, which means they have complete control over the building and its land. They are given more freedom, but they must clean and fix the land. Townhouse owners can customize and change rooms if they follow local laws and HOA rules.
Comparing condo and townhouse costs and fees
Regarding price, condos are often cheaper than townhouses, making them suitable for first-time home buyers or people with limited funds.
- Costs of maintenance: Condo owners pay a monthly maintenance fee, which includes insurance, building fixes, maintenance, and management.
- Maintenance cost: Condo owners may have to pay one-time fees for considerable expenses they didn’t expect, like fixes or changes to the building or shared areas.
- Price: Townhouses are more expensive because they have more space and privacy, and each person owns their land.
- Property taxes: People who live in townhouses pay property taxes based on how much their units and land are worth.
- Repairs and upkeep: In townhouses, owners are responsible for repairs and maintenance to their flats and properties. This is different from condos, where the condo association pays for care.
From a financial point of view, think about more than just the original investment. Think about the regular costs and your savings goals as well.
Buying a condo or a townhouse in Vancouver
If you are looking for a condo or townhouse, we at Matin Homes in North Vancouver Real Estate can help you buy your dream property. We are experts in the real estate market in Greater Vancouver and can help you decide whether you want to be independent or use shared facilities.