If you are considering the purchase of a townhouse, you may be surprised to know that there are several different types of condominium developments.
A Freehold Townhouse, is one which you own the town home and the property on which it is situated. You are responsible for the exterior maintenance, landscaping, snow removal, etc., and as such, typically have no monthly maintenance fees. In these types of developments, you are usually able to make changes and additions to the outside of your home without the permission of your neighbours, such as building a deck, shed, changing the colours or modifying the landscaping.
A Condominium Townhouse is one in which you own exclusively the interior of your home. The exterior of the building and the property is sits on, is collectively owned by you and the other owners of the townhouse complex. In this scenario, a condominium corporation exists, and is run by a board of directors, with the assistance of a condominium property management company. You pay a monthly maintenance fee that goes towards exterior maintenance, landscaping and snow removal, as well as to fund a reserve fund for replacement of common area items of a capital nature.
A third variable is a hybrid between the two, known as a Freehold Condominium. This is a development where all owners maintain full ownership of their townhome and the property it sits on. The collective group contributes a small monthly maintenance fee towards snow removal and maintenance of the grounds.
Each comes with its own pros and cons. Your real estate agent can assist you in determining which suits you and your lifestyle best.
Contact us today to find out how your townhouse condominium property management team can exceed your expectations.