Freehold Townhomes: What Are They, and Are They Right for You?
September 17, 2020Congrats! Your house hunting adventure has begun. Before settling into your new home, you need to decide on the type of home that fits your lifestyle. Fortunately there are many home styles that you can choose from, but which is right for you?
In recent years, there has been a rise in interest regarding freehold townhomes in Ontario, especially the GTA and surrounding areas. You may be asking yourself, why do people love it so much?
Let’s take a look at what a freehold townhome is, and some pros and cons to consider before buying one.
WHAT IS A FREEHOLD TOWNHOME?
Simply put, a freehold townhome is a house that is attached on both sides and has the same features as a detached house. What this means is that there are no extra management fees, no common areas, and no condo association fees.
THE PROS AND CONS OF FREEHOLD TOWNHOMES
PROS:
The most crucial and beneficial pro of buying a freehold townhouse is that you are 100% in control over your home. That means your new house is a blank canvas. You can decorate, upgrade and maintain your house according to your budget and lifestyle. It’s perfect for decorating and spreading holiday cheer around your home.
No condo fees: Having no extra condo fees could save you a couple of hundred dollars off your monthly expenses. You have your mortgage to deal with already, no need to add condo fees on top of it as well.
Higher property appreciation: Since freehold townhomes have become more in demand, the value of these homes are increasing at a faster pace.
CONS:
More responsibility: You have the responsibility to maintain things that condo fees usually cover. That means you are responsible for snow removal, mowing the lawn, and any repairs to your home.
Since you do have more control over your home, if your neighbours decide to get a little playful with the exterior of their home, there is nothing you can do. That being said, the city has approved options available, and if a complaint is made, they will step in and investigate.
More expensive: Due to the current popularity of freehold townhomes, they are becoming more costly when compared to typical condo townhomes that have maintenance fees. The overall base price of the townhome can be more expensive, but more often than not, the monthly costs will be lower.
ARE FREEHOLD TOWNHOME RIGHT FOR MY FAMILY?
Freehold townhomes are great for first-time homeowners who are looking to upgrade and grow their family after a couple of years. They are also an excellent option for new families to get their foot into the real estate market.
If you’re looking for the freedom of owning a house but want to avoid paying the average cost of a detached home, then a freehold townhome is a great investment for you.
If you are an investor looking to make a positive return on your real estate investment, then you’ve come to the right place. With no monthly maintenance or condo fees on top of your mortgage, owning a freehold townhome will allow for a high return on your investment. They are also great units for finding suitable renters.
If you fall into any of these above categories, you’re in luck. Bradley Homes is proud to be building freehold townhomes in the South end of Barrie!
Yonge and GO residents can take advantage of all the best that Barrie has to offer and conveniently, our townhomes are only a short walk to Barrie’s South GO Station.
Learn more about our Yonge and Go freehold townhomes today!