TOWNHOUSE vs CONDO | Which is better for a first-time buyer?

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What is the difference between a condo and a townhouse? Well yes, they are different but maybe not for the reasons you think. Which one is better for a first-time buyer looking to jump into the Canadian real estate market? This episode of Bald Prairie Real Estate we compare condos vs townhouses and which one is better to buy if you are a first time home buyer in Canada. Before buying a condo, you should always go through all the supporting documentation defining ownership, finances, bylaws etc. Here in the Regina real estate market we call that the estoppel package. In your market the terminology may differ.

In one simple sentence a condo is a property where you own the building or space in common with other owners while having exclusive access to specific spaces. When most people think of a condo, they often think of an apartment style property, if you are from Toronto, Vancouver, or any other large Canadian real estate market you know exactly the type of thing I am talking about. Generally, if you are buying an apartment style condo you own the flooring up and the paint in. You don’t own things like the windows, exterior doors, wiring, even the drywall sometimes. In an apartment you have common interior spaces like the hallways, common room, maybe laundry room etc. While you have access to some or all of those spaces you do not own them exclusively, you own them as a collective with the other owners in the building. Apartment style condos are very popular in densely packed urban centers like Toronto and Vancouver where space is at a premium. This type of property style is great for someone who wants a simple and convent lifestyle. They do not want or need yard space or basement storage. But you are going to have neighbors all around you, meaning that noise levels can be an issue. The lack of maintenance means that you just have your own space to look after, when you go on holidays or out for the evening you just have to lock the door behind you. Often utilities such as heat and water will also be included as part of your condo fees in an apartment.

Condo fees will cover a wide variety of things such as building insurance, exterior and interior maintenance, common utilities and a reserve fund. Now condo fees are something that can get a bad name. But many of the things that are covered in condo fees are things that you should be saving for when you own a house as well. Far to often I hear stories of people who get caught with a surprise bill to fix a furnace that has died. Well guess what, if you had your own little reserve fund saved up for repairs you would not have to worry about it.

A townhouse, is a style of building where multiple homes are attached together either vertically or horizontally, but they all have separate entrances and there is no common interior space. Unlike an apartment where you have internal hallways, laundry room storage and sometimes common utilities, townhouses have entirely separate living spaces. They are a good compromise between apartments and single-family homes. They offer the low maintenance of a apartment with the privacy of and some of the flexibility of a single-family home. Townhouses can have basements or even fenced back yards which is really great for those wanting a private space to enjoy the outdoors or of course our favorite friends.. dogs! I should have said dog quieter, my wife wants a dog really badly right now, so I hope she didn’t hear me talking about dogs. Generally, in condominium townhouses all the yard maintenance and exterior will be taken care of as part of your condo fees. Townhouse living gives your many of the freedoms of a single-family home with the lower maintenance of a condo. They are the perfect compromise between an apartment and a single-family home.

Related Videos:
5 Things to know about buying a condo:    • 5 THINGS TO KNOW WHEN BUYING A CONDO ...  

My name is Matthew Pfeifer and I am a realtor in Regina Saskatchewan working for Royal LePage Regina Realty. In nearly 10 years working as a real estate agent I have seen both ups and downs in the market. But there is no real estate market that you cannot buy or sell a house in. Often the media tries to present a Canadian real estate market or they talk about the real estate market in Canada as if there is a national market. With a country as vast and diverse as Canada trying to make predictions or reports about the Canadian real estate market is tough. I try in my market update to focus on the Regina perspective.

#Townhouse #Condo #TownhouseVsCondo

Royal LePage Regina Realty

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