{"id":2769,"date":"2020-08-30T11:50:08","date_gmt":"2020-08-30T15:50:08","guid":{"rendered":"http:\/\/paradisedevelopments.com\/blog\/?p=2769"},"modified":"2023-08-24T12:13:20","modified_gmt":"2023-08-24T16:13:20","slug":"what-is-a-freehold-townhouse-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/paradisedevelopments.com\/blog\/communities\/what-is-a-freehold-townhouse-heres-what-you-need-to-know\/","title":{"rendered":"What is a Freehold Townhouse – Here’s What You Need to Know"},"content":{"rendered":"\n

Among the advantages of living in a big city<\/a> is the various home styles there are to choose from. The freehold townhouse is one of the most popular examples. But what is a freehold townhouse and why do people love it so much? This post will answer these questions and more.<\/p>\n\n\n\n

What is a Freehold Townhouse in Toronto?<\/h2>\n\n\n\n
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A freehold townhouse looks exactly what you might envision upon hearing the word \u201ctownhouse.\u201d It is connected to other dwellings on either side (or a single side, in the case of an end unit). You may have also heard this style of home referred to as a \u201crow house.\u201d<\/p>\n\n\n\n

Where freehold townhomes differ from other types of properties is in the legalities of ownership, which more closely resemble that of a detached house.<\/p>\n\n\n\n

What this means is that you don\u2019t have to pay the maintenance and condo association fees typical of townhomes that don\u2019t fall under the \u201cfreehold\u201d classification.<\/p>\n\n\n\n

This means huge savings for you. Condo maintenance and association fees can be quite expensive, costing an average of $628 per month in Toronto.<\/a> That\u2019s on top of your mortgage! Additionally, if you don\u2019t stay current with your condo fees, boards are typically allowed to put a lien on your property and seize it to recover lost funds.<\/p>\n\n\n\n

The freedom of a freehold townhouse contrasts starkly against the lack thereof with condos. However, this is just one of several reasons people prefer freehold townhouses in Toronto. Let\u2019s take a look at more in the next section.<\/p>\n\n\n\n

Why People Love Freehold Townhouses in Toronto<\/h2>\n\n\n\n

Lower Cost Than a Detached Home<\/h3>\n\n\n\n

As of August 2020,<\/a> the average detached house in Toronto costs $1.5 million. At that price point, government regulations<\/a> require that homebuyers have a minimum<\/em> 20% downpayment, which works out to $300,000. That\u2019s a lot of money \u2013 and you\u2019ll still be left with a very sizeable mortgage, even at today\u2019s low rates.<\/p>\n\n\n\n

The average townhouse in Toronto, meanwhile, costs $1 million. If you can negotiate a price below seven figures (which is very possible with two-bedroom townhomes or those in areas of the GTA like Brampton<\/a> and Kleinburg,<\/a> your minimum downpayment drops to 5% for the first $500,000 and 10% for the remainder.<\/p>\n\n\n\n

It\u2019s a much more attainable goal for most people.<\/p>\n\n\n\n

Additionally, you can afford a much nicer new freehold townhouse for less money than you\u2019d spend on an older detached.<\/p>\n\n\n\n

More Greenspace Than a Condo<\/h3>\n\n\n\n

Another advantage of purchasing a freehold townhouse is that you\u2019ll enjoy your very own green space via a backyard. You won\u2019t have to worry about other tenants disrupting your peaceful walk in the courtyard with their cigarette smoking as you would in a condo.<\/p>\n\n\n\n

This also means you get to style your backyard however you want. Like gardening? Go wild as opposed to just having a few plants on your condo balcony.<\/p>\n\n\n\n

Family-Friendly<\/h3>\n\n\n\n

If you look at freehold townhouses for sale in the GTA, you\u2019ll notice that most are in very family-friendly neighborhoods. This differs from condominiums, which are often in busier areas that aren\u2019t really conducive to letting kids ride their bikes freely or taking long, peaceful evening strolls.<\/p>\n\n\n\n

To be fair, condominiums definitely have their demographic: young professionals and those with very small children who don\u2019t need much room to run around yet. Freehold townhomes, on the other hand, are a staple of the middle-class family lifestyle in Toronto.<\/p>\n\n\n\n

Handle Maintenance Yourself<\/h3>\n\n\n\n

While this might seem like a downside, it\u2019s actually great for practicality and your wallet.<\/p>\n\n\n\n

When you live in a condo, maintenance fees can be somewhat of a black hole. You have little say in how those funds get allocated because the whole process is designed to address collective needs rather than your<\/em> preferences.<\/p>\n\n\n\n

This is easily among the most annoying aspects of living in a condominium.<\/p>\n\n\n\n

You don\u2019t have to worry about it in a freehold townhouse, though. Maintenance decisions are 100% your business, which means you can prioritize things exactly as you please.<\/p>\n\n\n\n

More Control Over Your Property\u2019s Value<\/h3>\n\n\n\n

The average condo complex has hundreds of units. Each person that lives in one of those units plays a role in maintaining the building\u2019s overall desirability. All it takes is a few bad apples to give the property a negative reputation. <\/p>\n\n\n\n

As powerful as condo boards are, they can\u2019t just kick people out immediately for poor behavior, which means you may have to deal with issues like littering and noise for prolonged periods of time.<\/p>\n\n\n\n

With a freehold townhouse, on the other hand, you have just a few neighbors to pick a bone with if the block starts looking a little messy.<\/p>\n\n\n\n

More Accessible for Investors<\/h3>\n\n\n\n

Many investors shy away from purchasing condominiums because the monthly fees reduce the chances of turning a profit.<\/p>\n\n\n\n

A freehold townhouse, however, is simultaneously more accessible and less burdened by fixed recurring costs that can make ownership as an investor feel like walking a tightrope.<\/p>\n\n\n\n

Downsides of Living in a Freehold Townhouse<\/h2>\n\n\n\n

No one style of housing is right for everyone. Here are some downsides to living in a freehold townhouse.<\/p>\n\n\n\n

Less Privacy Than a Detached Home<\/h3>\n\n\n\n

There\u2019s no denying the peacefulness of owning a detached home with ample room on either side separating you from your neighbors.<\/p>\n\n\n\n

No type of townhouse offers this. You\u2019ll still occasionally hear things happening on the other side of the wall and periodically be annoyed by your neighbors\u2019 guests blocking access to your driveway.<\/p>\n\n\n\n

Increased Potential for Disruptive Renters<\/h3>\n\n\n\n

Homeowners tend to dislike renters in their neighborhood<\/a> because a lack of ownership can lead to complacency. Freehold townhouses are popular among renters because, as you\u2019ll remember, investors flock to this type of property. It\u2019s just a possibility you\u2019ll have to live with.<\/p>\n\n\n\n

<\/h2>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

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