In this video we look at buying a condo versus buy a townhouse.
What are the differences? What are the pros and cons? And what is a better resale value?
That's starting right now.
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So today I'm joined by Karen McDonald, community manager with Brookfield Residential,
and today we're gonna talk about buying a house or buying a townhouse or buying
condo. So Karen I guess the first thing is, what's the difference between a
townhouse and a condo? It would be your levels of ownership Karl. So in an
apartment style you would own the air or the space in between your four walls and
with a townhome you can either own the land that it sits on, being a bare land,
or you would own from the drywall in, being a redivided or barely blended.
What are some of the advantages or disadvantages of owning a townhouse versus a condo?
Well owning a townhouse you might have;
1. little bit more space. You might own the land so you would have a little
bit of outdoor space, grass greenery to maintain. And a condo you would
definitely have people all around you but single level living so it's really
just a different lifestyle kind of completely between a townhome and the condo.
When you talk about lifestyle is it more like the number of people that
you have living in the townhouse because usually I would imagine the townhouse would be bigger.
typically they are bigger and they would
be at least two storey for a lot of them so you would have a little bit more
space to have a little bit more people living in the house possibly than a
condo. It would also be the amount of people in the building so in a condo
style you would have likely a parkade. Again you could have amenities
within that building as well too. So lifestyle being that in a condo you
could have amenities and everything but living in a
higher high-rise low-rise kind of situation with a lot of people within
that building. Our townhouse you have more like a single-family residence in
comparison to an apartment because it's you know you're up and down and you know
maybe possibly just one neighbour. But you don't need like obviously against a
single-family you don't have to have like the entire yard or you don't have
as much, I guess, autonomy over your house.
No and again that's determined by your level of ownership. If you are owning from the
drywall in, landscaping in the yard spaces you have will be maintained by
the management corporation. A condo everything else from you know outdoor
space, to common hallways, to parkade, that's all managed by your corporation
as well too. So yeah just different different for each stage of life I guess you're in
And if you want to know more about buying a town house for the first time,
check out our video above and I'll leave in the description below.
I guess in terms of like property taxes or fees that you need to pay.
from a townhouse perspective, you do have to pay property tax on that? Yes you do
and you have to pay you have to be taxes on apartments as well like you have to
pay it on everything. Any kind of home ownership you'll
pay taxes on it. So it may be a little bit more again based on unit factor shares
and the size of space that you own. It may be a little bit more in a
townhome but that's something that you can do research on based on the
community that you live in as well too. And how about, in terms of well let's go
back into property taxes though. Are property taxes folded into your condo
fees? No they're not. They're always separate because they're paid to
the municipality or your paid to the corporation. So they're separate.
They are something that you can possibly roll into your mortgage
payment on a monthly basis talk to your mortgage representative about that one.
And in terms of I guess the final question, in terms of resale value, which
has a more resale value, condo or a townhouse? It's gonna be something
that's individual each and every person. Somebody's gonna love an apartment for
its single level, for possibly the amenities, for the location that it's in,
proximity to work or school whatever. And people are gonna love a townhome for
having a little bit more space. You know maybe having kids upstairs while you're
downstairs. It's depending on where you are in life where are YOU. And
the life stage you're at right now that they'll determine whether you buy a
condo or a townhouse. And do you have anything else to add? I guess in the
differences between buying a condo or townhouse. No, I mean as far as far
as the actual ownership of them, again determined by the ownership level and
what you buy but no I mean condo living is gonna provide you with some sense
of security just as a townhome would provide you
with some independence. Like maybe a single-family went a little bit more as
well - so. Where are you? Perfect and the question of the day I have for you is,
did you buy a condo or a townhouse and why and what is your experience with
either? Let us know in the comments section below. If you want to know more
about buying a townhouse with the very first time check this video here. We also
have a playlist on buying a condo for the very first time check those videos
out here. And don't forget to subscribe to keep learning from the experts.
We'll see you in our next video