The city of Toronto is well-known for having some of the best housing facilities. If you are a first-time home buyer you will have many housing options in the Toronto real estate market. Whether it is a condominium or a townhouse, each type of dwelling has its own set of advantages and disadvantages. Home purchasers must consider their budget, their lifestyle and also the amount of time they can allocate for home maintenance while choosing the kind of residence they want to invest in. In this blog post, we will discuss what a condominium and a townhouse essentially are and the differences between them so that you can decide on what style of home will work the best for you.
What is a Condominium?
A condominium is a residence which is owned privately by an individual or family in a community or building which typically has a large number of units. To put it in simple terms, a condo unit is a small part of a large building. The amenities such as parking spots, garages, gymnasium and garden are shared with other members of the community.
People living in condos own the interior of their respective units while the other areas of the community including garden, lawn, garage, parking spots belong to the Homeowners Association (HOA). The HOA is an organization which looks after the welfare of the condominium community and also has the power to enforce laws. If you buy a new condo that comes under HOA jurisdiction you need to pay a certain amount of money called the HOA fees which covers the expense of maintaining your unit.
Condominium vs Townhouse
Townhouses are multilevel residences that are conjoined and owned by separate individuals. The primary difference between a condominium and a townhouse is ownership. People living in a townhouse own both the interior and exterior of their unit including the land on which the community is situated. Townhouses are designed in rows and it is common for tenants to share walls.
Some other differences between a townhouse and a condo are:
- Maintenance Fees: The maintenance fees of the townhouse are less compared to condos. Condo owners generally have to pay higher monthly maintenance fees for the upkeep of exterior spaces like swimming pools, gymnasiums, gardens or lawns.
- Privacy: Condos are generally more private than townhouses. Townhouses are designed in a way where the tenants share their walls with the neighbouring units.
- Size: Though there can be exceptions, condominiums are generally smaller in size compared to townhouses. A townhouse occupies a larger area and comes in multiple storeys.
- Home Insurance Rates: Home Insurance rates for condominiums are less than townhouses mainly due to the fact that condo owners need to ensure only the interior of the unit as opposed to townhouse residents who are required to ensure both the interior and the exteriors.
- HOA Fees: Townhouse owners pay less HOA fees since they need to pay a considerable amount of money for the maintenance of their own townhouse unit. Condo dwellers have a higher HOA since they need to pay for the upkeep of exteriors such as removal or trash, lawn mowing and pest control.
If you wish to choose the perfect housing facility for yourself and your family in a city like Toronto, it is very important to analyze the difference between condominiums and townhomes. Condos HQ specializes in the sale of pre-construction condos and townhouses and also offers clients personalised services and ensures a better ROI for them.