One of the benefits of living in a large city is the many home styles available. One of the most sought-after examples is the freehold townhouse. What is a freehold house? And why are people so fond of it? These are just a few of the many questions that this post will address.
Freehold townhouses look exactly as you would expect when you hear the term “townhouse”. They are connected or both, in the instance of an end unit. This type of home is also known as a “rowhouse.”
Freehold towns for sale in Brampton are different from other types properties in that the legalities of ownership are more similar to a detached home.
This means that you won’t be required to pay maintenance or condo association fees for town homes that aren’t classified as “freehold”.
Contrast the freedom offered by a freehold townhouse with condos. This is only one reason people choose freehold townhouses.
WHY DO PEOPLE LOVE FREEHOLD TOWNHOUSES?
LOWER COST THAN A DETACHED HOUSE
The average detached house is $1.5 million as of August 2020. government regulations stipulate that homebuyers must pay a minimum 20% down payment. This works out to $300,000. This is a large amount of money, and even with today’s low rates, you will still have a substantial mortgage.
The average townhouse costs $1 million. You can negotiate a lower price for townhouses with two bedrooms, or in areas like Brampton. Your minimum down payment is 5% for the first $500,000, and 10% for the rest.
MORE GREENSPACE THAN a CONDO
A freehold townhouse will give you your own private green space. As a tenant, you won’t be disturbed by other people smoking cigarette in your courtyard.
You can also design your backyard as you wish. Like gardening? You don’t have to keep a few plants in your condo balcony.
Freehold townhouses available for sale are often located in family-friendly areas. This is in contrast to condominiums which are located in more crowded areas and are not conducive for children riding their bikes or taking long, peaceful evening walks.
Condominiums have their audience, but it’s fair to say that they are popular with young professionals and families with small children. The middle-class family is accustomed to the freehold town homes.
MANAGE MAINTENANCE YOURSELF
Although this may seem like a disadvantage, it is actually a great thing for your wallet and practicality.
Condo maintenance fees can seem like a huge expense. Because the entire process is meant to meet collective needs and not your preferences, you have very little control over how these funds are allocated.
This is one of the worst aspects about living in a condominium.
It’s not necessary to worry about it in a townhouse that is freehold. You are in control of maintenance decisions, so you can choose the priorities you want.