Should You Buy a Townhouse As a First-Time Buyer?

Posted On July 22, 2021

Are you considering purchasing a house for the first time, but the idea of owning a townhouse in Canada just keeps popping up? Well, where should you begin deciphering this code? And what kind of questions should you ask before buying a Townhouse as a first-time homebuyer?

Here, we look at the stages involved in buying a townhouse in some of the best neighbourhoods of Toronto, Canada. This blog should make your decision easier and help you process the benefits of purchasing a townhouse in Canada.

What are Townhouses ?

Townhouses are a hybrid of detached single-family homes and condominiums, combining the best of both worlds. They’re tough to categorize based on look alone because they vary so much in size and structure from one place to the next. However, in most cases, these are multilevel dwellings connected to another property or two by a communal wall. Some may also have patios or small yards. In terms of ownership, these homes differ from condos. Unlike condo owners, townhouse owners often own their home’s interior and exterior (a small yard or patio). Owners may pay an HOA fee for things like shared area maintenance and trash pickup, just like in a condo. Townhomes are typically found on the streets of suburban and urban neighbourhoods. Townhomes take advantage of vertical space by expanding out numerous levels to optimize the property’s square footage.

Benefits of owning a Townhouse:

Townhomes offer several advantages that make them appealing to first-time home purchasers. Broadly these include:

• Housing at a reasonable cost
• Good placement and access to more affluent neighbourhoods
• Maintenance-free
• Pools, tennis courts, and clubhouses are examples of shared amenities.
• a strong sense of belonging, and 
• Savings on renovations

Is It Better To Rent Or Buy A Townhouse?

This question is quite common among prospective townhouse buyers. When it comes to a townhouse, you must weigh the benefits and drawbacks of both alternatives, just as you would when selecting whether to buy or rent a home. Ask yourself the following questions to help you decide: 

• What am I able to spend?
• How long do I intend to stay in this place?
• Is there enough money in my savings account to cover upkeep or repairs?

If you know that you won’t be able to afford a down payment on a townhouse, renting may be your best alternative. While you’ll have to pay a deposit, renter’s insurance, and monthly utility fees like water and gas, you’ll probably find that renting is more cost-effective. If you want to relocate within the next several years, this is another thing to consider. 

You might be better off renting rather than buying if this is a short-term project. Meanwhile, if you plan on staying in your townhome for years, if not decades, the extra costs of purchasing your forever home may be worth it. When making this decision, you should weigh your objectives against the advantages of renting vs. owning, so you can make the best option possible.

You May Also Read: A Real Estate Guide for First-time Homebuyers

Where Is The Best Place To Look For A Townhouse?

The greatest place to hunt for a townhouse depends on the individual’s requirements. These requirements include dwelling space, closeness to facilities, and neighbourhood quality. A family relocating to a new city for the first time, for example, might be determining where they want to live long-term while accumulating equity in their first house. They may desire a small yard or accessibility to a playground and be close to schools. 

This family might not mind living in a townhouse with multiple levels.

So, if the buyer’s goal is to generate a large amount of equity in their house, they will most certainly want to know how the area will develop.

If a buyer wants to establish a lot of equity in their property, they’ll want to know the neighbourhood’s future development plans. Most first-time home buyers seek to buy in an area that is rapidly growing and attracting many families.

Based on current real estate statistics in Canada, some of the most incredible places to buy a townhouse during this time include Ontario, Downtown Toronto, Vancouver, Caledon and Markham. In fact, you can find the most spectacular and lavish townhouses for sale in Markham with Savemax. Browsing through Savemax’s website is an easy and sure-shot method to search for some of the finest Townhouses in your desired location. 

Is there enough privacy in a townhouse?

Living in a townhome may not provide the same level of privacy as living in a single-family home. Townhome residents share at least one wall with their neighbours. You may hear the people, their garage doors, or their music. You might want to take a tour of your town-home when the neighbours are home to see if this is a problem for you.

Now that you know the essential details about buying a townhouse, you can go ahead and search for the best townhouses in your desired destination in Canada. Save Max ensures full-fledged assistance in locating the perfect place for you to call home to make your hunt more enjoyable and smooth!

Are you considering purchasing a house for the first time, but the idea of owning a townhouse in Canada just keeps popping up? Well, where should you begin deciphering this code? And what kind of questions should you ask before buying a Townhouse as a first-time home buyer?

Here, we look at the stages involved in buying a townhouse in some of the best neighbourhoods of Toronto, Canada. This blog should make your decision easier and help you process the benefits of purchasing a townhouse in Canada.