Buying a house is a major milestone in everyone’s life. It’s a major financial commitment as well. When you calculate the costs of purchasing a townhouse in Ontario, you also need to consider the maintenance fee and how it affects the overall or total cost. If you have thought of checking out townhouses in Ontario, there are certain things you should know.
Take a quick look before you check out a townhouse for sale in Brampton! We will unravel everything you need to know about townhouse maintenance fees in Ontario.
The Concept of a townhouse
A townhouse is a kind of multi-floor house that shares walls with other/adjacent houses or properties but the entrance is private. They have become quite popular in Ontario which is why the sale price is going up.
What’s the difference between a condominium townhouse and freehold townhouse?
Now, you need to know about the two kinds of townhouses. When you get in touch with a top realtor in Brampton, they will show you two options.
One is a freehold and the other is a condominium townhouse. A freehold townhouse is a single-family home and the price is generally higher. The people who live in this property not only own the house but also the land they are living on. They do not pay any monthly maintenance fee.
On the other hand, a condominium is a type of residence featuring a multi-unit complex wherein each unit is owned individually. Condominiums are commonly referred to as ‘condos.’ Condos might be similar to apartments in the overall appearance. However, they are completely owned, and not rented.
Since you want to know about townhouse maintenance fees in Ontario, finding out the difference will be relevant.
The Relevance of Townhouse Maintenance Fee in Ontario
Maintaining a house requires effort and time. One of the biggest perks of purchasing a condo townhouse is the following – the exteriors are managed by another entity.
If you travel or have a hectic schedule, or have your hands full with raising kids or take care of your elderly parents, you do not have to worry about the maintenance bit. Paying the monthly payment or maintenance fee can relieve you from all the responsibilities of damage and repair. Maintaining the exterior would be someone else’s job. So, you are saving a lot of time and effort here.
For example, a condominium townhouse has a pool. If you pay the maintenance fee, someone will maintain it for all the residents. In case there is a broken window, the team will handle it. Basically, they are taking over the responsibility so that you are free from all the stress.
Who decides the townhouse maintenance fee in Ontario?
The condominium where you are living requires maintenance from time-to-time. There is a condominium association who takes all the decisions, so they will also decide the maintenance fee. Each of the condominium owners can also become a part of the association and participate in the decision-making process. If you get in touch with a top realtor in Brampton, they will let you know the townhouse maintenance fee as well.
Do you pay maintenance fees for freehold townhouse properties?
In case you have purchased a freehold townhouse property, there will be no management fee. If there are no common areas or shared exteriors then nobody is responsible for the upkeep. You have to maintain it yourself. In a nutshell, the owner is responsible for everything outside and inside. If you have found a townhouse for sale in Brampton, make sure you do a quick assessment of the property. A good real estate agent will disclose everything you need to know, but it is important to get the assessment done.
Lastly, opting for a condominium townhouse would require upkeep, so a maintenance fee would be charged. Make sure the real estate agent tells you about it beforehand.