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What are the common types of townhome ownerships available?
When it comes to townhomes, there are three main types: freehold townhomes, condo townhomes and home association ownership townhouses. Each type has its own set of pros and cons that you should be aware of before making a purchase. In this blog post, we will take a closer look at each type and help you decide which is the best option for you!
Freehold Townhomes
Freehold townhomes (no additional fees) are the most popular type of townhome in Orleans. They are also the most expensive (averaging approximately $670,000 so far in 2022), but they offer more privacy and freedom than the other two types. In Orleans there are townhomes in almost every main neighbourhood, from Avalon, Queenswood Heights, Fallingbrook, Mer Bleu, and more. The biggest downside to freehold townhomes is that you are responsible for all maintenance and repairs. Also, there are typically easements (right of way) in the backyards for your neighbours to go through to get to their yards.
Condo Townhomes
Condo townhomes are a less expensive option. They are popular with first-time buyers and downsizers. In Orleans, condo townhomes start in the low $400,000s. The monthly condo fee covers items such as building insurance, common area maintenance, and snow removal. Condo townhomes also offer more amenities than freehold townhomes, such as a gym, party room, tennis courts and sometimes even a pool. With Condo townhomes sometimes the fees also cover some of the outdoor maintenance of your home, such as the roof and siding repairs. The downsize with condo townhomes is that condo fees can add up, and if the condo reserve fund isn’t managed properly levies and special assessments can be expensive. Pro hack, when buying always include a Status of Certificate review with any purchase.
Home Association Ownership Townhomes
Home Association Ownership townhomes are different than condo townhomes. In Orleans, Home Association Ownership townhomes start in the mid to high $400,000s. With Home Association Ownership townhomes there is a monthly fee that covers items such as building insurance, common area maintenance and snow removal, and visitor parking. These are similar to condo fees but without any fees covering the home maintenance itself. HOAs are typically way less expensive than condo fees and are typically found on private streets. The main reason for HOA townhome fees is that the builder built the homes on a private road, which the City of Ottawa does not maintain, therefore a private snow clearing company has to complete the work.
If you’re looking for more information about these types of townhomes please contact Marc-Andre Perrier, Orleans, Real Estate Agent with Century 21 Action Power Team. I would be happy to discuss with you further and help you find the perfect home for your needs!
