If you've considered moving into a townhouse in Nanaimo but aren't quite sure what you're getting into you've come to the right place. Today I'm sharing the pros and cons of choosing a townhouse over a detached home in Nanaimo.
What’s a Townhouse?
Before we begin if you don't know what a townhouse is, a townhouse is part of a connected complex sharing walls with adjacent units they're often arranged in rows and individual units can be side by side or stacked. For this reason, a townhouse has slightly less privacy than a detached home but a bit more than an apartment or a condo since you most likely will have your own private outdoor space.
Townhouse ownership is typically limited to the interior space, with common areas like parking or parts of the building that are shared, like the roof, being owned by the strata Corporation as tenants in common.
Pros
Affordability
While most of the home resale Market in Nanaimo is with detached homes, Nanaimo offers a wide variety of housing options to meet any budget such, as townhomes. In Nanaimo, over the last 3 months, the median sale price for a townhome was around $613,000 for a 2 to 3-bedroom unit. At this price, you're more likely looking at a newer home compared to a 2 to 3-bedroom detached home in this price range, which most likely will require a little bit more TLC. This makes Townhomes a great entry point into homeownership for first-time homebuyers.
Community Living
townhouses often foster a strong sense of community. This is due to a lot of shared spaces and close proximity to neighbours, creating lots of opportunities for social interactions. If you're a member of your Strata Council, which is the governing body of the strata Corporation, you'll be participating in how the strata is run and forming relationships with other caring townhouse owners in your complex.
Low Maintenance
Contrary to owning a detached home, with a townhouse, the exterior maintenance is typically taken care of by the strata. This allows residents to enjoy a more relaxed lifestyle and is perfect for those who want home ownership without the hassle of extensive upkeep. Imagine not having to worry about cleaning your gutters or mowing the lawn.
Amenities
Many townhouse complexes in Nanaimo come with communal amenities such as gyms, parks and even pools and as a resident, you get to enjoy these facilities without the responsibility of personal maintenance.
Cons
Limited Privacy
As I mentioned, just as townhouse living can foster a strong sense of community, the proximity to neighbours might mean you're sacrificing a bit of your privacy. Even with a private outdoor space, you'll still most likely be in very close proximity to the people living next to you, so noise and visual disturbances can be a consideration here.
Strata Fees
Almost any townhouse complex you will encounter will have strata fees, which are to cover shared expenses and maintenance. The amount you pay will be determined by something called your "unit entitlement”, which is the share of the common property that you own. This is usually determined by a formula that takes into account the size of your home. As mentioned, the strata of fees that you'll be paying will go towards the maintenance of your townhouse complex and go towards either an operating fund, which are the more frequent upkeep items such as gardening, insurance and garbage removal; or towards the contingency reserve fund for things that occur less than once a year; generally larger repairs. If you're purchasing a townhouse you must budget for this additional cost.
Less Freedom of Design
If you want to find a home that you can customize you may find townhouse living a bit restrictive. This is because certain bylaws may determine what changes you can make to your Strata lot such as flooring, knocking down a wall or even remodeling your kitchen. You may need to get written permission before personalizing your space.
Parking Challenges
Most people will find that parking and guest parking is much more limited in a townhouse complex. If you're lucky you could score a unit with a garage and a driveway but this isn't always the case. And, referring back to bylaws, you may also be restricted on the type of vehicles you park in your driveway, such as recreational vehicles.
For all the reasons I just mentioned above make sure to read and understand all of the bylaws and rules that will apply to your future townhouse complex!
