Real Estate GTA Buying Tips and Advice Real Estate Market Townhouse
Over the recent years, townhouses have relevantly taken over in the global real estate market and is one of the most popular housing preferences of today's generation. Before learning about how much does townhouse cost, let us have a basic understanding of what a townhouse is:
A townhouse or a semi-detached house usually refers to a type of building which is a multi-storey, independently owned house that shares walls with other houses on one or both sides. It is important to know that townhouses can be divided into several categories. Some townhouses are used as apartments. Like any other apartment, the buyer only owns the interior space, while the building itself is owned by the apartment company and maintained by the homeowners association. This is a key difference to note when we make a comparison of condo vs townhouse. Other townhouses function more like traditional houses.
In general terms, having an in-depth knowledge of the advantages associated with townhouse ownership can get a solution to the question of how much does townhouse cost and why is it so? So, let us learn about the pros of a townhouse:
Townhouses general cost less when compared to single detached homes. A low buying price results in a smaller mortgage, which in turn leads to lower monthly payments.
Townhouses, like many of the leading condo associations, comprises townhouse communities managed by Condominium Corporations. The presence of such associations cut the requirement of regular maintenance in exchange for maintenance fees every month. Regular maintenance needs such as varying repairs, snow-shoveling needs, cleaning, community service cost etc are covered by the association, giving personal space and time to all townhouse owners.
In comparison to a condominium, townhouses allow you to enjoy the benefit of a large space and flexibility. A townhouse often composes reasonably big-sized bedrooms, spacious bathrooms, a potentially large basement, along with flexible kitchens.
As we know, townhouses share walls with their neighboring units. Well how do they then provide high privacy? It's simple; as a townhouse owner, you will own the entire vertical space, which means that there will be no neighborhoods staying below or above you. This will result into noise reduction, ultimately opening the scope of high privacy.
Although townhouses come with better scopes of privacy, that doesn't mean that you will reside alone in the entire unit. Due to being placed in close proximity, you will be closely packed with your neighbors with a sense of belonging. This increases the security apparatus of your townhouse, giving you options to contact people during an emergency.
These crucial advantages form the basic reason for wide popularity of townhouses as a housing solution among the urban milieu. It is natural that such advantages come with a cost. Let us find out how much does townhouse cost below:
The total construction cost of townhouses is usually lower than that of single-family homes. Shared walls and architectural styles generally mean that internal layouts are likely to be similar, making construction less complex and time consuming. This brings the average cost per square foot for most ordinary townhomes to about $111. For townhomes built in urban areas, the cost is close to $ 125 per square foot. These numbers tend to be true no matter how many units are being built, with four units at a time being an average.
Townhouses are generally built in groups, most often having four, five, or more at a time. While calculating how much does townhouse cost you need to consider the overall structure of the entire group and home buying cost of each unit. With a considered assumption unit having approximately 1500 square feet, we have listed the average range of value for townhouses, each unit containing a garage as well.
A. 1 unit - $166,600 to $187,500
B. 4 units - $666,000 to $750,000
C. 5 units - $832,500 to $937,500
D. Complex - $1,000,000 to $1,200,000
Based upon various factors including the location, amenities required, budget etc, the price of townhouses vary. What is the ultimate answer to how much does townhouse cost? As mentioned, it depends upon the varying needs of a home seeker. In this article, we have provided a general analysis of the price range, which is subject to change with changing market trends.
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