Is a Townhome the Right Fit for You? Three Important Considerations.

Townhomes are a great type of property for potential homebuyers for many reasons, one of which is that they are typically more affordable than comparably sized single-family homes. With affordability at the top of mind for many buyers in today’s residential market, the townhouse market has seen demand skyrocket over the past few years, along with benchmark prices.
If you’re thinking about buying a townhome in Calgary’s residential market, here are a handful of considerations you’ll want to make before signing on the dotted line.

1. Condo Fees

While townhouses are typically more affordable than their single-family counterparts, remember that you will likely have to pay condo fees – unless you find a development that isn’t managed by a condo association (there are some in Calgary).
Condo fees can vary depending on the project, but expect to pay anywhere from $200 to $400 monthly. Over a full year, this adds up to anywhere from $2,400 to $4,800; therefore, make sure to find out how much the condo fees are for a prospective townhome before signing on the dotted line.

Condo fees typically cover common property maintenance like snow removal and landscaping, insurance premiums, and other expenses associated with your particular development. Therefore, you’ll need to consider if you want to pay condo fees every month and are okay with the trade-off it brings (less maintenance).

2. Condo Rules & Bylaws

Researching the condo’s bylaws and rules is another important part of determining whether a particular townhouse project is right for you.

For example, some condo associations may only let pets of a certain type/size/weight live in the units. Others may have strict rules on renovations, and will require approval by the condo association for any modifications done inside the townhouse.
These are just a few examples of what could be a long list of rules you’ll need to abide by.

The best way to determine if a townhouse’s rules are right for you is to ask for a copy of the bylaws and review them page by page. Additionally, getting a professional document review will highlight any red flags in the condo association’s history that you may want to be aware of before choosing to buy, or not.

3. Future Growth & Development Prospects

Another important consideration when buying a townhome in Calgary is future development prospects and community growth. For example, if you buy a property and suddenly find out about a large condominium going up near you that will be a cause of concern for any number of reasons (traffic, privacy, parking, etc), you may develop a small case of buyer’s regret.
But this also works the other way. Perhaps there are plans to build a future school or recreation centre nearby; this would add to the appeal of the townhome, and if you were planning on starting a family, it may make the particular development more enticing to buy in.

Do your due diligence and fully inform yourself about what future developments are planned for the area. Go to the City of Calgary’s development permits website and look up all permits underway. Also, ask your real estate agent of choice if they also can investigate on your behalf.

Ask Your Realtor®

Overall, townhomes are a great buy for buyers looking for a more affordable property with less maintenance. However, they may not be the right fit for everyone.

Never hesitate to ask your professional Realtor® of choice if a townhome in Calgary is right for you. They should have your best interests at heart and guide you every step of the way, while advising you on what projects may or may not be a good fit based on your wants and needs.

Wishing you the best of luck with your next real estate transaction! Happy townhouse hunting!