Differences between a townhouse and a single family house

When you plan to invest in property and buy a house for yourself, the most difficult decision comes regarding which type of house to go for. It all actually depends upon how long you want to stay in that particular house and how your life may alter in the near future. Also, it depends upon how much you can afford. 

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Each type of house comes with a set of pros and cons. It all depends upon your set of priorities and lifestyle. You can go for the type that suits you the best. In this article townhouse and single family detached house have been compared on the basis of basic factors.

Features:

The main thing that differentiates the two types of houses is the structural features. A townhouse shares one or more walls with other houses in the complex. It also has a limited area for the front and backyards and the inside area is also smaller as compared to the detached single family houses. This means a major compromise on the noise and privacy. Townhouses are usually located in urban areas which are congested yet, are easily accessible to most places.

Single family houses are usually located far from the congested areas, in the serene and peaceful localities. They however require personal conveyance as they are far from the transit stations. These houses have huge front and backyards and are built on personal piece of land. They ensure complete privacy and are bigger in size than town houses.

Cost:

Townhouses are not very inexpensive than single family detached houses as they do have additional expenses of their own. Townhouses usually have house owner association’s fees and they also require regular maintenance costs. Single family houses are free from house owner’s association expenses though. But, townhouses are comparatively cheaper than single family houses cost wise. They are a good option for a small family or first time house buyers.

Community:

This is the major difference between the two types of houses. Townhouses are usually community based. They have a house owner’s association and there are set of rules for the people living in that community. Sometimes the rules are as strict as setting up a common color for the exterior of the house and even for who gets to live in the house. This may mean restriction on having pets and minimum age limit for the owner of the house.

Single family detached houses are however free from any such restrictions and therefore are more liberal.  

Jana did a great video on the difference between a condominium, a townhome and a single-family home? please check it out.

Updated: Types of houses available in Canada

Every country or region has a particular lifestyle and climate. The houses built in that particular country is in accordance with their lifestyle and climate. In Canada, there are different types of houses. People can choose a house according to their need and affordability. Downtown has high rise buildings like Max Condos where as suburbs are low rise or boutique style of buildings.

toronto houses

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Different housing options are:

Condominiums 

Condominiums are actually a type of ownership. This can be for any sort of housing. In this ownership form, the owner only owns the built unit. The land and other facilities plus shared area are maintained by a fixed fee. This may include the elevators, the covered area of the building, carpets, front entrance and other facilities. This fee is given on monthly basis by all the people owning houses in that particular complex. This fee is in addition to the mortgage fee that one has to pay.

Detached house

Detached houses are the most expensive form of houses. They are usually stand alone units and come with ownership of the house plus the land it is built on. The owner has to pay all the utility bills like heating, electricity, television, telephone etc and if the house needs maintenance, the owner has to pay for it as well. The owner is free to make any sort of changes inside and outside the house.

Town Houses

Townhouses are a row of houses that look alike and are often called as row houses. These houses are attached to each other and each unit shares a wall with the unit on its either sides. There is sometimes even a separate unit built above the ground level. Townhouses are two to three stories high.

Semi Detached Houses

Semi detached houses are attached to another unit on one i=of its side. Like detached houses, the owner owns the unit plus the land it is built on and is responsible for all the bills and maintenance costs. They are less expensive than the detached units.

Duplex/ triplex

Duplex or triplex refer to the entire building that consists of two or three separate units. These separate units can be detached, semi detached or town houses. Typically people buy the duplex or triplex unit and then put individual units on rent. The money from rent helps in paying off the mortgage for the complete set up.

The real estate market in Canada comes up with all sorts of loan and mortgage options. These options and plans make it easy for people to buy the property of their choice and criteria.

Investment Benefits and Risks Involved By Tom Muddy

Investing in Real Estate Canada

Many of us think of investing our income and savings in a plan that promises good returns. Mutual Funds, stocks and bonds are some of the options people look upon for investments but real estate is the most lucrative of all like Axis Condo. It is attractive for people who want to make extra income through increase in property prices over the time. It ensures that your investments will be of good value when you decide to liquidate them in the later years. 

This post is sponsored by Pemberton  Time and Space Condos and Yonge Parc Condos

Benefits of real estate investments

Real estate investors can work with mortgage brokers and real estate agents to track down a property that is high in demand on the rental basis and that can be mortgaged on low price plan. The earnings can come from the monthly rent and knowing the yearly appreciation of the property.

This is also beneficial for people who are bad at savings. You can purchase a property at the minimum down payment possible and go for a mortgage plan that’s suitable with your investment/ income plan. This will ensure you are making a monthly payment of a fixed amount of money from your income. At the end of the term, if the market is favourable, you can sell the property and get your forced savings back.

The risk

A real estate investor should not forget the risk of investing in a real estate property. Usually the property prices soar with time and the chances of loss are pretty slim. But, odds are everywhere. Like every investment, real estate investments can go wrong too. This may include sudden fall in the demand of your property due to factors leading to its unpopularity. Factors like

  • A better project at competitive rates in the same neighbourhood.
  • Decreased security in the area
  • Unavailability of transit services at walking distance
  • Your property being a part of old project
  • Property in a congested area that might make driving around a pain
  • Unavailability of basic places like hospitals, schools, shopping malls near the property
  • Unstable market of that particular area

Affect the property prices to a great extent. It is therefore very necessary to consider each and every factor well before making an investment in the real estate projects. A good decision benefits you for the life time and a bad decision might make all your earnings and investments go down the drain.

About the Author

Kelly- the blog author – is one of the topmost writers who have represented her skills in different writing platforms. In addition to this, she is also renowned for her extensive knowledge about the aggressive real-estate market and owns 1 yonge condo. Her writings can guide every property owners towards achieving the best-in-the-market deals at the expected profit margin. In her each and every content, she always gives preference to represent only useful ideas about the market so that it can open up the right path for signing a deal.

About me

Hi

My name is Mark, I am a real estate investment consultant having wide knowledge on real estate investment facts. I am a regular blogger at 75 On The Esplanade and I upload and share the valuable and useful informative blogs and articles that are related to real estate investment. The readers who access my articles and blogs, source ample of information about real estate investment facts.

Real Estate Investment: The Most Beneficial Investment with Amazing ROI

Real estate is the only sector all around the world that gives highest ROI or Return on Investment within few days of investment. This is one of the most imperative reasons for which real estate industry has witnessed spectacular growth pan the world. The second reason for the growing real estate market is for the growing demand.

Hike in population and economy has resulted in increased demand of residential as well as commercial spaces. To fulfil these needs, the barren lands are being developed and used for real estate developments. It is guaranteed that the value of real estate property grows in great speed that offers the option of gaining maximum on the investment value.

Real Estate Investment Gives Appreciable Returns

The investment geeks consider real estate investment as the high-valued investment with maximum benefits and recovery appraisals. Within few years of investment, the investors would be able to multiply the investment value.

If you are a stock investor, then you must be aware of the up and down market strategy, where with the down market you would suffer loss and with the growing market you can earn a good amount on the invested amount. But the real estate market rarely faces down market. The investment geeks advise to the persons wishing to make money with investment for real estate investment.

Real Estate Investment Is High-Valued Investment So Must Be Done Smartly

Though real estate investment seems to be simple, it is not! Before investment, there are several effective and valuable points which one needs to take seriously in order to avoid risk factors and gain profits. Though real estate investment is comparably low risky, one needs to deal with the high-valued investment smartly.

Real estate investment is a stable investment from traditional days, from which numerous of advantages can be sourced out. If you are a first-time real estate investor, then you need few helpful tips for your smart investment.

Amazingly Helpful Tips

  • Locating a preferable and feasible location for real estate investment must be given priority.
  • The land value of the location must be found out so that you would not have to pay higher than the current value.
  • The next decision which you need to make with good research is finalizing the real estate company.
  • The real estate company must be registered, trustworthy and have earned good reputation with years of existence in the market.
  • These can be relied upon for finding good resource of real estate properties which are graded as Non-Agricultural because these are the suitable patch of land where construction can be done without any litigation.
  • You must ensure to invest on the lands that are within the major cities or the locations affiliated with the major cities.
  • You must deal with the land that is favourable as per your purpose.
  • You must remember that the value of real estate property grows with the growth of economic value and reduces with the fall of economic value.
  • If you intend to sell the property, then you must at first find the real market value then proceed ahead.

 

4 enchanting myths about real-estate that often outbreaks buyers and sellers

Whether you are a purchaser or a dealer, the world of real-estate can be a better industry to explore. What’s more, it can frequently be hard to separate truth from fiction. Purchasing or selling a house or property is not something we do each day. For some individuals, it is a task once per decade, while for someone it is once in a lifetime. Regardless of the fact that real-estate transaction is a money-spinning factor, we need to be little more careful about the misguidance and myths.

Have a look:

Myth# 1: Every real-estate agent generates higher profit for the property owner

Well, this is the most common fable that people usually think about the real-estate agents. Though all successful real estate agents certainly can make a very nice income from each deal following the amount of time, effort, and networking hey invests in bringing the best deal to the recruiter but all of them are not same. Taking all real-estate agents to be alike can lead the buyers and sellers towards committing enormous errors. Each agent has diverse aptitudes, distinctive experience levels, and individual characteristics and you should be little more careful while hiring them to represent your points of interest.

Myth# 2: Listing the home price privileged than the market rate

This trick at times functions admirably, however not taking all things together. Listing your property at a higher cost may appear to drive few benefits but in the background, it generates low net profit. That is because purchasers and agents mostly don’t take a gander at properties that are estimated above the market price.

Myth# 3: Avoiding hiring real-estate brokers can save bucks save boatloads of cash

Getting more profit without an agent is entirely a fake premise that often people takes as true. If you try to sell or buy property by own, it may work but may end up with a lower priced deal. Hiring a real estate agent can not only drive best deals at a profitable price to you but also helps you in clearing the paperwork quickly. It is not false that you can sell your property by yourself, but for the same price you may get with an agent won’t be viable.

Myth#4: A cash offer is the best

While cash offer is dependably one of the best and robust offers for real-estate deals, it is not generally the best according to the sellers always. In a real-estate deal, several essential elements are included which each seller needs to break down when settling on their decisions including financing terms, profit possibilities, and other contingencies. While usually sellers prefer to have a straight deal with no contingencies, a full price cash offers that is subjective to the current buyers.

 

Real Estate-Tips for beginners

Having extra cash at times can be a liability. One is confused and it is this time the best option is real estate. The reason for investing in real estate is because of its high returns. The prices may at times go up and down but in the long run they appreciate considerably. One does not deny that risks are not there but with a little research and planning one can lessen the risks and earn lots of money. So if one is a beginner in this line, here are a few tips to help to make the right investment. Check Charisma price list for a great investment option.

  • One must know the range of options one has for real estate investment. It can be an apartment, residential property, condo or simply land; one will need to do a study as to which is the best investment. As there are many options one will have to weigh the pros and cons and also stay within the stipulated budget.
  • The question that will come up is why is the investment being done? Is it to buy and sell again or one will want to rent the invested property? If the property is residential then it is very wise investment as one can earn on the rental. One can also go in for a house flipper which means that one can buy an old house and then renovate it and then sell it for a profit. If however one buys commercial property then one must wait till the market is ripe enough to sell the same.
  • When buying an investment one must bear in mind the location. This is very important as when one thinks of reselling it he should get a much higher price than what he bought it at. Different locations have different prices and so one must do a bit of research as to find the location that is the best. Any property that is close to where all amenities are available will fetch a higher price than one that has not even road connectivity.
  • One must keep a network or connection with a real estate agent to make things easier. They can help one to the right investment that fit your plans and budget. All the legal work will be handled by the real estate broker such as sale and purchase of property. On your behalf they can also negotiate a deal and help you gain a profit.

Real Estate – Better than Stocks

 

If one is considering investing in real estate then it is very wise as compared to investing in stocks. Surprisingly in China there is never any confusion over this subject. Hence it is the only reason why the Chinese are the biggest buyers of property all over the world. They buy properties in Australia, North America, Europe and they are very clear in the head as compared to others who grope in the dark. In the year twenty fifteen there was a crash in the stock market in which billions of dollars of stocks were wiped away. They have learnt their lesson and now it is your turn.

Real estate investment is much safer than investing in stocks because of the following reasons.

  • When one has stocks and they pay dividends four per cent annually seems better than putting in the bank that gives one about one per cent but this is only after inflation. So one will not make much money unless the stock is sold out. In the case of real estate one can rent it out and earn instant cash flow from five per cent to ten per cent of the price of the property. Also if one wants to sell the property then one can earn more than that.
  • There is one drawback regarding stock market investment and that it is open and nothing is hidden. It is but natural that any company listed will have to give information on its finances to those who ask for it. On the other hand one will have access to information about the property in your area that nobody else knows. So if one has a property on a cosmopolitan island one will know about the specific details of the market and it will be known to only a few people who could be really interested. In this way one can select the exact price to be sold at as per the market and to the right buyer.
  • It is always easier to value property than stocks. One can always ask a trusted estate agent to value the property to get an exact estimate from them. In case of stocks the price changes every day and every minute. There is no sure way that one is paying too much for a stock. After all it is not easy to evaluate the stocks that belong to a company that bis worth billions of dollars.

 

Things that you’re real Estate Agent Will Never Tell You

bedroom-527645_640It is said that real estate’s agents are like friends, guide and helping us out for our dream home. But there are some tricks and tactics that real estate’s agent won’t tell you, even if he is your good friend. After all, he is also doing his job to gain profit. An agent is simply a sales person who is working to get some commission. He just wants that his deal should get final. It is quite obvious that real estate agents are not extremely honest. Hence, you need to be getting smarter and clever, while you are hiring real estate agent. Look at the following essential points that the real estate agent won’t tell you.

Agent commission is negotiable

There are many agents who work for their bread and butter, through earning commission. They earn especially from the sale prize and from the various services offered and mostly through the prize rate of the house. Don’t hire an agent who is trying to get a good rate of commission. It is essential for you to ask the agent few questions, like how they are planning to get good deal for your dream house.home-304190_640

The Cons of the neighborhood

It is seen that when an agent is about to finalize the deal he will never tell you about the problematic neighborhood.  If there are any shortcoming around the house like a tall building is about to come up in next few months, then the agent will surely hide this essential point form you. So, it become important for you to know the entire truth about the house you are going to finalize.

He will hide Offers

There are many hidden offers that your agent won’t reveal to you. It doesn’t matter that whether the offer is big or small, but it is his duty to tell you about it, and when the agent is hiding some kind of offer from you then there can be many reasons behind it. The main reason he is hiding offers from you, can be due to getting a high commission. Make sure you come to know about all the offers before you get your deal done.

Look the entire house carefully

This is an important step before you sign the papers for your new house. It becomes important for you to check eamansion-425272_640ch and every corner of the house. Make sure that all the items of the owner are removed from the house. But if you want some items to remain behind, make sure it is still there in the house. If there is any furniture, which is left behind of the previous owner then he will surely bother you after some time, just to collect his old furniture.

Hire an Experienced agen

Before you hire an agent, check his qualification so that you get a professional real estate agent. Itis very easy to get a job in real estate business and it is also seen that many inexperienced person jump into this real states job. So check his essential qualifications of the agent.