Lower Cost of Ownership
Your cost of ownership will be much lower than freehold (no condo fee properties) and insurance is included in your monthly fees at a much lower rate. When you insure a 100 unit project, you are receiving a volume discount from the insurance companies. When you insure a single-family home, you pay a much higher rate. In addition, liability and structural insurance is included in your monthly fees.
Pride of Ownership
Whether you choose to live in your townhome for 5 years or 25 years, it should continue to have an “as new” appearance as you walk or drive though the community. Fences, soffits, and downspouts are in good condition, shingles are replaced as needed, trees and shrubs are growing properly, and grass is well maintained. Common areas should also have an impressive appearance. Again, securing your longterm investment.
Duties such as snow removal and grass maintenance will be taken care of for you, allowing you to spend your free time doing what you want. For snowbirds or for those who work out of town, this is a perfect scenario. No need to worry if you are 1000 miles away from home.
A condo corporation will be set up which oversees the project. You can have a say in the running of the corporation by being elected to the board of directors. Plus owners have voting rights.
In most townhome projects, you will pay for your own heat, electricity, natural gas, water, cable, etc. This way, you can control your own expenses. You can save even more based on the number of people living in your townhouse.
Peace of Mind
With the items mentioned above, as well as numerous other benefits, condo living makes your life easier. You do not get this style of living in a freehold type of home. Condo living is not for everyone, however, for those who see the upside, in a well-managed project built by a reputable builder, you can have many years of stress free living. The pluses far outweigh the minuses.
Low Monthly Fees
Condo fees in a townhome type of project will generally stay low for decades, normally adjusting for things like inflation. You also have a say in how things are being looked after. If you notice something out of kilter, contact the board and raise the issue. There generally will be a healthy reserve fund to look after any unforeseen expenditures.
A property management company watches over the community to keep owners respecting the bylaws. Bylaws regulate noise levels, parking, and number of pets.
Lower Property Taxes
Most projects will also include waste disposal, thus lowering your property tax bill from the city.