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  Canada Immigration Forum > About Canada > Real Estate & Mortgages > Buying a town house-Questions
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Buying a town house-Questions




Hi

I am planning to buy a town house in a few months and have a few questions:

-Is there any home inspection for a town house?

-Some people told me to be beware of baseboard heatings in town houses. what exactly is this? what difference does it make?

-Normally, what is covered in the maintainance fees for town houses? what are the additional expenses that I need to budget for?

Is there any other major factor that I need to consider?


Thank you very much for your assistance

T

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"The grass is not, in fact, always greener on the other side of the fence. Fences have nothing to do with it. The grass is greenest where it is watered. When crossing over fences, carry water with you and tend the grass wherever you may be"

 
Timon

Senior Desi
Member since: Mar 04
Posts: 297
Location: Greater Toronto Area

Post ID: 73392 18-04-06 17:22:05
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tamilkuravan
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Member since: Jun 05




Posts: 5753
Location: God's own country

My View
Quote:
Originally posted by Timon
Hi
I am planning to buy a town house in a few months and have a few questions:
-Is there any home inspection for a town house?
-Some people told me to be beware of baseboard heatings in town houses. what exactly is this? what difference does it make?
-Normally, what is covered in the maintainance fees for town houses? what are the additional expenses that I need to budget for?
Is there any other major factor that I need to consider?
Thank you very much for your assistance
T


**********************
Timon,
Congrats! on the proposed townhouse ownership.
I am not a real estate agent but i do design townhouses. So let me tell what i know:
If it is a used townhouse you better do a home inspection. Also try to do a environmental inspection (5 to 10K), which will show if it was used as a drug co op.
Maintenance is generally for snow removal, upkeep of common areas only. Some may incl. home insurance along with it.
See if it is a lease hold or a free hold. There is some advantage in one. I donot know what and which one.
Ask/see if the common walls are firerated. else the next door fire could come into your house. (of course insurance will cover that but what if you forgot to do it and the fire came?)
All the best.
TK
Sidenote : Why donot you go for a stand alone house or semi detached? the higher cost will be off set by the maintenance cost in townhouses.
Also get a house/ townhouse, which has a option of separate entrance from outside to basement for you to rent it out if the need ever comes by.

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I am a Gents and not a Ladies.

 
Last edited by: tamilkuravan on 18-04-06 17:37:56
Post ID: 73395 18-04-06 17:35:57
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Timon
Senior Desi
Member since: Mar 04




Posts: 297
Location: Greater Toronto Area


TK saab

I dont have the kind of money for a standalone house right now. So, I think the best bet would be to go for a good town home.

I am not much in favour of renting out my basement. I need that addl place to build a home theatre.

Thanks for your reply

T

-----------------------------------------------------------------
"The grass is not, in fact, always greener on the other side of the fence. Fences have nothing to do with it. The grass is greenest where it is watered. When crossing over fences, carry water with you and tend the grass wherever you may be"

 
Post ID: 73398 18-04-06 17:54:22
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BlueLobsterMember of Administrators
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Member since: Oct 02




Posts: 3409
Location: Mississauga


I thought you'd moved. Didn't Africa work out?

http://www.canadiandesi.com/read.php?TID=3445&page=1#17108

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Are you there?

 
Post ID: 73399 18-04-06 18:14:23
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Timon
Senior Desi
Member since: Mar 04




Posts: 297
Location: Greater Toronto Area


No..I decided to quite after 6 months
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"The grass is not, in fact, always greener on the other side of the fence. Fences have nothing to do with it. The grass is greenest where it is watered. When crossing over fences, carry water with you and tend the grass wherever you may be"

 
Post ID: 73401 18-04-06 18:19:47
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sudesingh
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Member since: Jul 04




Posts: 2074
Location: Toronto


For a freehold TH there's no maintenance fees, but for a condoninium TH there are maintenance fees.

The fees and range of services covered under each type may vary. Just comparing apples to apples, back in 2002, when I lived in a TH, the monthly maintenance fees were $165 which incl. water, cable, bldg insurance, bldg maintenance (external only), snow removal and landscaping. I had to pay for heat and hydro. Another complex on the same street - maintenance $600 per month which incl. water, cable, bldg insr., bldg. maintenance, heat, hydro, swimming pool (it was an outdoor pool located in the adjoining bldg), snow removal and landscaping.

Baseboard heating is electrical heating which is expensive. The advantage is you can control the heating level in each room. You'll probably find these in older homes.

Expenses (in general) you need to budget for
* mortgage payment
* maintenance fees
* property tax
* utilities (if not covered by maintenance)- heat, hydro, water
* telephone
* cable

oh... don't forget to budget for the home theatre....;)

One thing to watch out for is the reserve fund the complex is holding. If repairs are needed, there should be enough reserve funds to cover those expenses, else each unit owner will have to make an additional contribution. Going back to the place where I lived, in 2000, they replaced the roofing of all the 95 units and we didn't pay anything extra. Between 1997 and 2002, the maintenace went up from 145/month to 165/month. Inspite of the low fees they maintained a decent reserve fund.

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SS
Reiki Grand Master

 
Last edited by: sudesingh on 18-04-06 20:55:39
Post ID: 73422 18-04-06 20:49:22
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Pramod Chopra
Senior Desi
Member since: Sep 03




Posts: 1284
Location: Pickering, ON


Quote:
Originally posted by Timon

TK saab

I dont have the kind of money for a standalone house right now. So, I think the best bet would be to go for a good town home.

I am not much in favour of renting out my basement. I need that addl place to build a home theatre.

Thanks for your reply

T




HI Timon,

Welcome back to Canada.

What TK says makes sense and with this new 30 or 35 year amortization by CMHC you might look for owning a house instead of condo townhouse and can still pay roughly the same monthly installments.

For example a $225,000 mortgage with a 25 year amortization at 5.25% would be approximately $1340 per month. On top of it you might have to pay a maintenance fee of $ 100 To $150 per month, While on a mortgage of $275,000 ( I am considerting that you might have to take more mortgage for the house) for a 35 year amortization at the same rate of 5.25% would be approx $1422 per month and you would not have to pay any monthly maintenanc fee but the property tax could be $50 per month extra on a home in comparison to a townhouse. Of course if you go for an amortization of 35 years instead of 25 years than you would end up paying much more money in interest over the entire period of the mortgage. However, you can always pre pay and reduce your amortization. If you need any help or clarification, you can email me.

Good luck.

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada



 
Post ID: 73423 18-04-06 20:53:25
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Tourist
Senior Desi
Member since: Oct 04




Posts: 188
Location: Beautiful BritishColumbia


Quote:
Originally posted by BlueLobster

I thought you'd moved. Didn't Africa work out?
Quote:


Timon
Sorry to go off topic.
Please do let us know more about your African adventure.
Many in this forum will be interested to know how these other countries fare.
Hakuna Matata :)

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"After climbing a great hill, one only finds that there are many more hills to climb." (Nelson Mandela)

 
Post ID: 73428 18-04-06 21:40:50
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Iceberg
Senior Desi
Member since: May 05




Posts: 919
Location: GTA and beyond


TK,

Although I am not in the market to buy a house, it would be great to know what this is.

Can you explain?


Quote:
Originally posted by tamilkuravan
If it is a used townhouse you better do a home inspection. Also try to do a environmental inspection (5 to 10K), which will show if it was used as a drug co op.



 
Post ID: 73617 20-04-06 09:14:22
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tamilkuravan
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Member since: Jun 05




Posts: 5753
Location: God's own country

Drug co op
Iceberg,
if it was a drug house before, there will be too much moisture(humidity) and the wooden structure would have rotted. The owner generally puts in new gyp. board and sells it for a good price. Later the mositure seeps through the gyp. board and then you know that it is b'cos of the rotton wooden structure. Wooden structure is the structural element of the house and once it is gone it is not safe to live in the house.
A precaution would be to buy from owners who can vouch for the safety of the house like an old couple who have lived in the same house for 30 years. You can also check with their neighbours or do the environmental study at 5K to 10K cost.
TK

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I am a Gents and not a Ladies.

 
Post ID: 73630 20-04-06 10:31:13
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Contributors:
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sudesingh(1)  tamilkuravan(3)  Timon(3)  Tourist(1)  
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