Townhouses London Ontario and Town Homes London Ontario
Townhouses, townhomes, freehold or vacant land condos, condominium residences, are they not all the same? There seems to be some confusion about the differences. For clarity, in the London, Ontario and area, Realtors, builders and lawyers generally define them as the following:
Take note that your lawyer and the condo corporation’s status certificate and the property you are buying or selling is defined quite clearly in all documents, and ownership is defined.
Below are links to some townhouse condominium residences (townhomes, attached and detached, one floor, two storeys) in London, Ontario, including price history and some tidbits for prudent buyers and sellers!
Before Buying a London Ontario Townhouse or Townhome:
Buying a condominium in London, Ontario is far different than buying a single-family home, though similar, you will want to know:
- the condominium regulations?
- The by-laws?
- Who are the board of directors?
- What do the condo fees include?
- Financial stability of the condo corporation?
- What date was the last onsite engineering study done?
- Twenty-six other questions you may want to be answered.
Your lawyer has to be more thorough and do more work, your mortgage lender has more preparation, and your Realtor should have an in-depth knowledge of condominiums, fees, by-laws, rules and regulations. You will also want to know the long-term financial responsibilities you may be responsible for when there is a purchase or sale of a condominium.
It can be an expensive process for many buyers than it need be if they make some of the many common mistakes that trap them into either paying too much, losing their dream condo to another buyer, or worse, buying the wrong one!
A systemized approach to the buying process can help you steer clear of these common traps, allowing you to not only save money and time but ensure your purchase is prudent.
We are known as condo professionals for a reason!
London Ontario Townhouses Are Popular
Being in a seller’s market, this may be one of the best periods to sell your townhouse or townhome as we see record sale prices. Here are a few Condo sellers’ acceptable practices.
The demand for quality townhomes is strong, and with more buyers than sellers, prices are rising, and most good properties, if priced correctly, are getting multiple offers.
The keywords ‘priced properly’ are paramount to ensure a smooth and quick sale and, of course, the marketing of your home.
Just putting a sign on the property and putting it on MLS is not enough to attract that discriminate and capable buyer for your unit. You can have the brightest billboard in the world, but stuck out in the desert where nobody can see it, what good is it?
Condominium Living Explained
More and more Londoners are choosing to live in condominiums. Be they apartment-style, a townhouse or a townhome. Empty-nesters, singles, couples and families enjoy the freedom from routine maintenance like grass cutting, raking leaves, shovelling snow, in most cases, replacing roof shingles, windows or doors.
Owning a condominium in London, Ontario includes sharing common areas with other residents and following by-laws and rules set by the condo corporation. It’s essential to understand how a condominium corporation is established and operates, so you know what to expect from condominium living.