While Winnipeg condos, apartments, and townhouses offer great living options, there are differences among them. They are all similar, but deciding the best choice for your needs is essential. For many tenants, the cost involved and location are huge factors they consider. It makes sense to live in an area that is safe, enjoyable, and easy to get around.
If you rely on public transportation, your living accommodations must be close to such entities. Each household has to determine how much of their budget can be allocated for living expenses. Typically, an apartment is going to be rented each month. You pay your cost, which may or may not include utilities. You don’t build up any equity, though.
With a condo or townhouse, you typically buy that property, and you accumulate equity in it. There are instances when condos and townhouses are rented out, though. Understanding your options and deciding if it is a good time to invest in property or rent is one of the most significant decisions. With the investment, you need funds for a downpayment and closing costs. For a rental, you may have to pay a deposit, the first month of rent, and the last month of rent. It all depends on the specifics of your purchase or your rental agreement.
What Is A Townhouse?
If you aren’t familiar with a townhouse, it can look similar to a home. However, it isn’t a single-family occupied home. Instead, there is more than one entrance, each specific to the people who reside in that section of the townhouse. Some of them have two entrances, and others have four. Two can be in the front and two up the stairs in the back.
With a townhouse, there are multiple floors to the layout. At least one of the walls in that layout is shared by other residents within the townhouse structure. The entrance is similar to a home, located outside leading in. You don’t have to go through an apartment building to reach your unit. A townhouse typically has more space than the average apartment. It is a combined look of an apartment and a detached home.
A townhouse may have a small yard, unlike most apartments and condos. It all depends on whether it is in town or along the outskirts. Some residents like a townhouse versus a home because they don’t have to take care of upkeep such as the yard. However, they do have to shovel snow from the sidewalks during the winter months. With a condo, that tends to be taken care of as part of the structure maintenance fees.
Advantages Of A Townhouse
A townhouse tends to cost less than the average single-family home in the same part of Winnipeg. Many potential buyers compare the two and realize they can get more value and additional space with a townhouse for less money. Some townhouses are part of a housing development, often including amenities to encourage buyers. Such amenities can include a pool, BBQ area, and a gym. Some of them have a private garage for parking and storage.
Disadvantages Of A Townhouse
Living in a townhouse can feel restrictive if you prefer more privacy because you are close to your neighbours. Remembering to keep your noise down and also being tolerant of their noise is essential with this type of living. There isn’t room for a large yard, and that can be disappointing to someone who relishes in a place for the kids to play or a garden.
Townhouse layouts involve multi-layers rather than everything on the same floor. That can be difficult for people as they get older. It can be challenging for those with health issues or small children, too.
What Is A Condo?
A condo is a cross between a house and an apartment. They tend to be larger than the average apartment. Buying one is an investment, and the structures increase in value with time. Winnipeg condos are popular because they are less expensive than a single-family home. They are ideal for first-time buyers or retirees. They are convenient because the fees cover maintenance.
There isn’t a yard with a condo, a main difference with a townhouse, but most residents are fine with that. They don’t live too far from a park where they can enjoy time outside and exploring nature. They don’t want to spend free time caring for their yard or other maintenance needs. They appreciate it all being part of living in that structure.
With a condo, the owner has control over everything inside of their unit. They pay maintenance fees and agree to abide by the bylaws of that structure. With a townhouse, the owner has more control. They have a say about the inside, outside, and any yard they have. The exception can be if there is a HOA in place. If that is the case, they must abide by the regulations set forth by the HOA.
The condo owner doesn’t own the land that their unit sits on. The owner of a townhouse does. They tend to have more freedom when it comes to renting out the townhouse than they do with renting a condo unit.
Advantages Of A Condo
A condo can be less expensive than a single-family home and more straightforward to budget for. There isn’t the worry about costly repairs such as a roof or a new heating system. A condo allows people to get to know each other well because they live in the same building. It can be more challenging to get to know those around you in a townhouse, but not impossible.
A condo offers living on one level. There are stairs or an elevator to get to the floor your unit is on. This makes it convenient for the elderly and those with health issues because they can avoid stairs. They can rely on the elevator and a single-level living space.
Disadvantages Of A Condo
A condo in Winnipeg comes with bylaws, and you must agree to them to live there. It can be harder to sell a condo unit than a townhouse due to the closeness of other people. There can be regulations about renting out the unit if you don’t plan to reside there. Additional restrictions can pertain to noise and pets.
Read more about the advantages of condos here.
What Is An Apartment?
An apartment is a single unit within a larger complex. Some apartment structures have just a few apartments. Others have multiple floors, and there are both stairs and elevators to access them. They vary in price, location, and price around Winnipeg. An apartment is less expensive than buying a townhouse or a condo, but you don’t have any equity.
What you can do within an apartment is limited because you don’t have any ownership. The landlord has to approve things such as painting the rooms a different colour or someone else moving in with you. An apartment is a good starting point for someone who doesn’t have enough money to buy a townhouse or condo. It is a good option for those not planning to stay in the area for long. For example, someone in Winnipeg for education but then plans to move.
Advantages Of An Apartment
An apartment is easier to get into than a townhouse or a condo. It can take months for closing to occur, and you have to find somewhere to live while that paperwork is processed. With an apartment, you can often find vacancies to move into soon. You may have to sign a lease for a year, or it can be month to month. You aren’t in a long-term living situation; you have the freedom to move.
If something breaks down, your landlord has to repair it. You aren’t responsible for the maintenance costs or replacement costs in an apartment. You don’t have to worry about unexpected expenses that put a damper on your household budget.
Disadvantages Of An Apartment
The Winnipeg housing shortage, it makes it harder to find a quality apartment with the space you need and in your desired location. This has also increased rental prices and many people prefer to buy a condo or townhouse so they have a return on the investment. They feel that their money is wasted on renting an apartment.