5 Reasons to Love Living in a Multi-Family Community

What is a multi family home? Townhome developments, apartment-style condos, stacked townhouses — whatever type of multi family real estate you choose to buy, there are tremendous benefits to be found. You may have the funds to purchase a single-family home. You might be selling your detached home and are pondering your next move. Give a townhome some consideration because there are far more benefits than a good price and a good location.

Townhomes started to appear in Edmonton neighbourhoods in the late 1960's and today's new construction townhomes are available in many attractive price ranges.

Multi-Family Units are Affordable

Edmonton townhomes are affordable, as multi-family homes just don't cost as much to build as a single-family home. Each home in the community is under the same roof. Unless you're on an end unit or in a stacked condo where you have a neighbour above and below you, you share two walls with another unit. The cost of materials alone is enough to save some money let alone the smaller footprint you take up on the land upon which the community is built. A townhome may offer the exact same amount of square footage as a single-family home but because it physically takes up less space on the lot and makes excellent use of available land space over many levels it's very efficient. The bonus then is that you can take that down payment you had ear marked for a detached home and buy more townhome with it. Larger square feet, maybe an extra bedroom, some walk-in closet space — and how about some great amenities such as granite or quartz counter tops, stainless appliances, hardwood and upgraded carpet. You might have a more luxurious home in a better community for the same price you were thinking of paying for a detached home that's not in your preferred community.

Maintenance-Free Living

Multi family properties offer maintenance-free living. You work hard, play hard, travel often. Would you rather hire someone every single time you can't get to a job outside your home, such as shoveling snow or cutting the grass, maybe washing windows and cleaning out the eavestroughs? Or would you rather someone just does it? You can lock up your home and escape, and all those chores are done for you. No one will know you're in Mexico or Europe because your home will look lived-in. Free time, less hassle for you. You can enjoy a deck or some private outdoor space within your townhome without fretting about every single dandelion that disgraces your front lawn this spring.

Lower Monthly Bills

Depending on what sort of townhome you choose, you could lower your monthly heat or air conditioning bills. Some homes have a mechanical room with your own furnace and hot water tank, while some communities share these resources with an A/C unit on the roof. Whichever type of utility sharing is provided, bills are often lower because of the economy of construction. Having neighbours in a row of townhomes provides a certain amount of insulation. Your gas bill, if you have one, will be less. Sometimes gas is included in your condo fees, just like water and sewer. Your electricity might be all you have to worry about, with your land line, cable TV and internet up to you.

A Safer More Secure Home

Multi family homes offer improved security as well. Often there are 100 to 200 units in a multi-family community. That's a lot of neighbours watching out for one another. More people around means fewer people can have their way with your car or your home. Suspicious behaviour and odd noises in the complex are more likely to be noticed.

Build Equity and Move Up

Because purchasing a townhome can be an affordable proposition, it's an excellent choice for a first-time buyer. With the new mortgage rules requiring people with minimum down payments to qualify at a higher interest rate, many Edmontonians are being pushed down into a lower price range when looking for new multi family properties for sale. A first-time purchaser will not only be paying down their mortgage, they'll be building equity in their home which will allow them to move up, should they choose, to a larger home in a few years down the road.

Talk to a professional real estate agent who knows Edmonton communities to find a townhome that's just the right fit.