For many young, growing families, there comes a time when the townhouse is no longer big enough.
“After one kid it’s enough but after two kids you pretty much grow out of it and then usually you’ve got to move on,” says Sanjeev Desai, broker of record at Desai Realty.
That often means putting the starter home on the market and upgrading to a single-family home.
While in many ways selling a townhouse is no different than selling any other home, there are a couple of key points to keep in mind when it’s time to list.
Whenever you’re preparing to put a home up for sale it’s important to keep your potential buyers in mind. In the case of a townhouse that’s typically going to be young families who are just starting out, says Desai.
These are often couples who may have been living in condos and are now looking for more space in which to raise children.
“A condo is too small,” says Desai.
Here are a few features you should highlight in order to sell your townhouse:
Related read: Freehold vs. Condo Townhouse – Which is Right for You?
Top 4 Features to Sell Your Townhouse
Unlike condos, townhomes typically come with a private entrance, says Desai. That additional level of privacy can be a huge selling point for potential buyers – while coming with a much lower price tag than a detached, single-family house.
Another desirable feature of a townhouse is outdoor space. While some townhouses have ground-floor patios, either at the front or the back of the home, others come with a rooftop terrace.
Many builders choose to outfit townhomes with rooftop terraces instead of ground-floor patios because it’s more space efficient, allowing for a driveway to be built downstairs instead.
Make sure you highlight the outdoor space in your listing – especially if it’s ample.
Townhomes are often two, three or even four levels high, which makes them far more spacious than single-storey condos. That also means much more storage space for your things. Staircases and other nooks and crannies create great storage opportunities.
“If you wanted to get more space in a small area like downtown by going vertical then townhouses are good for that,” says Desai.
This one can be a plus or a minus, depending on how high the fees are.
Maintenance fees can fall into one of several categories, says Desai.
In the first, the home functions just like a freehold. There are no common areas shared between units and therefore no maintenance fees involved. Each unit’s owner is on the hook for paying all of their own utility costs and shoveling their own driveway.
“It’s as close as you’re going to get to a house,” says Desai.
The second kind is similar but involves common areas that need to be maintained. Unit owners pay a small fee – for example $100 a month – to a corporation that oversees the maintenance of these shared spaces.
Finally, some townhomes are more like condos, offering a wider range of amenities – and, with them, much heftier maintenance fees, says Desai. However, these fees typically cover most utility costs, as well.