A maintenance-free community lifestyle
Cowichan Valley condos and townhouses offer above-average value for the first-time buyer or small family. A townhouse or townhome is a row house with a shared wall on each side unless it’s a coveted corner unit. They are often two or three storeys high with an attached garage. This type of house offers most of the benefits of a single family home with the added appeal of being maintenance-free.
In British Columbia, a townhouse or condo are organized into strata corporations which essentially hold all the assets of a townhouse or condo complex in a legal entity. The strata is managed by a professional property manager who collects fees, pays suppliers, and compiles reports for monthly and annual meetings. The homeowner is responsible for everything inside the unit, such as HVAC, appliances, and any decorating like floor coverings and paint. Expenses for maintenance and services are shared among all the owners. Strata fees are not included in your mortgage payment and can increase over time.
While a condo or townhouse in the Cowichan Valley is a less expensive alternative to a single family home, there are some things to consider. For example, stratas have rules and regulations that must be respected. Exterior appearance, noise, and boundaries are areas that almost all stratas address. A strata is required by law to have a reserve fund to cover future capital expenses or emergency expenses. This means that strata fees could increase or there could be a special assessment for things like a roof or paving. Overall, though townhouses and condos are an excellent way homeownership option.