Benefits of a Street Home - Affordability of a Townhome with the Freedom of a Detached Home.
For those just entering the market or looking to downsize it seems nearly impossible to avoid Strata. While Condos and Townhomes allow for reduced maintenance and cost many are looking for, it also comes with restrictions on everything from blind colour to pets. All with the added financial stress of Strata fees, and the concern of when and by how much they will increase. Our solution – Street Homes. With the comfort, low maintenance and affordability of a Townhome but the freedom of a Detached Home, Row Homes are the answer you have been looking for.
What is a Street Home?
While similar in appearance to a Townhome a Street Home allows for individual ownership of the entire home and lot with access from a city-maintained street. This is possible in a zero-lot-line community as the homes can be placed side by side, maximizing the size of the home and still allowing for a small backyard perfect for those with pets, kids or who are looking to have a private outdoor space to enjoy. Depending on the development some row homes may have shared walls but at the Highlands of East Hill, two separate party walls are constructed eliminating the need for shared wall agreements and reducing noise.
Street Home’s single ownership and exception from Strata also make them more obtainable. With the new Stress Test regulations on Mortgages lenders are looking for a Gross Debt Service (GDS) of 30-32%. Your GDS considers your monthly housing cost including expenses such as taxes, utilities and Strata fees. As an example, a Strata fee of just $240 per month can make a difference of $10,000 in gross yearly household income required to purchase the home.
So, why buy a Street Home?
No Strata. You own your home and your lot while maximizing your investment.
No Community Restrictions. You have the freedom to maintain your unique lifestyle.
No Fuss. Low maintenance living with freedom from HOA fees and Condo Boards.
Want to learn more on how to live restriction and HOA free for under $400,000? Call one of our Community Specialist now at 778-807-9699 or email us at [email protected].