Toronto’s real estate market is constantly evolving, and townhomes are currently some of the most appreciated construction projects. The price of a townhome is determined by its location, appearance, age, and building materials used.
As you can imagine, townhomes that are located in popular areas or new suburbs are in high demand because their value is more likely to appreciate over the years. As a result, well-placed townhomes are more expensive. The surrounding area’s existing or planned amenities, such as parking zones, recreational facilities, shopping areas, public transport, and restaurants also influence their prices.
Older townhomes sometimes require costly renovations, which may drive some of their value down over time. If the building’s common areas are not well maintained, the townhome can lose some of its marketability and resale value.
The building’s appearance and building materials affect the townhome’s comfort and value. Townhomes that have a wooden structure tend to be noisier than those with a concrete structure, so they may lose some of their value in time.
Pre-construction townhomes are in high demand because they meet all the important criteria that determine their value:
- they’re usually located in up and coming areas
- their appearance is usually tailored to the taste of the modern investor
- they’re built with the latest materials, so they won’t need repairs or upgrades for a long time
- they’re spacious and comfortable, so they’re perfect for young families.
All of these factors make investing in pre-construction townhomes an excellent idea. And when you take into account the fact that you can save a lot of money by investing early in the construction process, your investment idea becomes even better.