Besides Condo and Townhouse, you have another Alternative Style of Living!
It is no secret that most millennial Vancouverites have given up on the dream of owning a beautiful single detached house with a gorgeous front lawn and a sizeable backyard.
We would give up an arm or a leg to afford one of those these days; thanks to god, we have two of each right?
Hence, the drastic need for an alternative style of living.
This solid demand for these housing products has pressured the government to approve more zoning of condos, stacked townhomes and townhouses.
However, not everyone is completely satisfied with what are available on the menu.
The main reason behind is that a large portion of the population does not want to pay for substantial monthly strata fees.
The production of “Fee-Simple Row House” is now an attractive alternative and our government also promotes it.
What is a Fee-Simple Row House?
Fee-simple row house is not of a new creation. It is, in fact, a typical style of home in the UK, which we also have a few existing complexes in B.C. as well.
To understand this better, we have must learn the definition of Fee-Simple ownership.
It is the highest form of property ownership with no constraints, which means the title holder of the property owns both the physical development on the land and the land itself.
However, for condominiums and townhouses, owners of each individual unit purchased a fee-simple strata-title from the developer.
The developer originally has filed a strata-plan to the land title office and became the registered owner of each strata lot within the strata plan.
Individual owners of their respective lot only hold a percentage share of the entire strata plan based on the size of their unit.
Therefore, owners of individual unit do not have absolute ownership over common areas such as driveway, parking lot, amenities room, and etc.
Why Choose Fee-Simple Row Houses?
The benefits of living in a fee-simple row house are simple.
You do not have to pay for monthly strata fees that will increase over time.
It is probably cheaper to maintain your home at your own pace.
There will be no bylaws that you would have to comply with or otherwise you will feel the wrath of the strata council.
Most of all, the feeling of independence is priceless.
However, the downside might be not getting any ‘Groupon’ deals from vendors and it is hard to control over who lives next door.
But, hey, Canadians are amongst the friendliest people on planet Earth right?!
What are the Down Sides of Fee-Simple Row House Ownership?
There is also another issue towards why we have not seen more of fee-simple row houses.
It is because they usually cost a bit more to develop since they require individual water and sewer connection from the city.
Developers naturally would like to stay within their comfort zone and produce products that they have successes with.
Even though it will cost slightly more than traditional townhouse, it is also likely to appreciate more over time from maintaining well on your own and holding a fee-simple title.
The growing demand for fee-simple row house is unquestionable.
It will be only a matter of time before we see more in Greater Vancouver.