Decide What You Want to Buy
Now that you have decided that you are ready to purchase your home, let’s explore all the different options that you have !
First and foremost, let’s choose where you want to reside.
Metropolitan – The large city. Certainly, the prices are typically greater. However, everything is within walking distance; you can stroll to a diner, grocery shops, perhaps to work as well ! Additionally, you’ll have an extensive range of selections when it comes to housing.
Suburban – The suburbs. Lower in density, the schools & shopping centres are newer, homes & yards are larger, no surprise as to why heaps of people adore the suburbs ! On the other hand, if you need to go in to the city, be ready for a lot of rush hour traffic. You can say it is a packaged deal !
Smaller Cities and Towns – There are numerous magnificent self-functioning neighborhoods. Additionally, in comparison to the greater city, you can save a lot of money in the face of living expenses and find less expensive homes !
Rural – Do you take delight in the concept of possessing land ? How do several acres all to yourself sound? Solitude is not for everyone, nonetheless, for several people, it’s bliss. Do not forget to consider this option if you have said yes to these questions !
Now, it is time to determine the type of home you prefer.
As of now, you may possibly have a suitable impression of the type of home that is a correct fit for you. To acquaint you with the jargon, here is a brisk summary:
Single-family detached
As the term indicates, the dwelling is not connected to the neighbouring property. The style varies ranging from a one-storey suburban bungalow, to a three-storey Victorian, one car garage, to multiple car garage.
Semi-detached
This is basically one house, split into two houses right at the middle. Both houses share the common middle wall. Generally, this is less pricey than an entirely detached home.
Duplex or Triplex
These are two or three residential units combined into one dwelling. These can be divided up in different ways, either by floors or sections. Walls or floors/ceiling can be common.
Town home
These are multiple homes with a similar layout connected in a row. Walls are normally shared on both sides. Only corner and end units have a shared wall on one side. There are condo townhomes with monthly maintenance fees, in which you have possession of everything inside the unit, however, the exterior is owned and managed by a condominium corporation. There are also POTL townhomes, these are freehold homes with a common element that is registered under the Condominium Act. Then, there are freehold townhomes, in which there are no maintenance fees. Freehold townhomes are more expensive than condo townhouses.
Condominium
Condos are normally units in high-rise structures with common elements available for the use of all unit owners. However, some condos can also be mid-rise. Maintenance fees or condo fees are typically implemented. Condos make a marvelous first home because they are usually plenty of dollars less than other types of homes.
How does condominium ownership work?
You will be in 100% ownership of your unit, along with a share of the collective areas. However, there are condo fees for the common area privileges. These fees are in addition to your mortgage payments and property taxes. They cover different expenses that vary based on individual buildings but they typically cover the operation and management of the common areas..
The facilities available to all unit owners are the essential plumbing & electrical systems, corridors and elevators. These days, common areas also comprise of a great deal of fun things like a private gym, swimming pool, lounge area, work stations, party room, etc.
Be sure to keep an eye out for a blog on things to keep in mind when purchasing a condominium !
New or Resale?
This is a self debate everyone has ! Many people jump to conclusions before exploring both options in depth. Let’s look into it:
Resale.
Nothing can compete with the charm and character of older homes. Along with this, you get the perks of enhancements and upgrades that have been made by the preceding proprietor, usually for a lesser cost than that of getting them done yourself. Conversely, some older homes might have a hint of ample ‘character’ like a leaking pipe or roof; you need to know what you are getting yourself into. You ought to work with a well-informed REALTOR®.
A blog on Home Inspection and a MUST check list to be posted !
New Built.
Ohh, the brand new home scent ! – You are going to be the initial person to reside in your new home. As a matter of fact, your new residence might be so new, that it has not even been constructed yet. You carry the advantage of tailoring your home to your style preferences. Nonetheless, when you move in, be ready for continuous adjustments by the builder; dirt, muck and unpaved streets will be a constant if your neighbourhood is still in the emerging phase; and shifting and adjusting of your home, you may be hearing cracks and popping nails within the initial year. Prior to committing to anything, prudently observe the house and the floorplans. Have your REALTOR® and lawyer examine everything before you sign.
By now, you know what you want, but be sure to place an emphasis on needs.
Are you leaving a one-bedroom residence because it’s too cramped? Then you know that your new home would need to have at best two bedrooms, undoubtedly a second washroom too. REALTORS® refer to these must-have conditions as “needs”. Qualities you would like to have are referred to as “wants”.
Your approach needs to be to discover a home that fits in your price range and satisfies most or all of your “needs”, and as much of your “wants” as feasible.
Check out the Dream Home Checklist to assist you in choosing what you are seeking for in a home !