DIFFERENT TYPES OF NEIGHBORHOODS TO CONSIDER:
Suburban
Newer schools, newer shopping centres, bigger yards, bigger homes, no wonder so many people love the suburbs. However, the prices can be a little high.
Smaller Cities and Towns
There are many wonderful self-contained communities available if you are interested, and compared to the big city, you can save a bundle.
Rural
Like the idea of owning a lot of land? how about a few acres all to yourself? Seclusion is not for everybody, but for some, it’s heaven.
WHAT TYPE OF HOME DO YOU PREFER?
Single-family detached
As the name implies, the home is not attached to the home next door.
Semi-detached or linked
Two houses that share a common wall. These usually cost less money than a fully detached home.
Duplex
A two-family home.
Town house
Also known as terrace or row housing. Several homes with a common style and joined in a row. They usually share walls on both sides.
Condo
Condos also make a great first home purchase because they’re often thousands of dollars less than a detached home.You’ll own 100% of your unit and a share of the common areas. Common areas include the necessary plumbing, electrical systems, hallways and elevators. They may also include lots of fun stuff like a private gym, swimming pool (indoor/outdoor) and party room.
On top of your mortgage and property taxes, condo owners also pay a monthly fee to operate and maintain the common areas. Be sure to look into condo fees and how well they’re managed, before signing anything.
NEW OR RESALE PROPERTY?
Resale
Nothing can match the charm and character of an older home. As a bonus, the previous owner may have made improvements and upgrades and you get them with the house, usually for less than the cost of putting them in yourself. However, some may have a little too much ‘character’ like a leaky roof, window leakage, old or low efficiency furnace etc
New Home
You will be the very first person to live in your new home. In fact, your new home may be so new, that it’s not even built yet. Before you commit to anything, carefully examine the property, the blueprints and visit other homes built by the same company. Have your REALTOR® and lawyer review everything before you sign.
WHAT DO YOU REALLY WANT?
Are you getting out of a two-bedroom apartment because it’s too small? Then your new home should have at least three bedrooms and probably a second bathroom. REALTORS® call these must-have features needs. Features you’d like to have are called wants. Your strategy should be to find a home within your price range that fulfills all or most of your needs and as many of your wants as possible.