Types of Properties You Can Buy

How to decide where you want to live and what type of property you want to buy

How to decide where you want to live and what type of property you want to buy

First, decide where you want to live

Urban

High Price, although everything is in walking distance. You’ll also have the widest range of housing options.

Suburban

Larger Properties and great communities with newer schools and shopping centres for raising a family.

Smaller Cities and Towns

Canada is dotted with thousands of wonderful self-contained communities, and compared to the big city, you can save a bundle.

Rural

If you like the idea of owning land, how about a few acres all to yourself? Seclusion is not for everybody, but for some, it’s heaven.

Next, decide what type of home you want

By now, you probably have a good idea of what type of home is right for you. To familiarize yourself with the terminology, here’s a quick overview:

Single-family detached:

As the name implies, the home is not attached to the home next door. Styles range from a single-story suburban bungalow, to a three-story Victorian.

Semi-detached or linked:

Two houses that share a common wall. Usually less money than a fully detached home.

Duplex:

A building zoned for two families.

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.

The condo alternative

How Condos are owned

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 or party room.

Condo fees. Membership has privileges — and costs

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?

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. Know what you’re getting into.

New

If you’re having a new home built from the bottom up, carefully examine the property, the blueprints and visit other homes built by the same company. Have your realtor and/or lawyer review everything before you sign. While your home is being built, stay on top of the process. And remember, you have a legal right to make a full inspection of the house before you accept it as complete.

2 thoughts on “Types of Properties You Can Buy”

  1. Great post, actually my husband and I really enjoyed exploring your site. But we’re still uncertain what I should purchase, I’d like to purchase in Central Mississauga, (Hwy 10/Eglinton). Where we’re uncertain is the decision between: a townhouse(freehold) vs Townhouse(condo) vs Condo. Im wondering if you can shed some light to assist us, we’d like the best investment. Thanks in advance!

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