Finding your perfect home can be a long process. Your REALTOR® will help identify the right type of home for you and continually research new listings in neighbourhoods that meet your needs.
Where do you want to live?
- Urban, suburban or country?
- Will you need to commute? Do you need access to public transit? How much will commuting cost?
- Are there schools nearby? How will your children get there?
What type of home do you prefer?
- Single-family detached homes stand alone on their own lot.
- Single-family semi-detached homes are joined on one side to another home.
- Duplexes contain two single-family homes, one above the other.
- Row houses (townhouses) are several single-family units, located next to one another and joined by common walls.
- Other types of homes include stacked townhouses, link or carriage homes, condominiums and co-op apartments.
What are the types of ownership?
Freehold
You own the land and house and are responsible for everything inside and outside of the home.
Condominium Ownership
You own your unit and share ownership of common spaces. The condominium association is responsible for upkeep of the building and common interior elements, such as halls, elevators, parking garages and the grounds. You pay a monthly fee to the condominium association to cover maintenance costs. The fee varies but can often include utilities, TV services and taxes. You may also have to buy or rent your parking space.
Condos often have strict rules regarding noise, use of common areas and renovations to units. Be aware of your condo’s rules before putting in an offer.
Co-operatives
Similar to condos but instead of owning your unit, you own shares in the entire building or complex with the other residents. Co-op residents pay for maintenance and repairs through monthly fees and are subject to the rules and regulations of the co-op board.
Be aware that if you decide to sell or rent your shares, the co-op board has the right to reject your prospective buyer or tenant. Read the co-op’s rules before making an offer.
Check out www.howrealtorshelp.ca to see how your REALTOR® can make the home buying process easier for you!
Information taken from the Homebuyers’ Road Map – www.crea.ca