There is another important decision to be made before you start your search for house and that is deciding on the type of home you want to buy. There are many types of homes on the real estate market and each has its advantages and disadvantages.
SINGLE FAMILY DETACHED:
This type of home is the most popular style and the most solid investment. It is a free-standing home which sits on its own lot thereby offering a greater degree of privacy. When you buy this type of home, regardless of whether it is new or old, you purchase exclusive ownership rights to the entire property and your property lines distinguish what is yours from what belongs to your neighbors.
This type of home is a single family home that is joined to another one by a common wall and usually in such a way that each house's layout is a mirror image of its twin. It can offer many of the advantages of a single-family detached home and is usually less expensive to buy.
A dwelling with two self contained residential units - one above the other or side by side; normally held under one title of ownership. The owner usually lives in one unit and rents the other.
ROW HOUSE OR TOWNHOUSE:
One of several types of single family homes joined by one or two common walls and often of similar or identical design. They are often multiple storeys because the square footage is usually distributed vertically instead of horizontally. This type of housing offers less privacy than single family detached home but still provides a separate outdoor space. Row houses and townhouses can be quite spacious and can cost less to buy and maintain.
LINK OR CARRIAGE HOME:
Houses joined by garages or carports which provide access to the front and back yards. The main difference between this type of housing and semi-detached homes is that link homes do not share a living space walls. Builders sometimes join basement walls so that link houses appear to be single-family homes on small lots. These houses provide more privacy than a semi-detached home and can be less expensive than single family detached homes. If affordability, privacy and space is important to you, consider a link home!
CONDOMINIUM OR CONDO:
Condos can be high-rise residential buildings, townhouse complexes, individual house and low-rise residential buildings. Condominium refers to a form of land ownership, where each individual owner holds title to a specific unit as well owing a share of common property, as opposed to a style of construction. Depending on the size and style, they have shared common amenities and exterior (typically refereed to as common elements) and are often reasonably priced. One of the many advantages of owing a condominium is the lack of maintenance as common areas of the condo building and exterior is maintained by the condominium's corporation instead of the condo owner. So if you're looking for a reasonably-priced property with little or no maintenance and many other amenities (sometimes including fitness centres, swimming pools and party rooms), than condominium is the right home for you!
Note: Condominiums are also known as stratas in British Columbia or syndicates of co-ownership in Quebec.
MANUFACTURED HOME OR MOBILE HOME:
This is type of prefabricated housing with a permanent wheeled chassis attached to ensure the initial and continued transportability of the home. A manufactured home is factory build single-family home that is transported to your chosen location and placed on surface-mounted foundation. The term manufactured home has actually replaced the term "mobile home".
Also a type of factory built houses that consist of multiple sections called modules and constructed in compliance with local building codes. They do not have axles or frame. The modular home is typically shipped to your location by flat-bed trucks in two or more sections. It may or may not have a longitudinal sub-frame.
Regardless of your choice, the bottom line is that owning a home is the best way to assure the happiness and well-being of you and your family. A home gives a family room to grow, and room to prosper.
There are also some other important factors and information to consider before setting off to find your new home. Check links below for more helpful information:
Since mortgage insurance is very often confused with other types of insurance associated with home ownership, on this page we will explain the difference, help you understand it better, and learn more about different options available to you.
Arranging to pay for that property you plan to buy is one of the most important financial decisions you will ever make. Regardless of how certain you are that you will get mortgage, it is always good idea to get pre-approved from the mortgage lender of your choice. Read more...
Location is an investment too and can also affect property values and property taxes. More...
Learn how to take advantage of government programs available to first-time home buyers. More...
Knowing what to expect will help you make an informed decision about the value and the future upkeep. More...
Don't forget closing costs; they vary greatly by location and they are also relative to your house price. More...
Pack a box of items that will be needed first at the new house. Clearly mark this box "Load Last." More...
Although not complete, the glossary of real estate terms will help you with some of the more common terms. More...