Planning your New Home Purchase? Which Home Style is Right for you?
When it’s time for your home purchase, you should determine where you want that home located. Then you need to consider the type of home purchase you want to make. Each home style has it’s benefits and drawbacks.
If you do not like apartment living, a Condo is likely not for you. You will still have shared walls, parking and other common areas. You do not have complete control over your property. You are subject to homeowner’s association rules that can control what you can and cannot do.
A condo may not be as good an investment as a House. The numbers of condo’s on the market can dramatically increase, driving the resale price down.
If you like the apartment life and don’t have a problem paying condo fees for as long as you live there, it may be the right choice for you. Advantages of condo living over a house is that you do not have to worry about maintenance, yard work or structure exterior. If you live alone, you may feel more secure in a condominium environment. Condo’s in many cases are more affordable than a house.
A Townhouse is a mix between a condo and a house. They often have two stories, meaning you have no neighbors above or below you, giving you more peace and quiet, and privacy. If you get an end unit, you will only have one neighbor. Some townhouses will have an attached garage on the main level. This will provide more convenience and privacy that a parking garage common to condos. There may be less townhouses in a development than condo units. Homeowners association rules and fees can still apply when owning a townhouse.
Houses can be the most expensive option over a condo or townhouse in terms of cost to purchase and maintenance. A house will give you the most privacy and independence. You can enjoy your own yard, and have a buffer zone between you and your neighbors. There are lot’s of benefits to having your own yard. They are great for having barbecues, children, pets, a private pool or hot tub. Your own space for relaxing or entertaining. You will enjoy much more space.
When owning a house, you will have to be responsible for all repairs, inside and out, as well as yard maintenance. If you are not wanting to do yard work, this can be hired out. Same for all aspects of maintenance. But will be more costly. A house is usually a better investment than a condo or townhouse, and it is all yours. Your mortgage payment may be higher, but you won’t be paying money to a condo or townhouse association.
Once you have decided the type of home to best suite your needs, you will need to consider the size. How many bedrooms and bathrooms will your family require to live comfortably? Are you planning children down the road, or a live in elderly family member? Will you require that home office? Do you want space to rent out to help pay your mortgage? Can you afford the size of property you want to purchase? The larger the property, the higher the home purchase price. Maintenance costs, taxes, home insurance and utilities are typically more in a larger property. Make sure you will have room to fit all of your furniture and household items.
It is very important to consider the outdoor space that will come with your new property. It you are looking at a townhouse or condo, will you have a private balcony, deck or patch of lawn to call your own? Is there a play area, or a common green space. What about those pets? What kind of outdoor space will you need for them? If you are leaning towards a townhouse or condo and have a pet(s), will the homeowner association allow you to keep your pet? Do you want to entertain outdoors? Lot’s of important questions to ask yourself before making this important decision.
Your Saskatoon realtor Slade Desrochers has the answers! #AskSlade
Slade Real Estate Inc.
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