KING OF REAL ESTATE .ca

What Type of Property to Buy in Ontario, Canada?

05/20/2010

2 Comments

 
Once we decide to buy a property, we are bombarded with tons of options. One of the options that we have to pick is the type of property. There are many types and styles of properties available. In this, James Hussain, Broker of Record, elaborates on property types.
 


Comments

Jay
05/20/2010 07:54

New or Resale? Resale. Previously loved.
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. You should always work with a knowledgeable REALTOR®, and as we cover in Step 10 never buy a resale home without a Home Inspection.
Ahh... that new house smell.
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. 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.
YOU KNOW WHAT YOU WANT, BUT LET’S TALK NEEDS.
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.
(CREA)

Reply
Joseph
05/20/2010 08:06

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 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.
The Condo Alternative
Some people can’t wait to start gardening on Sunday morning. If you are not one of those people, it’s just an
elevator ride away. Condos also make a great first home purchase because they’re often thousands of dollars
less than a detached home.
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 its privileges, and it 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.

(CREA)

Reply



Leave a Reply