Buying a home? Consider different property types!

If you’re new to the housing market and you’re getting ready to purchase a home, you undoubtedly have a lot going on in your head. One of those items might be what kind of property you want to buy. There are lots of different styles of homes, and it can be overwhelming knowing which one is best for you. Here’s what you should know about these properties when buying a home, and the factors that will impact your buying decision.

What are some of the different property types?

There are several property types out there for people buying a home. Here’s a quick overview of the main property styles you can find, and how they differ from each other.

Detached house

Generally regarded as the most common type of property, a detached house is a freestanding home on its own property. These are usually what you see in neighbourhoods and areas with more green space. A detached house is not connected to any other home, and the owner of one will also own the property and yard it stands on. This type of property is the easiest to define and understand.

Duplex, triplex, or townhome

A duplex, triplex, and a townhome are all very similar. The only difference between these properties is the number of walls they share with other homes. A duplex is made of two homes that are joined by one common wall. A triplex, as you may guess, joins three homes together. A townhome is part of a larger row of properties. You still own your own space, have your own entrance, and can maintain your own living area. Your neighbours are just much closer to you than they would be in a detached house.

Condo or apartment

Condos and apartments are smaller homes within a building that houses multiple units. The building will have a shared main entrance, and your own unit will have its own entrance and space. You are most likely familiar with this setup, as many of us have lived in an apartment at some point! 

What factors will impact your decision?

Now that you know what makes one property type different from another, it’s time to decide which one you actually want to live in. These are some of the main factors that will help guide your decision.

Budget

Your budget is likely one of your biggest considerations when buying a home. Staying within your budget is essential to ensure you can afford your future home, and you don’t become house poor. You can read more about determining a proper budget here.

Detached houses are often the most expensive, largely due to their size. This is followed by townhomes, then condos. Of course, this is not always true. Condos in highly desirable downtown areas can be more pricey than detached homes in more isolated areas. However, in general the size of the home will play a large role in determining its price. The type of property you buy will depend on the size of your budget. 

Location

Location is an important factor to consider when buying a home, and deciding which property type to purchase. Different properties are more common in different areas. For example, condos and apartments are easiest to find in downtown areas, and urban cores that house a lot of people in a small amount of space. A duplex, triplex, or townhome can usually be found in growing areas where the population is expanding, or in newer neighbourhoods. Detached houses will be located in suburban neighbourhoods or rural areas where there is enough green space for these homes to have their own separation and yards. That’s not to say you will never find a detached house in a big city, or an apartment in a smaller area, but this is a good general guide. 

Depending on where you want to settle, this will influence the property you buy. For example, people who need reliable access to public transportation and amenities may purchase a condo so they can live in a more accessible area. On the other hand, those who prefer a quieter space and have their own cars might choose to buy a detached house.

Control 

Finally, your choice of property may be somewhat determined by how much control you want over your home. With a detached house, you have all the control, but this also comes with all the maintenance. For example, you can complete any home renovations you want. However, you will also have to pay for any home repairs, replacements, and general upkeep. Townhomes and condos often come with association fees that cover building and common area maintenance. This means you may not have as much control over what you can do, but you also won’t have as much responsibility in terms of property costs. Take some time to consider what is most important to you in this area of homeownership.

How can a mortgage broker help?

There’s a lot to think about when you are buying a home and deciding which property type is the best fit for you. However, you can always reach out to your mortgage broker for guidance and support during the process! We are here to make sure you secure the right home, mortgage, and lender for the best homeownership experience.

If you have any questions about your mortgage, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.