What type of home setup is right for you?

If you’re on the hunt for a new home, you know there are endless decisions you need to make. Many of these choices are concerned with your home setup, and ensuring you find the right arrangement for your needs. In this post, we discuss some of the largest factors that should guide your housing hunt, such as property type, location, and focusing on your needs rather than your wants. Prioritizing these items will make you feel more confident in your decisions as you navigate the path towards homeownership! 

Property type

When people think about a home setup, one of the first things that come to mind is likely property type. In other words, what kind of home structure do you want to live in? There are a few main property types. First, there are detached houses, which are freestanding homes set apart from other buildings. These houses have their own yard and area surrounding them, and they are not connected to other homes. For many people, this is the standard image of a house and is often found in neighbourhoods and suburban areas.

Duplexes, triplexes, and townhomes are three property types that are all very similar. While a duplex consists of two properties that share one wall, a triplex joins three properties, and a townhome can be part of even larger rows of homes. These types of homes aren’t too different from a detached house in that they have their own entrance, and often their own little yard area. The big difference is the close proximity to one another, which is why these homes are often found in more populated areas.

Condos and apartments are the smallest property type, as they consist of a unit within a larger building of other units. These homes share a building entrance, a yard, and many walls. Residents still have their own individual space, but they are much closer to each other and these buildings are often found in the most densely populated areas.

Location 

The location of your home is another important factor to consider during your search for the perfect home setup. The simplest way to categorize locations is to define them as either urban, suburban, or rural. Urban properties are found in city cores and busy areas where lots of other people live. As a result, urban zones tend to have the most amenities in terms of shopping, transit, entertainment, and restaurants. People will find these areas very accessible, but also very crowded.

Suburban areas are in-between urban and rural settings. They aren’t in the thick of the action, but they also aren’t secluded. These areas are found in neighbourhoods and the outskirts of cities, where people want to be close to the action but not directly in it. The suburbs are a good place to live if you don’t know the type of environment you want to be in long-term, because you will get to experience a taste of both. 

Finally, we have rural properties. These are on their own, often surrounded by farms or fields, and have very few amenities in the immediate area. Neighbours are not as plentiful, and these areas tend to be the calmest and quietest. Of course, this does mean you need to venture further away to make necessary trips, but these properties are very popular thanks to their peaceful atmosphere. 

Needs vs wants

Finally, you need to closely evaluate your needs and your wants. We all have our own unique set of must-haves and nice-to-haves when it comes to securing that perfect home setup. Your must-haves should only focus on things you truly deem to be essential. Things like your budget and location might be non-negotiable, for example. You may need to live in an area where you have easy access to public transportation, because you don’t have a car. Alternatively,  you might want to live in a rural setting so you can have your own space. Some other needs might include the number of bedrooms you require, or the condition of the property itself.

On the other hand, your wants are much more focused on things you would like to have in your home one day, but aren’t necessary. For example, a pool, a finished basement, or a three-car garage are nice-to-have items, but they shouldn’t be deciding factors. You can aim to secure these things one day, but focus more on your needs during this period.

Determining the proper home setup depends on a large number of factors, and each person will reach their own conclusion on what is best for them. It’s important to take your time so you know you are making the right choices for you. If you are about to begin the buying process, be sure to contact a mortgage broker! We can help ensure you secure the right mortgage product to go with your perfect property. 

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.