What property type suits you best?

What property type is right for you? To answer this question, you’ll need to think about your individual situation and needs. Your budget, location, and size requirements will play big roles in your decision, as different housing types are often found in different locations, and their sizes can influence the price. We’ll review the pros and cons of each property type below to help you understand which one might be right for you! 

Detached house

Pros

A detached home is the property type most likely to provide you with the biggest space indoors. If you’re starting a family or want a lot of space, detached homes often have more than enough room for a group of people to comfortably live in. Plus, along with this space comes privacy. You will have no neighbours on top of you, and you will also have more room within the home to have alone time if you live with others. 

Detached homes also come with yards. Of course, the sizes vary, but you’ll likely have a good amount of outdoor space that’s entirely your own. This is extra handy if you have pets and kids that need space to run around. However, a yard can also be great for those who love gardening or just having another space to relax!

Finally, owning a detached home means having complete freedom over the property. You are free to do any renovations or make any changes you want, without having to worry about the rules some condo associations may have. Having a home you can completely personalize is a huge advantage for many people. 

Cons

However, along with all this space and freedom comes the most maintenance. Detached homes are entirely yours to control and maintain, and with no association to cover any work, it falls on you. Everything from cleaning to snow removal to home repairs are your responsibility to handle, which can be a lot of work for people. 

Often, detached homes are also the most expensive property type. Since they are the biggest, buyers can usually expect to pay the most for them. It can take a long time to save up for a detached home, and prices are constantly increasing. The detached housing market is also often the most competitive. The demand for these properties is huge, meaning you will be competing with other buyers to secure a home. This often results in even higher price increases due to demand, and more stress on the buyer end. 

Duplex, triplex, and townhome

Duplexes, triplexes, and townhomes are all slightly different property types. As you may know, duplexes and triplexes are homes attached to one another by shared walls in groups of two or three. Townhomes can be part of a bigger group of homes. However, the pros and cons of these properties are very similar. 

Pros

These properties are the perfect “in between” home size for many buyers. Space-wise, they are usually smaller than detached houses, but bigger than apartments or condos. For people who are buying for the first time, and perhaps don’t have a big family, these can be perfect. The same can be said for older, retired couples looking to downsize after their children move out of the family house.

Plus, these properties are also in the middle price-wise. You likely will not be paying as much as you would for a detached house. 

Cons

This property type comes with a bit of a downgrade in privacy from neighbours, and from one another. With shared walls, it’s not possible to completely escape your neighbours, which can be a pain if they are loud. You will also have less yard space for privacy, and less space within the home. 

Many townhomes and duplexes/triplexes may have monthly maintenance fees if your home is part of a complex and not a freehold property. If that is the case, you will have to pay for things like snow removal and ground maintenance. These costs can increase over time, adding to the expenses of owning this property type. 

Condo/apartment 

Pros

Condos and apartments are often situated in more urban, downtown areas. Their small size means they can fit into densely populated spaces. This is a benefit to people who wish to be near the action, and have easy access to amenities. Shopping, transit, and groceries are often near condos and apartments. 

Given their small size, it makes sense this property type also has the least amount of time-consuming indoor maintenance. These spaces are easy and quick to clean! It may seem like a little thing, but for people with busy lives, it’s a relief to have to spend less time on chores. 

Finally, there is zero outdoor work with this property type, because you have no yard to maintain. You don’t have to worry about landscaping, gardening, or mowing the lawn. Yard maintenance can feel as big of a job as indoor cleaning, which is something you can avoid in a condo.

Cons

Of course, having no yard means you have no yard space. You will not have any outdoor area that just belongs to you, so it’s harder to find outdoor space to relax. If you have young kids or pets, this can be tricky. 

In many apartments and condos, there are rules around what you can and can’t change within the units. You will have less freedom for renovations or other big changes. With less authority over your unit and the surrounding areas, you have to ensure you’re happy with the space when you buy it. Plus, much like with townhomes and duplexes/triplexes, many condos come with condo fees, which will add to your expenses. 

That was a lot of information we threw at you! If you’re considering which property type is best for you, it’s possible you’re feeling a bit overwhelmed. If that’s the case, we would love to guide you. We can help you decide which property type suits you, and how to get started on making it your home.

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