Home Buyers Information - Part 4/6 - Finding Your Home

Finding the perfect home can be a long process. Working with your Real Estate Agent, identify the right type of home for you by continually researching new listings in neighborhoods that interest you.
 
 

 What neighbourhood(s) do you want to live in?

  • Urban? Suburban? Country?
  • Will you need access to public transit?
  • Will you need to commute? How much will that cost?
  • Are there schools nearby or will children need bus service to get to school?
  • What types of amenities do you require close by?

What type of home would suit you best?

  • Single family detached home on its own lot?
  • A semi-detached (joined on one side to another home)
  • Duplex (two single family homes one atop the other)
  • Row house condo (several single units next to one another joined by common walls)
  • Apartment condo with common area amenities?

Which type of ownership best fits your needs and wants?

Freehold ownership is mostly associated with detached single-family homes, where you own the land and the house and are responsible for everything inside and outside.

Condominium Ownership means that you own your unit, and share ownership of common spaces. The Condominium Association is responsible for any upkeep of building exterior, and common interior elements like the elevators, parking area, hall ways and grounds keeping and. Usually you will pay a monthly fee to the association that covers those maintenance costs. These fees vary but can sometimes include cable TV, property taxes or utilities. Parking spaces may have to be purchased or rented in addition. Condo Associations have rules regarding noise, the use of common elements, and renovations.

Tip: It’s always good to be aware of the rules and regulations of a Condo association before making an offer.

Co-operatives offer similar ownership to Condo‘s but instead of owning your unit, you own shares in the entire building or complex with all the other residents. Residents pay for maintenance monthly through fees and are again subject to that Co-op board’s rules and regulations.   If you decide to sell or rent your shares your co-op board has the right to reject your prospective tenant or buyer. Again it’s always recommended that you know the Co-op boards rules and regulations before making an offer.

 

Information Source:

Financial Consumer Agency of Canada (FCAC)

Canadian Real Estate Association

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