Tips for buying a home
BUYING a home is the biggest financial decision many people make. And like any huge decision, there are questions to ask and answer before proceeding.
There is no right or wrong answers but perhaps one of the commonly asked questions is what type of home do I want.
By now, you probably have a good idea of what type of home is right for you. To familiarise you with the terminology, here's a quick overview:
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.
Typically less money than a fully detached home.
Duplex or triplex A two-storey or three-storey home, with each floor belonging to a separate family. Separate entrances are most common.
Town house
Also known as terrace or row housing. Several homes with a common style joined in a row. They usually share walls on both sides. May come with a monthly maintenance fee.
Condo
An upscale version of an apartment. Usually located in high-rise buildings with access to common elements. Maintenance fees usually apply. 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 per cent 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. 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.