A Beginner’s Guide To Finding Your Perfect Home Type
Finding a home shouldn’t be too hard as there are hundreds of thousands of homes for sale nationwide annually. From single-family dwellings to duplexes to townhomes, the choices seem endless. However, these options make finding the right property that fits your needs and budget challenging.
The key is to educate yourself on the various property types available and decide which is best for you and your family. Keep your interests top-of-mind throughout the home-buying process and make a list of the features that you require in a home.
So, before you start your search, Mortgages By Erin wants to help you understand the differences between various property types so you can decide what would work best for you and your lifestyle. We have put together a Beginner’s Guide to find your perfect home type. Below is a list of popular home types.
1. Single-family detached
This is one of the most common types of homes you’ll find and is a stand-alone house that sits on its own lot.
Detached homes tend to be larger, more private, and come with the freedom to really make them your own. There is high demand for these properties, which can often lead to bidding wars and the driving up of home prices.
2. Single-family, semi-detached
These homes are suited for single families and are typically attached to another house on one side. They tend to be more affordable to both buy and maintain. The added affordability comes with the possibility of noise due to the shared walls, but these homes will have their own separate entrances and retain the same privacy as a detached home.
3. Duplex
These are homes containing two single-family units on separate levels. They are great options for those looking to rent out a unit to reduce monthly carrying costs; you can live in one unit and rent the other!
As expected, these types of properties offer less privacy, and you may experience an increase in noise through the floors or ceilings.
4. Townhouse or row housing
These are a row of single-family homes, connected on both sides to the next home (excluding the end unit), and are a very popular home option. They typically have private yards, but in some cases, it may be a freehold property or a condo-style with shared ownership rights and responsibilities. These homes are typically more affordable than detached or semi-detached homes but may include some additional costs like strata fees to consider. Similar to duplexes, these home types may have less privacy and added noise from the shared walls.
5. Condominium
These are low or high-rise buildings containing multiple apartment units. The units are individually owned, with shared rights and responsibilities over the building and common areas. These are excellent property types for starter homes as they are not only affordable but require minimal maintenance. Some condominiums even come with shared amenities, such as pools, fitness centers, or a party room. These properties are often much smaller than detached or semi-detached homes and can sometimes be noisier due to the shared walls.
Understanding the various options available to you can help you in your search and make your realtor’s life a lot easier.
At Mortgages By Erin, our goal is to exceed your expectations. As the go-to experts in Ontario for all mortgage needs, you can feel confident buying your dream home with my help. I specialize in refinance, second, and first-time homebuyer mortgages and serve clients across North York, Scarborough, Etobicoke, Toronto, Mississauga, Markham, Vaughan, and Richmond Hill, ON. Visit my website to learn more or contact Mortgages By Erin today.