What types of homes will you be visiting with the idea of buying? Do you see yourself living in a detached single-family home? Or, perhaps a townhouse? Maybe, a duplex?
SINGLE-FAMILY DETACHED: A single-family detached home is one dwelling unit. It stands alone, and sits on its own lot. This often gives the family a greater degree of privacy.
SINGLE-FAMILY SEMI-DETACHED: A semi-detached home is a single-family home that is joined on one side to another home. It can offer many of the advantages of a single-family detached home. It is often less expensive to buy and maintain.
DUPLEX: A duplex is a building containing two single-family homes, located one above the other.Sometimes, the owner lives in one unit and rents the other.
ROW HOUSE (TOWNHOUSE): Row houses(also called townhouses) are several similar single-family homes, side-by-side, joined by common walls. They can be freehold or condominiums. They offer less privacy than a single-family detached home, although each has a separate outdoor space. These homes can cost less to buy and maintain, although some are large, luxury units.
STACKED TOWNHOUSE: Stacked townhouses are usually two-story homes. Two two-story homes are stacked one on top of the other. The buildings are usually attached in groups of four or more. Each unit has direct access from the outside.
LINK OR CARRIAGE HOME: A link, or carriage home, is joined by a garage or carport. The garage or carport gives access to the front and back yards. Builders sometimes join basement walls so that link houses appear to be single-family homes on small lots. These houses can be less expensive than single-family detached homes.
APARTMENT: A self-contained unit in part of a building consisting of a room or set of rooms including kitchen and bathroom facilities.
FORMS OF OWNERSHIP:
There are 2 types of ownership: Freehold & Condominium.
FREEHOLD: Freehold means that one person (or two, such as joint ownership by spouses) owns the land and house outright. There is no space co-owned or co-managed with owners of other units. Freehold owners can do what they want with their property — up to a point. They must obey municipal bylaws, subdivision agreements, building codes and federal and provincial laws, such as those protecting the environment.
DETACHED AND SEMI-DETACHED: Homes, Duplexes and Townhouses are usually owned freehold.
CONDOMINIUM: Condominium ownership means you own the unit you live in and share ownership rights for the common space of the building. Common space includes areas such as corridors, the grounds around the building, and facilities such as a swimming pool and recreation rooms. Condominium owners together control the common areas through an owners’ association. The association makes decisions about using and maintaining the common space.
Ready to fulfill your dream of having a place to call your own? Buying a home is one of the biggest emotional and financial decisions you'll ever make. Prepare by learning about the process of home buying and the responsibilities of home ownership. The differences between renting and buying a home are vast, and there's a long list of pros and cons for both options. And, remember there is no one best decision for everyone. Before moving forward, though, here are some questions to consider.
Are you Financially Ready?
Are you ready to take on the responsibility of all the costs involved in home ownership, including mortgage payments, repairs, and maintenance ? Are you able to devote the time required for home maintenance?
Start figuring out your financial readiness by evaluating your present household budget.
Try to buy a home that meets most of your needs for the next 5 to 10 years, or find a home that can grow and change with your needs. No matter what type of housing you choose, you must have a clear idea of your needs today as well as your possible future needs.
Here are some things to consider:
Contact A Real Estate Professional
My job is to Help you find the ideal home and guide you through the offer process, but there's a lot more to it. I look forward to and enjoy educating my first time home buying clients throughout the process!
Get Started! Would you like more information about buying your first home or condo in Ottawa! Contact me today to schedule a meeting in person or by phone.