What type of home should you purchase?

There are many different considerations that you need to make when deciding what type of home to purchase.  

The first being your current and future needs such as size requirements, special features and your lifestyle.  

• In terms of size requirements think about how many bedrooms you need, how many bathrooms and the size of garage you require.
• When thinking about special features do you require central air, storage, a fireplace or a swimming pool?
• Consider your lifestyle and any changes that may come in the next few years such as a new baby, teenagers who will be moving away soon or your retirement.

Choosing a Location That is Right for You

Here are some things to think about when deciding on where you would like to live.

• Do you want to live in the core of a city, the outskirts or a small town
• Where do you work and how easy would the commute to work be?
• Where you would like your children to attend school and how they will get there
• Do you want to be near walking trails or recreation facilities
• How close would you like to be to family and friends

Do you want a New Home, Previously Owned Home?

New Homes

• New homes offer an array of choices allow you to personalize your home with your choice of flooring, cabinets, fixtures and upgrades.  
• New homes are also built to the latest building code which applies energy-efficient standards.  In turn your monthly maintenance costs will likely be less than they would with an older resale home.  
• Registered builders offer a Tarion Warranty to warrant against major structural defects.  
• Parks, schools, malls and other community services may not be complete for years to come.  
• HST usually applies to newly built homes in Ontario however you may qualify for a New Housing Rebate on new homes that cost less than $450,000.  
• Costs can add up quickly with a new home.  Keep in mind that you will have to pay extra for upgrades such as a fireplace or finished basement.  The cost of landscaping, paving your driveway or installing a fence will also be your responsibility.

Resale Homes

• Compared to a new home the only negative factor is that you may have to pay for some renovations or redecorating such as a new roof, furnace or flooring.  
• Resale homes are often in established neighborhoods with easy access to schools and shopping.
• Landscaping and fencing is normally already finished for you.
• You don't have to pay additional HST on the purchase price of a resale home unless the house has been renovated substantially in which case your purchase would be subject to HST.

Styles of Homes Available

• Single Family Detached - This is the most popular and normally the most sound investment.  It is a free standing home on it's own lot which offers a degree of privacy that a semi-detached or condo does not.
• Semi-Detached - This is a single family home that is joined on one side to another single family home.  This option is usually less expensive to purchase and maintain.
• Duplex - A duplex contains 2 units either side by side or up and down.  
• Link Home - Multiple homes joined by garages or carports which have access to front and back yards. 
• Condominium - Condos can be high rise, low rise buildings, townhouse style or individual homes.  The ownership of the building and land is different than that of any other style of home.