Owning a home is more than just a financial commitment. When it’s your home, you’re responsible for all of the upkeep and maintenance, so it’s wise to choose one that matches your lifestyle. New homes versus previously owned homes New homes are often more energy-efficient and you may have the opportunity to customize many of the features such as tiles, flooring and fixtures. However, resale (previously owned) homes are often located in established communities, giving you a chance to get a better feeling for the neighbourhood and what it has to offer your family, such as schools, transit, places of worship, shopping and entertainment. If you choose a resale home, do you want a home that’s ready to move into or a «fixer-upper» (an older home in need of repairs or renovation)? If you have the time and inclination to renovate, your home will certainly reflect your personal style, but it takes a considerable amount of planning and patience to do a lot of work on your home. Condominiums (condos) versus houses Condominiums, more commonly known as «condos», are often apartments, but they can also be townhouses or freestanding houses that are part of a larger complex. Condominium living is not so much about the type of home, but rather the way that you own it. When you buy a condo, the common parts of the property, such as the grounds, parking lot and the structure of the building itself (in the case of apartment-style condos) are jointly owned by all the homeowners in the complex. When you buy a condo, you usually pay a monthly fee, over and above the cost of your mortgage. Condo fees should cover all your maintenance costs, freeing you from having to look after chores like snow-shovelling or the upkeep of the grounds. The condo fee may also pay for your parking space, storage space, a gym and other features of the condo complex. It’s important to keep in mind that when you own a condo, you must obey rules set out by owners, which will vary from one condo complex to the next. Also, you will have little control over the amount of your monthly condo fees, which are subject to change. As you can see, the choice to own your own home is not only a financial decision but a lifestyle choice, too. If you’ve decided to buy, there’s a lot to consider. Our Home Buyer’s Checklist (pdf) can help you decide what’s important to you and compare homes that are for sale. The neighbourhood is important, too! Your home is the place where you’re going to live for a long time, so make sure that the neighbourhood you choose provides the right combination of services and amenities to meet your long-term needs. Here are some of the lifestyle and financial considerations you’ll want to think about: •Proximity to schools, friends and family members, places of worship and public transportation •Real estate taxes •Recreational facilities •Distance of commute to and from work •Traffic flow and availability of parking •Planning and zoning laws that may limit your long-term plans (for example, building an addition)
Posted on: Sun, 16 Mar 2014 13:01:19 +0000
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