Housing Types

From townhouses to triplexes, there are several types of properties available to Canadian consumers. Not sure what layout works best for your household? Then look into our explanation of popular housing types below. Your mortgage payments and regular monthly bills could fluctuate according to the kind of home you acquire, as a result it is important that you carefully weigh the advantages and disadvantages associated with each concept prior to your final decision.

Condominiums

Condominiums, or condos as they’re typically called, are a popular form of real estate in larger urban areas. Inside a condominium agreement, you own the unit, but do not own the land the unit is situated upon, nor any of the usual space (entrance hall, yards, and so on) outside of your unit. In order to ensure the upkeep of the condo,  ownersare usually charged a monthly condo fee. Fees additionally take care of things like elevator upkeep, snow removal, and the use of any onsite leisure facilities (pool, work-out equipment, and so on). Remember, these types of monthly fees are in addition to your home’s mortgage payments.

Detached Properties

A detached home is a property which stands by itself. This is actually the most costly kind of house since the price includes the land. Consequently you’ll own the home and the land.  Home owners will be responsible for monthly home heating and water bills, along with other utility expenses. If you own a detached home, you’re able to make changes to both inside and exterior of your home, still, you must comply with local bylaws in addition to submiting an application for appropriate building permits.

Semi-Detached Homes

Semi-detached homes share one wall between the two, and they are always built in pairs. This type of property is halfway between a detached home and a townhouse property, and is also a popular housing choice for first-time homeowners. Semi-detached homes are usually constructed in 1 of 2 manners, 1) in which the shared wall is actually in between the reception rooms and sleeping rooms of the two properties, or 2) the location in which the front doorways of both houses are in the center. The halls, stairs, and landings are against the shared wall.

Townhomes

If a detached house is out of your budget, you may be the ideal prospect for a townhouse. A townhouse property is really a unit within a row of various other units that look just like homes, aside from the fact they are connected. Each unit shares a wall structure on either side with a neighbour. Townhouses, also referred to as row houses, are frequently two or three stories high. Should your townhouse residence property features a backyard, you’re responsible for its regular upkeep.

Duplex and Triplex Properties

A duplex or triplex is really a building that is split into several units. Like a semi-detached home, each unit has an individual entryway and the owner is in charge of the care associated with his or her own unit. Usually, people buy the entire building and rent out additional units to be offset their mortgage payments. Duplexes and triplexes may be located within detached, semi-detached, and townhouse residence properties.

When you understand the type of home you are interested in, it’s time to secure a mortgage pre-approval. Make contact with a mortgage broker at FamilyLending.ca today to begin your journey into homeownership.