What type of property is the best fit for you?
Which type of property is right for you? If you’re entering the housing market, it’s important to get a good understanding of the different kinds of properties out there. This will help you determine the setup that is best for you. Here are the main points to know about certain property types, and the pros and cons of each.
Detached house
A detached house is perhaps the most common type of property. This is what many people picture when they think about a home. This property is not connected to any other building or home, and it sits on its own land. These homes tend to be the largest, with the biggest patch of yard or lawn.
Pros and cons
What are some of the pros and cons with this type of property? Detached houses offer homeowners with the most privacy, and often the most space, both inside and outside. This is not always the case, but a detached house will usually sit on a larger area of land than other properties. Homeowners are also free to make any changes they want in terms of renovations and repairs. Since you are the only one who has responsibility for the building, you can customize the home to your liking.
On the flip side, detached houses can have their drawbacks. The more control you have over a home, the more responsible you are when anything goes wrong. For example, any repairs or replacements will fall on you to take care of. These can be expensive, depending on the nature of the problem. Detached houses also require the most outdoor maintenance and yard work. Finally, they are often (not always!) the most expensive property type, so saving for a house is a big undertaking.
Duplex, triplex, or townhouse
These property types are all very similar. The only real difference between them is the number of units that make up the building. A duplex consists of two homes that share a common wall. A triplex, of course, is made of three units, and a townhome consists of several units, all joined by at least one shared wall. These are popular property types in growing areas, such as smaller cities or large suburbs.
Pros and cons
These properties are very nice due to their size. Usually falling between condos and detached houses in terms of square footage, these homes are great for small families and first-time buyers. Owners have a small patch of yard they can enjoy, without the responsibility of maintaining a huge lawn. Plus, as we mentioned, they are often located in desirable areas close to amenities and important services.
The big drawback of these properties is the lack of privacy. While you still own your own space, you will share at least one wall with your neighbour. Your yards will be touching, and you may be able to see into their kitchen from your own window. Duplexes, triplexes, and townhomes can feel a bit claustrophobic to some people. Plus, loud neighbours will not go unnoticed!
Condo
Finally, we have condos, which are often the smallest property type. These are individual units within a larger building of other units. Most of us have lived in an apartment at some point, and condos are very similar.
Pros and cons
As the smallest property type, condos generally require the least amount of upkeep. This makes cleaning and maintenance quite simple, which is a big draw for many people. They also have no exterior maintenance, as condo associations take care of common areas. Finally, condos are perfect starter homes for individuals or couples who are buying their first property.
Perhaps the largest drawback of condos are the association fees that come with them. These are extra costs that pay for exterior maintenance and repairs. Condos also have more limitations in terms of what renovations you can complete, so you don’t have quite as much power over customizing your home.
Determining the right type of property depends on several factors. It’s important to take the time to consider your housing requirements, budget, and timeline. As mortgage brokers, we can help you land on the right property type and mortgage product for the best homeownership experience.
If you have any questions about your mortgage, get in touch!
