Things you need to know before searching house

Know what you want in your house Before even start to look for your dream home, you might want to finalize your requirements. Certainly, it’s very difficult get everything you want in a house. So you might have to compromise your need due to the limitation of your budget. Make a list of things you […]

Know what you want in your house

Before even start to look for your dream home, you might want to finalize your requirements. Certainly, it’s very difficult get everything you want in a house. So you might have to compromise your need due to the limitation of your budget.

Make a list of things you must have in your house. Then make a list of things you would never allow in your house. Lastly, make a list of things which you would love to have, but not mandatory. You can use a home feature checklist to figure out your requirement.

Choosing a neighborhood

Location is perhaps one of the crucial decision you have to make.  There are lot of things you might consider before choosing a house. But it’s impossible to get everything in a single neighborhood. Some of the most important things you must consider are-

• Accessibility of the neighborhood to school, groceries, health services, gym and local parks.
• Safety is the biggest concern for everyone. You can check the crime report here before choosing the neighborhood.
• Demographic profile of neighborhood influences lot of buyer’s decision. You can access to the census data from Stat Canada or you can ask your realtor to get an overview of the demographic profile.
• As all of your family members may not be using cars all the time, you might consider accessibility of the public transport.

Before selecting, do not forget to go in person, to get a look and feel of the neighborhood.

New home vs Resale home

Design: Newly built home definitely   reflects latest trends, features and design. You can expect older features and design in resale home.

Choice: For new home, you may have flexibility to choose certain feature. Or you may be able to add some features by extra money. As resale home are already built, you will hardly have any choice.

Costs: Newly built homes are usually more costly than resale houses. You have to pay taxes for new built. On the other hand, maintenance cost of the resale home is higher than new house. You have to carefully consider the long term impact of maintenance and renovation cost. 

Warranty: New home may come with warranty. There is warranty for resale home.

 Types of House

There are different types houses available for you to buy. Based on your requirements and financial capabilities, you will which type is most suitable for you.  Most popular types are-

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-storey 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.

Apartment

A self-contained unit in part of a building consisting of a room or set of rooms including kitchen and bathroom facilities.

Types of ownership 

There are two forms of ownership.

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.

Reference: CMHC Website