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Which One Is Right For You?
- SPARK & PONY
Learning about the different types of properties is one of the first steps on the road to homeownership. This post will help you determine which is right fit for your situation.
Chances are if you’re looking to purchase your first home in Alberta, you probably realized very quickly there are a lot of different types of properties available.
They all have different names and benefits associated with them. We figured, why not make things easier for first-time home buyers and quickly explain what the 5 most populary types of residential real estate properties are and how to decide which is right for you.
Also Read: Millennials Guide To Buying Your First Home
A condominium – also called a condo – is when a person has private ownership over a unit within a community of other units. Unlike an apartment, the condo owner is responsible for maintenance and upkeep. Condo buildings usually have shared common areas that include elevators, hallways, gyms, pools, a parking garage, etc.
Condos are great for first-time homebuyers that are looking for something less intensive than a single-family home but still offer ownership. However, condos do have some downsides.
Condos offer less privacy than a single-family home and there is always the possibility of a special assessment on your property which could include unexpected repairs and costs.
Townhouses are homes with several floors and share a wall with an adjacent property – usually another townhouse. Townhouses have their own entrance and yards and in newer developments, tend to look the same as the townhouses built in the area.
With townhouses, the front and back yards tend to be smaller and are landscaped and maintained for you. Townhouses also offer a sense of community as there are usually hundreds of people living in your neighbourhood. However, this can also feel less private. As well, most townhomes have rules about what you can and cannot modify within the home itself.
#3 Single-Family Semi-Detached
Single-family semi-detached homes are still single or multi-level homes but instead of being fully on their own, they share a common wall with other semi-detached homes. Both of the homes on the land have their own entrance and address, and each homeowner is responsible for their respective sides in terms of maintenance and upkeep.
Typically, the main reason buyers choose a semi-detached home is that it costs less than a fully-detached home. They also offer more space than a townhouse.
However, because of your proximity to your neighbour, a downside of owning this type of property is you might not get along with them. They could be noisy and messy. That might mean that while your side of the property is clean, their side might be unkempt and it might devalue the overall look and feel of your home.
#4 Single-Family Detached
Single-family detached homes stand alone from any other property. They include their own address and the land they’re built. Detached homes are the most popular type of home-type in Alberta. They typically cost more than most other types of residential real estate options and that cost varies largely on size and location.
The great thing about owning a single-family detached home is that you have complete control over modifications and repairs. The downside is they typically cost more to purchase and maintain over the years.
A duplex is a home that has two units within one building. The units can be arranged either side-by-side or on top of one another. Typically, a duplex has two separate entrances for each unit. These two units are usually the same size.
A lot of people purchase duplexes and rent out the other unit to offset the cost of homeownership. While this is a savvy way to go about things it also comes with another set of responsibilities, including managing tenants.
Types of Properties: Which is Right For Me?
As you can see, there are several types of popular residential properties in Alberta. Each type has its own list of advantages and disadvantages. Now that you understand the differences between them, you can decide which type of home you want to shop for.
- Look At Your Budget: This is one of the biggest determiners of what type of home you should be looking for.
- Consider Size & Lifestyle Changes: Do you plan on growing your family or changing your job within the next few years?
- List Your Priorities In Order Of Importance: Maybe privacy is a big one and so a semi-detached home might not work for your situation. Perhaps low maintenance responsibilities are important to you, so a condo might be the right fit.
Getting a skilled real estate agent involved from the very beginning can help you navigate these types of decisions.
If you have more questions about the different times of residential properties in Alberta, contact our team today. We go above and beyond for our clients and are extremely passionate about the top-tier level of service we provide.