Choose a home type that is right for you

Buying a new home is an exciting process with a happy outcome – but few of us are able to find our dream home, delve into our bottomless pockets and move in the following day.

While most of my clients have a fixed idea of the type of home they want before they begin searching, it’s common for buyers to change their minds mid-search. One client may realize they’re not as eager to mow a large lawn as they’d thought; another may discover the detached home they’d dreamed of is beyond their means.

I encourage my clients to become familiar with the different property types on the market, and to keep an open mind.

Condominiums – Condos are often purchased by single people and couples without children. They offer a maintenance-free style of living, for which the owner pays a monthly maintenance fee known as condo fees.

Condominiums tend to come with smaller or no outdoor spaces, but usually have an abundance of lifestyle amenities such as fitness studios, home theatres, hot tubs, rooftop terraces and party rooms.

While we often associate condos with downtown highrises, they are increasingly popular in suburban areas; they may be townhomes, semis or even detached homes, and are common in adult-oriented gated communities. Condominium is actually a legal definition referring to the method of ownership, not the type of building. When you purchase a condo, the interior space of your home belongs to you. “Common elements” such as elevators, recreational facilities and outside grounds are jointly owned by you and the other homeowners in your condominium community.

Detached homes – A fully detached home provides the most privacy and often, the most space of any home type. New detached homes are commonly built on lot sizes between 35 and 60 feet, although some new-home builders may offer larger lot sizes.
Semi-detached homes – A semi-detached home is joined to another home on one side. They often offer similar layouts and features as a detached home for a lower price, due to lower construction costs and marginally smaller lot sizes. If privacy is a concern, be sure to tour the builder’s homes to observe how sound travels from one home to the next.

Townhomes – Townhomes often offer more than you might expect. Many condominium townhomes are “executive-style”, boasting high-end finishes. Condominium terrace townhomes are “stacked”, with upper units providing a large balcony or rooftop patio instead of a yard.
Non-condominium townhomes, known as “freehold”, offer more freedom to change the landscaping and outer appearance of your home.

Related reading

The downsizers – making the most of smaller spaces