From townhouses to triplexes, there are numerous types of properties available to Canadian consumers. Not sure what layout works best for your family? Then check out our explanation of typical housing types below. Your mortgage payments and regular monthly bills may change depending on the kind of house you acquire, therefore it is vital that you carefully weigh the pros and cons related to each design before you make your final decision.
Condominiums
Condominiums, or condominiums as they’re commonly referred to, are a popular form of housing in larger cities. Inside a condominium contract, you own the unit, but do not own the land the unit is situated on, or any of the common space (lobby, gardens, and so on) outside of your unit. In order to ensure the suitable maintenance of these areas, condo proprietors are generally charged a monthly “condo fee.” Fee’s additionally help take care of things like elevator maintenance tasks, snow removal, and the use of any onsite recreational establishments (swimming pools, work-out devices, etc.). Don’t forget, these types of monthly fees are in addition to your residence mortgage payments.
Detached Properties
A detached home is a property that stands by itself. This is actually the most expensive type of house because the price includes the land. Consequently you’ll own the residence and the land… knowing that you will be accountable for maintaining both equally! Home owners will also be accountable for regular monthly home heating and normal water bills, along with other utility costs. If you own a detached house, you’re able to make modifications to both inside and outside of your home, nevertheless, you must obey local bylaws as well as submit an application for appropriate building permits.
Semi-Detached Homes
Semi-detached properties share one wall between the two, so that they are always constructed in pairs. This type of home is midway between a detached home and a townhouse property, and is also a popular housing option for first-time homeowners. Semi-detached homes are normally built in 1 of 2 ways, 1) in which the shared wall is actually between the reception rooms and sleeping rooms of the two properties, or 2) the location where the front doorways of both houses are in the center and also the halls, stairs, and landings are against the shared wall.
Townhomes
If a detached house is listed out of your budget, you may be the perfect prospect for a townhouse. A townhouse property is really a unit in a row of various other units that look just like houses, aside from the fact they are connected. Each unit shares a wall structure on either side with a neighbor. Townhouses, also known as row houses, are often two or three stories high. Should your townhouse residence property includes a backyard, you’re in charge of its routine maintenance.
Duplex and Triplex Properties
A duplex or triplex is really a building that is split into several models. Like a semi-detached residence, each model features an individual entrance and the owner is in charge of the care associated with his or her own model. Usually, people purchase the entire building and rent out additional units to be able to help offset their mortgage payments. Duplexes as well as triplexes may be located within detached, semi-detached, as well as townhouse residence properties.
When you know the type of property you are interested in, it’s time to secure a mortgage pre-approval. Make contact with a mortgage broker at FamilyLending.ca right now to start your trip into homeownership.