In this article
What Type of Home and Community Options are out There?
We will help you to compare your home and community options and the different types of homes available to you along with their advantages and disadvantages.
Existing Homes vs. New Homes
Choosing a new home from development that might not be move in ready yet can be stressful, since sometimes it’s hard to visualize without walking through the finished space for yourself. Developers have made this easier by providing model homes, condos and townhouses so you can get a feel for the space. Existing homes on the other hand allow you to walk through a finished product that has been lived in so you know exactly what to expect from from the exterior to interior.
- You may not know what you’re final home will look like
- The new construction may delay occupancy
- The neighborhood might be to new and not have all the amenities established
- Modern electrical, plumbing and windows can reduce the operating costs of the home
- You know what you’re getting yourself into with the home
- It’s move in ready
- The neighborhood has all the things you need close by
- Additional renovations may be required
- Older plumbing, electrical and windows may require future upgrading
Houses requiring a lot more work than townhouses or condos would normally because you are dealing with landscaping and a variety of activities to keep up with home maintenance and seasonal changes.
- The ability to adjust your living space through renovations
- Open space
- Healthy environment
- Safer environment for raising kids
- Being outdoors
- Gardening and backyard activities
- For many owning a homes requires further distances from the city
- Daily commutes can add the expense of more transportation and an additional car
- ongoing maintenance and upkeep
- Gardening might not be for you
Other Home and Community Options
This usually means to two homes attached to one another with a firewall separating them from each other and fencing dividing the yards, If the neighbors lifestyle is not the same as yours you may have issues later on.
This can be a row of houses interconnected with firewalls with shared yards or common areas. The main benefit here is you can have full ownership and can renovate the interior as you see fit. This can be a good fit for urban professional or young families
These type of row homes or semi detached dwellings can have a common garage underground and look like detached homes above ground. There could be some savings on the cost of these types of homes depending on the neighborhood they are found in.
Condominiums are a great investment if you do not like dealing with ongoing maintenance and want more security and amenities like a gym or pool within a condo complex.
- More affordable way to enter the housing market
- No Maintenance
- Easy accessibility
- Usually convenient access to schools, trains and public transit
- Close to shopping
- May not require a car
- Pets may not be allowed
- Monthly condo fees for maintenance
- Coop meetings in some buildings
- You may have to share the expense of major upgrades to the building
- Renting the condo in the future could be a problem
- Parking maybe an issue
- Noisy neighbors
So there you have it, a number of common home and community options to choose from. The best advice here is get a real estate agent involved early in your home hunting so that he can help you find the right home for your unique needs in a community you will love.