Whether it’s your first time buying or you just want to purchase something more economical purchase – there are 3 great options to consider. These two home types can often be a more affordable option to get into. You’ll have neighbours right close, or above
Condominiums
A condominium does not refer to a type of home – it refers to a type of ownership. In a condominium (or condo), you usually own the drywall to drywall inside the home. You generally do not own the property the condo sits on. Condominiums can be apartment style, townhome, half duplex or even single family homes.
With a condominium, you will have a monthly fee that often includes your common property insurance, a portion towards the reserve fund, care and upkeep of the common area amenities and maintenance of the common areas of the building and possibly the exterior. Some condos will feature amenities such as underground parking, indoor pools, fitness centres, games rooms, social rooms, guest suites, workshops, craft rooms, libraries, bicycle storage, playgrounds and much more!
The most important thing is to do your research on health of condo business to make sure you have a great investment.
Townhomes
Those who purchase a townhome are generally purchasing the complete unit, both inside and out, including the land it sits on. This might also include the driveway, yard, or roof. Traditionally, these units are two- or three-stories tall and may also include common areas like pools and parks. Sometimes you might be paying a monthly fee for a home owners association (HOA) and other times, there are no monthly contributions.
These may also be called row housing or half duplex as well. Many will have a garage underneath or on the lower level of the home. Some will have rooftop patios. Regardless of the amenties the complex has, you’ll still be in close proximety to yoru neighbors so you’ll want to be sure there are good rules and requirements in place to make sure it is a community everyone loves. Many times you’ll have a private small yard space, or you might share a common outdoor space – so be sure to understand what lifestyle a townhome complex can offer you.
Carriage Home
A carriage home is often a combination of townhome and condominium. These might be townhomes onto of other homes, or might be a walk up bungalow apartment with exteior stair access. You often also have just car port or surface parking options. These aren’t always easy to find, and thus can be some of the most economical purchases because you are usually competing with less buyers. Many times you might get a small yard or patio space.
Choose What is Best for You…
All 3 Edmonton affordable home options can be great options. Your decision ultimately comes down to you and your family’s needs and wants. Things you’ll want to take into consideration include location, lifestyle, family growth, and price. You’ll also want to consider if your home financing can work with any additional monthly condo fees, want maintence do you want to be in charge of, and whether you care about things such as common amenities or a small backyard space.
Your local real estate agent can help you understand other factors such as resale for the home type in future, options for renting out your home when no longer living there and much more. There is no right and wrong about which housing option will be best for your.
