Selecting a Home Type | Sarasota Homes International, LLC

Selecting a Home Type

Don’t be pressured into buying a home that is not right for you – there are a lot of choices out there. Here are the Pros and Cons of the various types of home options as well as a comparison of resale homes vs. new homes purchased directly from the builder.

Remember to find the right type of home before buying one. Just because you can afford “bigger and better” doesn’t mean that you will like that style of home. However, just getting into the market is a great first step toward ending up in that Dream Home! Starting to build equity in what has been traditionally the safest investment in Canada will start you on a path toward buying exactly what you want. Also remember that your wants and needs change, and in two years, what you want today may no longer suite your needs.

 

Condo Apartment

Pros:

Lowest purchase price, lowest taxes

Virtually maintenance free – no snow shoveling or lawn mowing.

Convenient for singles, childless couples and empty nesters.

Often amenities in the building not found in other homes

 

 Condo/Freehold Townhouse

Pros:

Lower purchase price and taxes than semi or detached and less maintenance.

Better resale value than condo apartment.

May have a backyard.

Cons:

Lower resale value, hardest to re-sell and can be difficult to finance with low down payment.

Can have large maintenance fees that can substantially increase carrying costs.

No private yard so you can’t enjoy backyard activities such as barbecuing, gardening, etc.

Share common walls with neighbours – if they’re noisy you’re out of luck. Cons:

Lower re-sale value than semi or detached and harder to re-sell.

Don’t own the land – the most valuable asset (unless freehold Townhouse).

Share common walls and close to neighbours.

 

Semi-Detached

Pros:

Most privacy at least cost – great for first-time buyer.

You own the land – the appreciating asset – bricks and mortar depreciate.

Good resale value and easy re-sell.

Easy to finance at best rates.

Usually has larger yard than townhouse, more backyard activities possible.

 

Detached

Pros:

Best resale value and you own the land, the main appreciating asset.

Most privacy, least noise from neighbours because there are no common walls.

Most desirable type of home with greatest perceived value.

Lower priced detached homes tend to sell quickly because of the combination of prestige and affordability.

Cons:

Share a common wall with neighbours.

Higher price per square foot of living space than a townhouse in a similar location.

Highest purchase price and property taxes.

 

Re-Sale Home

Pros:

Lower prices because of some wear and tear (which varies greatly – check closely!) You get the benefit of upgrades (finished basement, pool, etc.) at a depreciated price.

Established neighborhood, current neighbors, etc., are known entities although they can change.

 

New Home from Builder

Pros:

You are the first occupant and the house is yours to decorate as you wish.

Purchase price includes colours, design features, etc. that you select, usually with negotiable upgrades.

Protection from construction deficiencies is usually required by Provincial Law.

Cons:

No warranty for repairs required by law, although it can be made a condition of purchase.

If existing décor is not to your liking, it can be expensive and time consuming to change.

There is often an extended period of time without lawns or paved driveways, and with dust from unsodded
areas and construction traffic.

There can be problems with permits or trade strikes that prevent timely completion and occupancy.

Defects in construction may not be addressed promptly.

Some closing costs apply to only new homes.

Sarasota Homes International, LLC