Back to Weighing Your Options

House Or Condo?

Here are some things to consider so you can narrow your search and begin your home ownership journey.

Most people buy a home that they can imagine living in for several years. Much of your life will be spent in your home, so it should complement your lifestyle. One of the most basic home buying decisions is: House or Condominium?

Here are some aspects to consider while you build your down payment:

Neighbourhood

In the early days of planning for home ownership? Take some time to visit the neighbourhoods you would like to live in and determine what factors mean the most to you.

Here are a few pointers for choosing your perfect neighbourhood:

• Talk to people you know: Ask friends and colleagues about their neighbourhoods. You probably have lots of things in common, so if they like it, you might too.
• Visit more than once: Try visiting the neighbourhoods that interest you at different times. The character of a place may change at night or on the weekend. For example, some communities attract nightlife throughout the week, while others may become popular on weekends.
• Reach out to your social network: There’s a good chance that you may know someone who lives in, or close to, the neighbourhood you’re considering. Ask for advice.
• Spend a little time online: Information can be easily found online. Neighbourhood profiles will tell you about taxes, lifestyle, incomes, schools and other important considerations. Consider checking real estate listings for homes in your neighbourhood or ask a Realtor to send you a list of recently sales.
• Consider transportation costs and access to public transit: Avoiding the annual cost of vehicle ownership could help you afford a larger mortgage and get more of the features you’re looking for in your first home.