Owning a home is more than just a financial
commitment. When it's your home, you're responsible for all of the
upkeep and maintenance, so it's wise to choose one that matches
your lifestyle. Houses versus condominiums | Houses | Condominiums | | Pros | - You have more freedom to renovate or upgrade your home as you
wish
- You only pay for the amenities and utilities that you use,
instead of a lump-sum condominium fee that may include services or
features you do not want or need
| - One monthly fee usually covers all of your maintenance costs,
and you're free from yard work and other outdoor chores
- Steady, predictable expenses make it easier for you to budget
for your costs
| | Cons | - Houses require a lot of work, and you are solely responsible
for all of the upkeep, repairs and maintenance
- Expenses may vary by month, making it more difficult to budget
for your costs
| - As a condominium owner, you are subject to the rules of your
condominium. Plus, you have little control over the amount of your
monthly condo fees, which are in addition to your mortgage
payments
- Condo fees are subject to change and you may have no choice but
to accept increases as they occur
|
New home from a builder versus resale
home | New home from
builder | Resale home | | Pros | - You may have more flexibility when it comes to upgrading the
features in your new home, such as finishing materials, flooring,
plumbing and electrical fixtures
- In most provinces, a builder warranty is usually available and
covers major household systems like plumbing and heating
- New homes are built to meet modern comfort and safety codes,
using the latest building materials and technologies - the result
is often greater cost- and energy-efficiency
| - You are most likely moving into an established neighbourhood,
so you can see which amenities and services are already
available
- Your property may already have landscaping, fencing and mature
trees
- It may already have some upgraded features, such as a finished
basement
| | Cons | - Homes in a newly developed area may not be completed on
schedule and may not have immediate access to amenities such as
schools or shopping centres - these are generally built after the
residential population is complete
- Noise and dust from ongoing construction may affect the comfort
of your new home until the development is complete
- Brand new homes seldom come with landscaping or fencing, which
can both be substantial expenses for any homeowner
| - An older home could mean higher maintenance costs in the short
term, especially on major systems such as heating, electrical and
plumbing
- Resale homes come as they are, and you may have the added
expense of changing wall colours, flooring or other interior design
elements that don't suit your taste
|
Community checklist Your home is the place where you're going to live
for a long time, so make sure that the neighbourhood you choose
provides the right combination of services and amenities to meet
your long-term needs. Here are some of the lifestyle and financial
considerations you'll want to think about -- - Proximity to schools and public transportation
- Real estate taxes
- Recreational facilities
- Distance of commute to and from work
- Traffic flow and availability of parking
- Planning and zoning laws that may limit your long-term plans
(for example, building an addition)
If you've decided to buy, there's a lot to
consider. Our
Home Buyer's Checklist is a great way to help decide what's
important to you and to compare homes you look at. Related
topics: | 
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