Be open to possibilities when choosing a home

Buying a new home can be a very exciting process with a happy end result.

But let's be honest: it can also be quite the roller-coaster ride. In reality, few of us are able to delve into our bottomless pockets, find our dream home and then move in the following day - no matter how much we would love to.

Over the years, I've come to notice certain patterns in home-buying behaviour. While most buyers begin the search with a firm idea of the type of home they are looking for, it's surprisingly common for them to change their minds mid search.

Some buyers may realize they are no longer eager to mow a large lawn, while others may discover the detached home they have dreamed of is actually beyond their reach.

Buyers should be encouraged to become familiar with the different types of properties on the market, and to keep an open mind as possibilities can be found around every street corner.

CONDOMINIUMS

Condos are a type of property most often purchased by single people and couples without children, and with good reason. They offer a maintenance-free style of living that is ideal for those with busy work and social calendars.

In these buildings, owners pay a monthly maintenance fee, known as a condo fee. These monthly payments are collected for the maintenance of the building and common areas.

It should be known that condos tend to come with smaller - and sometimes no - outdoor spaces.

However, they often offer an abundance of lifestyle amenities such as fitness studios, home theatres, hot tubs, rooftop terraces and party rooms - an important consideration for downsizes and active singles.

While we often associate condos with downtown high-rises, they have become increasingly popular in suburban areas. They may be townhouses, semis or even detached homes, and are common in adult-oriented gated communities.

It may come as a surprise that the term condominium is actually a legal definition referring to the method of ownership, not the type of building.

When you purchase a condo, you are actually purchasing the interior space of the unit. This space is completely yours. The "common elements" such as elevators, recreational facilities, parking and outside grounds are jointly owned by yourself and the other homeowners in your condominium community.

DETACHED HOMES

A fully detached home provides the most privacy and, often, the most space out of any home and property type. New detached homes are commonly built on lot sizes between 35 and 60 feet, although some new home builders - particularly custom home builders - may offer larger lot sizes.

SEMI-DETACHED/DUPLEX HOMES

A semi-detached is a home joined to another by a shared wall. If you are having trouble finding a detached home in your price range, you are likely to be pleasantly surprised with some of the semi-detached homes on the market. They often offer similar features and layouts for a lower price, due to marginally smaller lots and lower construction costs.

If privacy is a concern, be sure to tour the builders' homes to observe how sound travels from one home to the next. Most modern semis and townhouses have come a long way and provide valuable sound insulation.

TOWNHOUSES

Similar to semi-detached homes, townhouses offer owners more than you might expect. Many condominium townhouses are now "executive-style," boasting high-end finishes and well-designed floor plans.

Condominium terrace townhouses are often "stacked" and often provide each unit with two levels and either large balconies or walkout patios. Non-condominium townhouses, known as freeholds, provide the same benefits, but allow more freedom in landscaping and outer appearance of the home.

Whether you are already combing the real estate market for your perfect home or planning to in the future, the most important thing is to be informed.

Determine what you can afford and then what type of property matches that budget. The more you educate yourself, the easier and more enjoyable the home-buying process will be.

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