Can You Finance A Pool In A New Construction Home Selecting the Right Style of Home As a First Time Home Buyer

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Selecting the Right Style of Home As a First Time Home Buyer

When choosing a home, everyone has different preferences and goals for choosing the type of home they make. Here are some key questions to consider when choosing your first home. What will be the travel time from home to my workplace? Will this house suit my family today and in the years to come? How much immediate maintenance is required at home and do I have time to do the necessary maintenance?

Choosing a new home

Many first-time home buyers are drawn to the excitement and beauty of a new home, but they don’t consider everything that comes with buying a new home. Not only are there wonderful features of a new home, but there are responsibilities that you wouldn’t have with a resale home. New homes tend to be more energy efficient and have a modern design. If you decide to buy a new home, you sometimes have the option of making custom design and decorating choices.

Often times, homes listed with builders that are mid-build, buyers will find a home that is at or within their budget and get excited. So they decide to make some changes that take the house from the “base” product to a more luxurious or customized product. These “upgrades” can add up pretty quickly and change the total cost of the home.

There are also other cost considerations such as landscaping, fencing, appliances (many builders don’t include), window coverings, etc. These are costs that you will have to pay after paying all the initial costs, such as the down payment and closing. costs If you haven’t already had a surplus of savings set up for these types of things, you might want to consider looking at a recently built home with these things already done.

Resale House

Buying a resale home also allows for different advantages and cost considerations. The home may be fully finished and have a mature garden and landscaping and it is not uncommon to have appliances included or negotiated in a purchase contact. Also, with a resale home you are not liable for GST. With a resale home depending on the age, the cost of heating may be higher due to lower energy efficiency.

Semi-detached houses

Often, clients cannot initially afford the “dream home” or starter home they originally had in mind. Some alternatives to a fully detached house are duplexes, triplexes or condominiums. There are many types and styles available for people of different lifestyles.

With property costs rising during the housing boom, many large-scale builders increased construction of “luxury” multi-unit homes such as duplexes and condominiums. These homes are often much more affordable than a single-family home and offer benefits such as updated floors, garages, and fixtures. For young couples or even new empty nesters, these can be very attractive options. Usually the yard is smaller and requires less maintenance (some condos even include yard maintenance in their condo fees). This can be a springboard into the early years of home ownership for young couples who have higher debt obligations and whose incomes are still at the lower end of their careers.

condominiums

Condominiums are big business in Canada and are popping up in every major center across Canada. With many styles to choose from, such as the stacked apartment style, row homes offer more options to first-time buyers. The condo market is very competitive and often the developer is trying to appeal to a certain lifestyle or demographic. Many complexes offer common spaces that include gym areas, swimming pools, and common gathering areas that can be used by all tenants. For those looking for less maintenance who have a busy schedule or travel often, condos can be a very attractive option.

There are a few key things to consider when buying a condo. It is important to know what is and is not included in the purchase price of your condo and what is covered by your condo fee. Do you have 1 parking space or is it an additional cost? Do you allow pets? Is your water bill included in your monthly rates? How often have rates increased in the past 5 years and why? This is an important reason why a real estate agent should be part of your team of experts. Your realtor will make sure you’re aware of the advantages of the complex you’re considering, as well as anything that might make your home less welcoming than you thought it would be.

Each Condo Complex can be different and there is usually an Association that oversees and makes decisions based on the votes of the owners on how a Condo Reserve Fund is maintained and what it is for. If you are purchasing a condo, I always recommend contacting the Association and meeting with one of the members to discuss the bylaws of the Condo. Having your attorney review all of the Condominium documentation is very important to ensure that you are making a wise decision based on all of the facts and the health of the current partnership. I recommend doing this before making an offer on a condo.

Choosing your first home is an exciting and sometimes daunting task. Considering home maintenance, commuting, and your families future goals are things that will help you make an informed decision. Including key people like an experienced real estate agent and a reputable attorney will help keep things in perspective and give you an outside perspective to help you through the process.

Remember that buying your first home is your FIRST HOME. Rome wasn’t built in a day and moving into your “dream home” may not be feasible. Becoming a homeowner improves your financial strength and creates an investment that you can use later to get into your “dream home.”

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