WHERE DO YOU WANT TO LIVE OR INVEST ?
- Are you seeking an urban, suburban or country setting ?
- Will you need to commute ?
- Is the communting distance workable for you ?
- Do you need access to public transit?
- How much will commuting cost?
- Are there schools nearby?
- How will your children get to school
WHAT TYPE OF HOME DO YOU PREFER?
- Single‐family detached homes stand alone on their own lot.
- Single‐family semi‐detached homes are joined on one side to another home.
- Duplexes contain two single‐family homes, one above or beside the other.
- Row houses (townhouses) are several single‐family units, located next to one another joined by common walls.
- Stacked townhouses, link or carriage homes, condominiums and co‐op apartments.
WHAT ARE THE TYPES OF OWNERSHIP?
- You own the land and house and are responsible for everything inside and outside of the home.
- You own your unit and share ownership of common spaces.
- The condominium association is responsible for upkeep of the building and common interior elements
- Strata fees take care of such as halls, elevators, parking garages and the grounds.
- You pay a monthly strata fee to the condominium association to cover maintenance costs.
- The fees vary but can somtimes include utilities, TV services and taxes.
- You may also have to buy or rent your parking space.
- Condos often have strict rules regarding rentals, pets, noise, use of common areas and renovations to units.
- Be aware of your condo’s rules before putting in an offer.
- Similar to condos but instead of owning your unit, you own shares in the entire building with the other residents.
- Co‐op residents pay for maintenance and repairs through monthly fees
- Owners are subject to the rules and regulations of the co‐op board.
- If you decide to sell or rent your shares, the co‐op board has the right to reject your prospective buyer or tenant.
- Read the co‐op’s rules before making an offer.