Before you head out into the real estate market, it’s a good idea to decide which type of home is right for you. Do you prefer a condo, townhouse or detached home? Budget will be an important factor in your decision, but your personal needs and lifestyle are also considerations.

 

 

Condo

 

If the idea of an elevated view appeals to you, then a condo may be the right choice. You need to feel comfortable with the shared aspect, both in terms of having neighbours on all sides and also a condo board, which makes the operational decisions for the residents. Decisions about the overall look of the building are determined by committee, so you need to be comfortable with a condo board that may be deciding on the type of curtains you can hang in the windows or if you can hang a wreath on your front door.

 

You should also consider its resale value. Currently in Calgary, the condo resale market is slower than houses. There is an oversupply making it a challenge for some to sell. You want to be sure that you buy in a building that is well maintained and has reasonable homeowner association (HOA) fees. The value of your unit will be determined by the other units that sell in the same building. Easy access to public transit, bars and restaurants, and cultural amenities also add to the appeal.

 

Condo living can also offer freedom. Freedom from exterior household maintenance, freedom to walk to downtown amenities, and freedom to walk out the door for a vacation without turning off the water or worrying about who will shovel the snow. Condo’s often come with added amenities such as a concierge, party room, fitness centre and/or swimming pool.

 

 

Townhouse

 

If the idea of owning land is important, but the cost of a single-family home seems out of reach, a townhouse can be a nice compromise. Some consider townhouses to be the perfect blend of condo and home ownership. While you still share walls like condo living, they offer the feel of a single-family home but at a lower cost. Townhouses are less expensive than comparable sized single-family homes and usually have lower utility bills thanks to the shared walls.

 

Like condos, the exterior maintenance is often (but not always) a shared responsibility and handled by an HOA. Those fees are paid either monthly or annually and cover roof repairs, lawn mowing, tending the common areas and snow removal.

 

A challenge with townhouses is the multi-level living. They tend to be tall and narrow, so be prepared for many stairs.

 

Townhouse living can also offer a sense of security. The closeness of the units and the shared investment in the community means that neighbours tend to watch out for one another and will watch for any unusual noise or activity.

 

Detached home

 

To many, living in a single-family home provides a sense of achievement mainly because detached homes are usually the costliest housing option. There is also a pride of ownership with a single-family home that is different from the others. You know when someone looks at your home, the curb appeal is all a result of your hard work and dedication to making your home look good.

 

Privacy is the main benefit of a detached home. Since there are no shared walls noise is no longer a factor. You can go about your daily routine without having to consider if you are disrupting the neighbours. Maintenance of the home is also no longer shared offering the independence of making those decisions on your own. If you want a larger deck or a unique front entry you are free to do so.

 

While the sense of privacy and independence are great, there are drawbacks as well.

Detached homes usually offer more space, parking and front and back gardens. With those additions comes responsibility for upkeep, usually at significant expense. Additionally, if you go away you need to ensure you notify your neighbours, turn off the water before you leave, and arrange for someone else to cut the grass or shovel the front walk.

 

Detached homes tend to appreciate at a faster rate than condos.  When you buy a single-family home you are not only purchasing the home but the land as well. As land values rise, so will the value of your home. The ability to renovate the home as you like can also be of benefit with the renovation holding its value best in a detached home.

 

Which type of home do you prefer?