You’ve finally reached the moment when you may become a homeowner and ask yourself questions about the home you intend to purchase. It must be acknowledged that acquiring a property will most likely be the biggest financial commitment of a person’s life. Therefore, making the appropriate decision is critical.
This purchase will require a home loan, and its payments must be made over the following several years. This is another task to consider because you will have to repay it using a mortgage.
To ensure you make the best decision, here are the benefits and drawbacks of buying a single-family home!
The Advantages of Buying a Single-family Home
- Space, calm and intimacy
In Canada, soundproofing in buildings is considered to be rather bad. It’s not unusual to hear people gripe about their loud neighbours. If you’re particularly sensitive to noise, a single-family house (which will most likely be separated from other houses by a yard or garden) will be ideal for you.
If you live in a single-family home, you’ll have more space and serenity since no one will be beneath or on your side. Not to mention, with a single-family home comes an upper floor (or floors) and the potential for having a backyard or terrace.
- Buying a single-family home to end the problems of co-ownership
Anyone who has purchased a condominium will have encountered difficulties at some point. Neighbourhood disturbances, noise, and abuse of common areas are all issues that don’t go away easily. This isn’t to mention unpaid charges, which might jeopardize the entire co-ownership due to one or two non-paying owners.
These problems tend to be accentuated when it comes to renovations. Co-owners do not always agree regarding the choice of the contractor, the estimate, or the quality of the work that was done. When there is no possibility of negotiation left, some even hire a lawyer specializing in co-ownership agreements to define each person’s rights clearly.
Living in a condominium implies that your demands will not always be met, which is not the case if you buy a single-family house. You are assured to make all of the decisions regarding your home if you purchase a single-family home since you will have the municipality’s permission.
- The value of a single-family home
The median value of a single-family home is $ 597,000, compared to $ 325,000 for a condominium. So, by acquiring a single-family house, you’ll be tied into a mortgage contract in the long run, but you will guarantee that your property has a considerably greater value. You’re certain to resell your property more easily and make money in the future if you invest in an attractive location near all amenities.
The same reasoning can be applied across Canada, for example, in more costly areas, such as Vancouver real estate.
- Possibilities for renovation and expansion
In joint ownership, common spaces may be frequently altered, and things can only get more complicated when one of the homeowners updates their own home. In any case, even if the job is done within the house, all tenants will feel discomfort due to the construction. The renovation can also pollute various building areas and generate a lot of noise.
Some people will use the elevator to transport their belongings to avoid hindering or angering fellow tenants. Additionally, approval from the property manager may be needed beforehand, depending on the renovation type.
If you buy a single-family home, you have the choice to renovate it as much as you like. Whether you want to expand your kitchen, construct the basement, or add a solarium to your garden, there will be no opposition from your neighbours as long as you obtain all of the necessary permissions.
One of the primary benefits of owning a single-family home is that you have the potential to increase its value through various renovations and expansions conducted throughout the years.
The Disadvantages To Buying a Single-family Home
- A higher purchase price
The biggest drawback to buying a single-family home is the increased monetary commitment that will last for an extended period of time. Buying a more expensive house can halt other opportunities or ventures that could have been possible if you had bought a condo instead.
Because of this, always consult a professional real estate agent to find your dream home at an affordable price.
- You will be responsible for exterior maintenance.
The disadvantage of not having a company to maintain your home’s appearance is that the entire burden will come back to you. This shouldn’t be an issue if you live in a condominium, as condo fees often include coverage for maintaining common areas, lawns and plants.
When you live in co-ownership, you share the financial responsibility of future projects (like repairing the roof) with fellow residents. If you own a single-family home, any renovations will be entirely your expense.
- Housing taxes
Homeowners of single-family homes can expect to pay more in taxes than those who own condominiums because housing taxes are calculated based on the value of your home. So if you’re considering buying a single-family home, be prepared to pay more taxes!
Are You Looking For a Real Estate Agent?
Looking for a real estate agent to sell or buy a home? Our top-rated real estate agents in Chilliwack can help you if you tell us about your project! Contact The Best Homes on Earth Team today.