Ok so now we’ve discussed the steps in the home buying process. If you haven’t read that one, see my blog “steps for the first time home buyer”.
Now the question is what to buy?
There are different types of housing such as single family homes, condos, townhouses, strata communities, duplexes, etc. Good questions to ask yourself is how close do you want your neighbours? Do you have pets? Do you want to maintain a yard? What amenities nearby are required? What types of spaces do you need? Personally speaking I find that what I want and what I can afford is always different so if you can’t have it all, what can you live without? We need to take into consideration our lifestyle. A good idea is to make a list of the rooms you need and the “must have’s” versus the “would be nice”.
Nowadays, we are seeing more condominium or strata communities being built that may offer amenties such as a common clubhouse or exercise room. These types of developments may also limit how many animals your allowed to have or rules that you can’t park an RV in front of your house or have a vehicle parked on the street overnight. This may become an issue down the road so make sure you know what the rules are. Every development where there is a strata fee means there is a set of bylaws or rules for that development. Ask how much the strata fees are, they can run up to $300 or more per month!. This is a fee that is over and above the monthly mortgage payment your making so make sure it works for you. As an example, Elkridge single family home strata fees are $84 per month. This includes weekly front yard landscaping during the seven month season, general repairs and maintenance in common areas, street snow removal, weekly garbage and recycling collection, water for common areas, sewer for common areas and electricity for common services, usage and maintenance as well as management, accounting services, office expenses and bank charges for the homeowner association. Townhomes are $118 per month, includes all of the above plus insurance of the townhome (Homeowner is responsible for the insurance of contents). Elkridge bylaws include rules such as no vicious dogs are permitted in/on the development. An owner is limited to having up to two caged birds, two dogs, two cats or one dog and one cat. This may be an issue if you own three cats. If you know this before you buy you may be able to write it in to your contract as a condition.
At the end of the day, buying a house in one of the biggest purchases you will make in your lifetime. Make sure you know what your getting into!
