Whichever type you choose to purchase, it's important to read the condo rules and declaration (if applicable) which should be provided to you once your offer on the home is accepted. Look for rules regarding pets, parking, barbecues and any other restrictions that could potentially impact your lifestyle.
There are two main types of Condos; Freehold and Leasehold.
Freehold: Freehold Condos fall into three categories and offer a lot of benefits. The ownership of the property is collective and so the homeowner contributes fees for the ongoing maintenance and improvement of the property and common elements.
Leasehold Condominium: With a Leasehold condo, you purchase the home you will occupy, but you and the builder are just leasing the land, which is usually owned by a government municipality. The homeowner owns their unit and also shares any common elements owned by the condo corporation for that development.
As the land is only leased by the builder or developer, they're paying rent towards it and therefore your condo fees will contribute towards the rent being paid to the landowner.
Condominium Apartment (Strata): A condo apartment is a self-contained housing unit within in a building that includes other similar units. They range is size from studios (bachelor apartments) to multi-bedroom suites. Each unit has its own kitchen, bathroom, heating and cooling system. These buildings usually feature a number of amenities for the homeowners to share like a pool, gym and community room.
Townhome: A townhome is the same as a Row house or Townhouse. These are more than two, similar single-family homes, attached side-by-side. Exterior units refer to the homes at the ends of blocks where only one side is attached, while Interior units are those in the middle, attached on both sides.
Stacked Townhome: These are townhomes stacked one on top of the other and are attached side-by-side, but are also stacked vertically with 3 or 4 units on top of each other. While each unit has a front and back, the lower units tend to have a patio or balcony and the upper units may have rooftop access.
Single-family Detached: One home or unit that stands alone on its own lot. These are normally freehold.
Single-family Semi-detached: A home that is attached on one side to another home, unlike townhomes, these are only in groups of two. These are normally freehold.
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The builder may also be offering purchaser incentives (extra things you get). If you love the incentives too, you've found the right one.
2. The timing is right
The right home for you, also has a closing date that works for you. You may be renting, staying with family/friends or need time to sell your current home and you'll want to plan for when you're new home will be ready to move into.
If your schedule matches up with the projected closing date and you'd still be comfortable in the rare occurrence a delay impacts your move in day, you know you can proceed with the home purchase.
3. The floorplan is right
The layout of the rooms and overall flow of the spaces makes sense. You'll know the home is right for you, if the planned layout works for your real life.
Look at the floorplans for storage spaces like linen closets and cabinets, so you know that you'll have room for everything.
- Can you visualize where you'd place furniture?
- Do you know where you'd put your TV?
- If something doesn't work for you, can you change it for the build?
If "yes" to all of these questions, then you've found your ideal home.
4. The location is right
Location is everything! Since the location of the home is something you can't change, make sure you'd be happy there.
Sometimes with new builds, you'll be part of a growing community where your investment will pay off in the long run. You may need to be close to highway access for your commute or good schools for your children; be sure the area offers all of the amenities you'll need.
If you can picture yourself living in the neighborhood, you've found the right home.
5. You are excited to move in!
You've had that moment when you are ready to stop house hunting. You should feel excited, after all it's a brand new home, built just for you, with all of your personal selections.
If the home checks off all of the other boxes and you can't wait to move in, you've found the right home!
At Phelps we know that we’re not just building homes… we’re opening doors and building dreams.
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