Smithville's Renaissance

When you hear the word Renaissance, what comes to mind first?

The Mona Lisa? The invention of the printing press? Perhaps the coronation of Queen Elizabeth I?

Home Types Defined

Did you know there is more than one type of condo?

Do you know the difference between a Stacked or Row House?

Here are a few simple definitions of different home types you may run into while house hunting.

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.

Standard Condominium: You are the owner of your unit, plus you have an interest in the property's common elements and assets. This means the lobby, hallways, elevators, rooftop terrace, gym etc. You cannot separate this interest from ownership of your unit and therefore your condo fees would go towards the maintenance or service requirements that go with it.

Vacant Land Condominium: In a VLC development you may see a combination of types of homes ie. detached and townhomes. VLCs often offer homeowners the care-free lifestyle standard condominiums provide like, snow shoveling and lawn maintenance services, with the added freedom of owning everything inside your property line.

Common Elements Condominium: In this type of condo development you'll see individual addresses rather than unit numbers. You own your house, the land on which it sits AND you and your neighbours share ownership of the roads and other "common elements" (like a community room or landscaping feature) in the development. Here's where it gets tricky... Your part-interest in the condo corporation is attached to the parcel of land you own, not your house. The Parcel of Tied Land (POTL) is permanently attached to your interest in these 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.

For more information, review the source sites below:

https://www.ontario.ca/laws/statute/98c19#BK304

https://www.condoauthorityontario.ca/en-US/condominium-living/condominium-types/

https://www.chba.ca/CHBA/BuyingNew/Types_of_Home_Ownership_and_Homes.aspx

5 ways to know you've found the right home

Can't tell if a new build is right for you?

Buying new construction for the first time can be daunting. You're looking at floorplans, various models, elevations and decor options; and you may not be able to walk through a decorated model home...

We're here to help! Keep in mind these five ways to know if you've found the right new build for you.

1. The price is right

You'll know you've found the right new home if the model you want is within your budget.

You should consider any "starting at __" price as the lowest price point available in that development and look at the offered models from there.

You'll also want to consider what the standard finishes are like. You may love them or you may want to upgrade a few things to suit your personal taste. Customization means you'll need room in your budget for upgrading your finishes.

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!

Retire and Upgrade in Niagara

Live your best life in Niagara!

Why Rent When You Can Own?

At Phelps we know that we’re not just building homes… we’re opening doors and building dreams.

How To Host A Stress Free Home For The Holidays

Hosting on the holidays should be easier, and Phelps Homes is here to help.

If you've just downsized to a bungalow, how do you make the most of the space in your home that's just right for you, but maybe a little cozy for a gaggle of guests?

What if you've just moved in to your first home and just couldn't find the time to decorate?

No worries. Whether you're decking the halls with cheer or having a Festivus for the rest of us and ordering Chinese food, here are some quick tips to make the holidays easier.

Spec Homes: What You Need To Know

You've probably heard of a quick-close home before, but they also go by the name of "Spec Homes" and are known for being an option for the buyer who wants a brand new home they can put the finishing touches on, but without having to wait for the build to be finished.

Why The West Niagara Fair Is The Place To Be In Smithville

Just when you thought that you'd seen all there was to see in Smithville, the West Niagara Fall Fair is poised to put on a tour de force of small town heart in a big way.

Let us welcome you home to Stepping Stones

Breaking ground on Stepping Stones, Phelps Homes' newest community

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