What type of home should you buy? [Condo vs. Townhouse vs. Single Family Home]

For a lot of people, the ability to buy any home at all is a dream. But that doesn’t mean that the notion of a dream home hasn’t gone away. If you’ve saved up enough money for your first house, chances are that you are looking at every possible option that exists. But are any of those properties for sale your forever home? If you’re just breaking into the housing market, can you afford your dream home?

Let’s look at the differences in property types to help you determine which home best suits your budget and which property type aligns with your personal lifestyle.

Of course, between the three there are
- Structural differences
- Amount of Square footage
- The amount of privacy you get
- Cost of properties
- Some perks and some considerations

You may think that you have everything sorted and that you don’t need to worry about ever having to sell your home – but that’s not always the case.

Take Jaymee Sisson, personal finance blogger and travel nurse for example. Jaymee thought she had purchased her dream home with the love of her life, but things quickly changed after she moved out just a few months after taking possession.

Whichever type of home you choose should suit your current lifestyle, and if there is room for you to plan to grow that’s great! But consider your budget first. Personally, I’ve come to decide that the property type I’m most interested in purchasing is a single-family detached home. Why? Not only does this style of home suit my lifestyle, but it also has the potential to be my forever home, while still having good resale value if things change.

A few things you should remember to consider before you buy your first home are whether or not you are buying:
A home in a good location (established neighbourhood)
A home with sweat equity (investment)
A home that’s ideal for future buyers

I actually dove way deeper into these really crucial factors in my most recent column, which you can check out on Zolo.ca/news

If you are still unsure which style of home is best for you, set up some showings to get a feel for what types of property are within your budget and that fit your lifestyle. If you need to live walking distance from work, perhaps a condo is right for you. If you want to be able to enjoy outdoor space but not have to worry about the upkeep, perhaps a townhouse is right for you. If you want to have more privacy and space to grow, perhaps a single-family home is right for you.

Either way, any property type is considered home and that’s what really matters. Wherever you feel comfortable and happy is the best fit.

Thanks so much for watching today’s video. If you had as much fun as I did, click the like button, subscribe to our channel, and watch the previous videos for more “first-time buyer” information that you won’t want to miss.

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