When it comes to homes and home ownership there are a variety of different types of properties and differing ways you can own them (or part of them). In this article, we will go over the most common styles of properties and the major ownership types. You should consider which style of home and ownership type works best for you and your family.
There are five main styles of homes for you to consider when starting you home search. Each one unique in it’s own way depending on your personal preferences.
Detached houses are known for being the most expensive homes. Since they are “detached” houses, they are spacious, provide home owners with privacy, and are easily renovated. As such, contribute to a great sense of ownership.
The main difference between this style of house and detached houses is that semi detached houses share one wall with a neighbour. As such, they slightly limit the perks afforded to owners of detached houses, and are slightly less expensive.
Many homes attached in a row, mainly known for providing large living spaces with small land.
Multi unit homes mainly come in the form of duplexes/triplexes and are mainly owned for investment purposes such as renting out units.
Recently, Condominiums corporation, also know as condos, have become very popular in Toronto, especially in downtown Toronto. They come in many different forms and sizes such as small bachelor condos, medium-sized lofts, or even large penthouses. Moreover, it is worthy to note that condos are typically the least expensive type of homes.
Having briefly discussed the styles of homes available at your disposal, the style of home you own should match your lifestyle. Each style of home requires a different ownership type.
Types of homeownership
There are three main types of home ownership that you should consider when starting you home search.
In the case of detached homes, semi-detached homes, and most townhouses, you purchase a plot of land and the building that sits on it.
In a condo building, you own a specific part of the building, which is your unit. Moreover, you also have shared ownership of common areas which include amenities, hallways, etc. Townhouses could also be part of a condominium corporations in which case, they would be treated as condo units as well.
In a co-op ownership, you own a percentage of the entire building based on your purchase in that building. Plus, you have the exclusive use of your specific unit of course .
Please note that there is also other less common ownership types, such as Time-Sharing and Joint Tenancy