Oakville Real Estate News

CMHC: What Kind Of Home Is Right For You?


Blog by Joette Fielding | February 4th, 2015


What Kind Of Home Is Right For You.jpgOnce you have looked at your finances and determined if you can afford homeownership, you’ll need to decide where you want to live and which type of home is right for you.

A good first step in your search is to look at your needs over the long term. For example, you may have a small family today, but you might want to have space in the future for a child, or even a senior relative who comes to live with you. 

Likewise, considering individual family members’ hobbies and habits can help you decide how many bedrooms and bathrooms you need — two young siblings might share a room well now, but not as they grow older. 

Your career also matters, as you may find yourself working more from home in the future, or sharing office space with your partner. 

Specific considerations can help you focus your search on certain neighbourhoods. Being close to work is important, but it’s not the only factor in a good commute: a neighbourhood near major arteries, bike paths, or public-transportation lines can open up many more options for getting around. 

It’s also good to scope out a neighbourhood for amenities such as schools, shopping, parks and playgrounds, or community centres, that your family might need. And, if you prefer a sustainable lifestyle, you might consider how many of these are in walking or cycling distance.

A community is more than its amenities, however. To feel truly at home, you should consider the look and feel of the properties and streets, and how they fit into your lifestyle. A dense neighbourhood can be more sustainable, but leave less space for gardens or access to woodlands. 

And many features — such as the upkeep of the homes, diversity of building types, and decoration of private and public spaces – can give you an idea of how welcoming the neighbourhood is. 

These are also factors in the safety of the area, which also depends on good lighting, safe spaces for children to play, traffic design features, and “eyes on the street” — that is, people who are available for help in emergencies.

Within the right neighbourhood, you can further refine your search by looking at housing types. Many homebuyers prefer the advantages of single-family detached homes, which stand alone on property lots, and tend to have the most privacy and yard space. 

Others find cost-savings in various designs such as duplexes, row houses, or carriage houses that join homes together. These designs are more compact and often cost less to heat, because of the shared walls.

Whichever housing type works best for your needs, you may also want to consider how much you can expand or redesign the building to accommodate changes, such as a new child or a growing home business. 

One option to look for is called FlexHousing™ design, which makes adding or removing walls relatively easy and with minimum expense. This flexibility can help people with changing needs live in their homes for much longer times.

For more information on selecting the right home for you, Canada Mortgage and Housing Corporation’s Homebuying Step by Step: A Consumer Guide and Workbook will lead you through the homebuying process in five steps. Download your free copy of the guide at www.cmhc.ca under the buying a home section.

Content courtesy of http://www.torontosun.com


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