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Dominion LenDing Centres OUR HOUSE FALL 2017 >> 41 (8) istoCk mARC SHeNDALe is the vice-president, business development, at genworth Financial Canada, responsible for the development and execution of national sales strategies directly linked to mortgage brokers. Finding the right home for your needs means considering your lifestyle and budget now, as well as where you'll be a few years down the road. Want more new-homeowner inspiration? Contact Dominion Lending Centres to learn more about your options when it comes to buying and owning a home. CoNDomINIUm DEfinitiOn Low- or high-rise buildings containing many apartment units. Units are individually owned, with shared ownership rights and responsibilities to the common areas and building StREngtHS » Affordable » Shared amenities such as swimming pool, fitness centre and party room » Minimal maintenance work required COnSiDERatiOnS » Monthly condo/maintenance fees in addition to mortgage payments » Less privacy/more noise with neighbours on all sides, plus shared common areas » Typically smaller than detached or semi-detached homes moDULAR or moBILe Home DEfinitiOn Factory-built homes delivered to a home-site for installation. The home is owned outright, while the land it sits on could be owned or rented. StREngtHS » Affordable » Flexibility: if you relocate, you could sell the mobile home in situ, or move it with you to a different site » Useful in areas where it can be hard to build (due to climate or location) COnSiDERatiOnS » Less resale demand than other housing types » Annual rent increases if renting land in a mobile home community CARRIAGe HoUSe or URBAN INFILL DEfinitiOn A carriage house is located on the periphery of a single-family detached house. Urban infill homes are a modern solution to crowded cities, re-purposing existing spaces in established residential or commercial areas to maximize density and reduce urban sprawl. StREngtHS » Often located in interesting, urban environments » Unique, character dwellings » Often less expensive than a typical single-family detached house COnSiDERatiOnS » Limited inventory » Potential for noise pollution in a busy location » Limited or non-existent yard space SINGLe-FAmILy DeTACHeD DEfinitiOn A single-family, stand-alone house that sits on its own lot StREngtHS » Privacy » Less noise from neighbours » Consistent demand in established neighbourhoods COnSiDERatiOnS » Generally costs more to buy » Maintenance costs » Highly competitive market in large metro areas, which can include bidding wars and houses selling for well over asking price SINGLe-FAmILy, SemI-DeTACHeD DEfinitiOn A single-family house attached to another house on one side only StREngtHS » More affordable to buy than a fully detached home » Most of the privacy of a single family detached » Can be more affordable to maintain than a fully detached home COnSiDERatiOnS » Less privacy than a detached home » Some noise from neighbours through shared wall DUpLeX DEfinitiOn A structure with two single- family units on separate levels StREngtHS » Great way to reduce home purchase and carrying costs: live in one unit, rent the second one out » Flexibility: move adult children or aging parents into the second unit as needed down the road COnSiDERatiOnS » Less privacy than a single- family detached home » Some noise from tenants through floor/ceiling ToWNHoUSe or RoWHoUSe DEfinitiOn A row of single-family homes, connected on both sides to the next home (except for the end units which are only connected on one side). All have their own separate yards. May be freehold or have condo-style shared ownership rights and responsibilities StREngtHS » More affordable to buy than a detached or demi- detached home » Can be more affordable to maintain than a fully detached home » Private yard COnSiDERatiOnS » Less privacy than a single- family detached home » Some noise from neighbours through shared walls » Condominium-style ownership involves monthly fees to cover maintenance