Mortgage advance and consel

Often the selection of a first home is a chance event...

The point is...there are a lot of selling forces out there...you should assert your right to evaluate the options yourself, and then make an informed choice. To assist in this evaluation process, following is a comparison of some of the Pro's and Con's of the different choices.

	Condo Apartment
PRO	Lowest purchase price. Lowest taxes. Lowest maintenance effort - no snow shoveling or lawn mowing. Greatest convenience for singles, and empty-nesters. (no children at home)
CON	Hardest to re-sell. Sometimes difficult to finance with low Down Payment. Maintenance fees usually increase the carrying costs substantially. No private yard - can't barbecue, etc. Share common walls with neighbours.

	Condo/Freehold Townhouse
PRO	Lower purchase price than semi or detached. Lower taxes. Lower maintenance effort. Better re-sale market than condo apartment. Some important backyard activities possible...barbecues, sandbox, swings.
CON	Hardest to re-sell. Usually harder to re-sell than semi or detached home. (depends on market). Usually not as much value appreciation as semi or detached. Don't own the land. (unless freehold Townhouse). Shared wall(s) and close to neighbours - acceptable as long as neighbours are good.

	Semi-Detached
PRO	Good compromise for first time buyer...most privacy at the least cost. You own the land - which is the appreciating asset...bricks and mortar depreciate. Readily re-sold to other first-time buyers - therefore good value appreciation. Easy to finance at best rates. Many family and entertainment activities possible - yard usually bigger than a Townhouse.
CON	A common wall - acceptable if neighbours are good, but no control over changes. A higher price per square foot of living space than a townhouse in a similar location.

	Detached
PRO	You own the land - the appreciating asset. Value appreciation is usually best for detached because the greatest number of buyers "aspire" to a detached property. No common walls, allowing the greatest privacy. The most prestigious - you are seen as having "made it" by friends and family. Lower priced detached homes tend to sell quickly because of the combination of prestige and affordability.
CON	The cost is the highest of all options - both purchase price and property taxes - for similar locations and quality.

Summary
ISSUE	CONDO APT	CONDO	SEMI-DETACHED	DETACHED
Purchase Price	Lowest	Low	Medium	Highest
Taxes	Lowest	Low	Medium	Highest
Maintenance Effort Required	Lowest	Low	Medium	Highest
Maintenance Cost;	High	High	Lowest	Medium
Re-Sale Market	Worst	Limited	Best	Good
Financing-Low Down payment	Worst	Good	Excellent	Excellent
Family/Entertainment Activities (BBQ etc.)	Poor	Good	Very Good	Excellent
Value Appreciation	Poor	Medium	Medium	Best

	DetachedNew Home from Builder (vs. Resale)
PRO	You are the first occupants...the house is an empty canvas for you to add your touch. Priced lower than new homes in similar recently completed subdivisions...appreciates as soon as construction is 100% complete. You can choose colours, design features to your own taste as an inclusion in the purchase price, with upgrades negotiable. There is usually excellent protection from defects in construction required by Provincial Law.
CON	There is often an extended period of time without lawns or paved driveways, and with dust from unsodded areas and construction traffic. There can be problems with permits or trade strikes that prevent timely completion and occupancy. Some closing costs apply to new homes that do not exist with resales.