For a first-time homebuyer, the type of home you buy can make or break your financial goals to come. So it’s vital to buy a “house type” that is affordable, suitable for your lifestyle, and has the greatest potential for value appreciation. Of course, everyone’s situation will differ, but some housing types are more advantageous for specific demographics.
Standard Housing Types for the First Time Home Buyer
No house is off-limits for a first time home buyer, although some are more popular for newbies. The Ontario real estate market (and the Toronto real estate market in particular) has an abundance of all housing types, so there is no shortage of options.
Typical “First Time” Houses for New Homeowners
- Condominium – Condos are a common choice for first time home buyers since they come with many amenities and access to public transit. They can be pricey, especially in the Toronto real estate market, but often sell far above their asking price.
- Townhouse – Townhouses tend to cost less than detached and semi-detached homes. They’re often the first choice for homeowners who want a typical “house” experience at a lower cost and slightly less maintenance.
- Condo Townhouse – A condo townhouse is essentially the same as a townhouse, but a corporation owns the complex. That means the corporation will do some of the maintenance, making the living experience more convenient for a first-time homebuyer.
- Detached – The dream for many, a detached house is your standard house that sits on its own with a lawn, backyard and fences. These homes can be costly for a first time home buyer, especially in the Toronto real estate market. Bungalows fall in this category but are usually older and have just one floor.
- Semi-Detached – These homes can be virtually the same as detached homes, except they share a wall with another property. They may share a fence or driveway, but owners have full ownership of their property and can maintain it.
Choosing the right house for a first time homebuyer in the Ontario real estate market involves more than satisfying personal taste. It’s essential to work with a real estate agent who can find the best options so that first time buyers don’t overlook key purchase factors.
Ideal Housing Type Based on Price for the First Time Home Buyer
Price is often the ultimate deciding factor for aspiring homeowners. It’s why your dream home may not always be your first. Amenities, location, and design can all influence the price of a home, but the type of house
alone can make a place more or less affordable.
For a first time home buyer in the GTA, a townhouse or condo townhouse will likely be the most affordable housing type. You might find semi-detached homes and condos on the lower end if you venture to the outskirts or out of the GTA.
With that said, some areas in the GTA have below-average prices that may better suit a first-time homebuyer.
Affordable Housing in the GTA Based on Location (Average Price as of May 2022)
Oshawa Detached Housing: $921,748
Orangeville Semi-Detached Housing: $676,000
Orangeville Condo Townhouse: $605,000
Oshawa Condo: $503,079
Finding the Home Closest to Your Dream
There’s no one-size-fits-all approach for first time home buyers. The standard house that new homeowners choose may not be the one that works for you and vice-versa.
With that said, it’s crucial to work with an Ontario real estate agent and brokerage who can help you choose the best housing type. They will eliminate the guesswork and make your first purchase seem like less of a gamble.
Are you a first time home buyer? Get in touch with Zoocasa so that you can find the house or condo of your dreams.