What type of home ownership is right for me?
There are three broad categories of home ownership:

1. Freehold
The owner owns the house and the grounds.

Freehold homes offer the most privacy and freedom of choice of any type of home. Homeowners are free to decorate and renovate as they please. They are also responsible for all the maintenance both indoors and out.

Freehold is the most common type of home ownership.

2. Condominium
The homeowner owns the unit and shares in ownership of common elements. Condominiums are usually apartment buildings, but also include townhouse developments and developments of detached buildings on private roads.

The homeowner is responsible for the interior area of the unit (everything from the plaster in). The condominium association is responsible for the up-keep of the exterior of the building, common interior elements (halls, elevators and parking garages, for example) and the grounds. All condominium owners pay a monthly fee to the condominium association to cover maintenance costs and common utility fees and taxes.

Condominiums often have strict rules regarding noise, use of common areas, and renovations to units. Condominium residents often enjoy less privacy than residents of detached homes.

Condominiums are usually less expensive than freehold houses.

3. Co-operative
Co-operatives (or co-ops) are similar to condominiums but instead of owning your unit, you own a share in the entire building or complex.

Co-op residents pay for maintenance and repairs through monthly fees and are subject to the rules and regulations of the co-op board.

If you decide to sell your shares and move out, the co-op board has the right to reject your prospective buyer.

What features do I want in a home? What features do I need in a home?
Looking for a new home can seem overwhelming at first. There are so many things to think about, so many choices, and often not enough time.

A small investment of time and effort right at the start can pay tremendous dividends. Take the time to organize your thoughts and think seriously about what sort of home you want before you start looking. It will simplify the process, save you time, and help lead you to the right home for you.

Important questions to ask yourself, such as:

• Where do I want to live? (community/general area)
• How much should I expect to spend on purchasing a home?
• Are schools a factor?
• Do I want an older home or a new one?
• What style of home do I prefer? (ranch, colonial, split-level, multi-level, town home, condominium, multi-family, bungalow, other)
• How much renovation and remodelling am I willing to do?
• Is being close to public transportation important?
• Do I have special physical requirements, such as wheel chair access?
• Do I have pets to consider?
• What sort of lot would I like? (small yard, large yard, fenced, garage, patio/deck, other buildings)
• How many bedrooms do I need? How many would I like to have?
• How many bathrooms do I need? How many would I like to have?
• How big a house do I want? How many rooms? How many square feet?
• What features are important? (air conditioning, carpeting, ceramic tile floors, hardwood floors, eat-in kitchen, separate dining room, formal living room, family room, den, library, basement, separate laundry room, fireplace, workshop, other)

When should I talk to someone about my mortgage options?
There is nothing more frustrating that falling in love with a home, only to find out you can’t afford it. What’s the best way to avoid disappointment? Figure out your finances before you start looking.

Pre-qualifying for a mortgage is the best way to find out how much you can afford. Your financial institution will look at your income, expenses and debt to determine how much they will lend you. Combine that amount with the money you have for a down payment, and that’s your budget.

Once you have pre-qualified, consider  applying for a pre-approved loan. Then, when you  find the home you want to buy, it will speed up the purchasing process.

Want more information about planning your mortgage? See  Organizing Finances.

Who should I talk to about my mortgage?
Your bank is only one option. Mortgages are available through a number of financial institutions; you should shop around for competitive rates and options.

HLC Home Loans Canada  offers a wide range of mortgage products and home financing solutions. Whether you're buying your first home, considering a renovation, or looking into your next purchase, HLC Home Loans Canada has the options, choice and flexibility to meet your specific needs.

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