Selecting a Home Type Often the selection of a first home is a chance event...   friends are selling their condo and will give you a great deal if you buy from them privately. you drop into a new home sales office and "fall in love" with a particular model, not to mention the charming sales pitch of the well-practiced salesperson. your realtor comes across the perfect little semi...and suggests you snap it up quickly "before someone else does". 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 Re-Sale Home (vs. New from Builder) PRO Price is lower because of some wear and tear. (which varies greatly - check closely!) You get the benefit of upgrades (finished basement, pool etc.) at a depreciated price. Established neighbourhood..current neighbours/ other variables are a known quantity. CON The home has been used by others. There is no "warranty" for major repairs required by law, although it can be specifically arranged. You often inherit someone else's taste in decorating, which can be expensive and time consuming to change at retail prices. New 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.