Types of homes - Single family home

This is another post in the series of buying a home in Canada.  One of the options is to buy a single family home.  As someone who bought such a home, even in the US, I find a lot of similarities between the States and Canada.

What is a single family home?

It is an independent house like a bungalow often with a yard and garage. The important thing is that you are not paying Home owners association fee because you will not be getting their services. So you own the complete upkeep of the house. They are typically bigger than condos, townhouses,  semi-detached houses. That is why they tend to be more expensive as well.

Few things to consider

1. Most of them will have storeys i.e. have few rooms on one storey and rest on the others. Some of them will have just one storey and a basement. You 'd consider that style if you don't like stairs.

2. Most houses have a basement and it is interesting to see how people use it. This is a pro, which you don't get in a condo and you might not get it or have smaller version of it in a townhouse.

• An entertaining room - Lot of people use it as home theater with TV, games, books. They use it as a way to have their parties and hang out with family and friends.
• Rent it out as an AirBnb - You can generate additional income. We recommend to do some research before pursuing this option. Your room/basement should satisfy certain safety requirements (eg: good size window for a firefighter to enter) otherwise should any untoward incident, you could be liable to pay back the rent to the tenant. 
• Gym - People furnish it with treadmills and weights and use it as a fitness area. Conversely, it can be turned into a yoga/pilates room. 
• Storage space - For the many houses we saw, it provides ample space for you to store your things.

3. You would have invest in a few accessories, which you otherwise wouldn't have to do for a condo/townhouse. Depending on how you see it, it may be a pro/con. 

• Lawnmower and other tools to maintain your lawn. This is definitely a cost you would incur but if you are someone who loves to do yard work then it is a pro for you. You can get really creative and build urban gardens in your lawn. You definitely have this benefit if you love gardening.
• Snow removing equipment - Winter definitely brings more work for this type of a home. The stairs to your house and driveway will have snow during those days. When you look at buying a house, look at how big the driveway and stairs into the house.
• If you at least have a garage, you could have an alternate entry to the house but you would still have to clean up the driveway.
• You will have to take care of pest control too. There are companies that offer packages to do the same.

4. Garage is one of the things to consider. Most single family homes might have it but if they don't have it then during winters you will spend time every morning cleaning up the snow/ice/sleet on your car, if you use one for traveling. Some people use their garage as storage too. Garage is a big pro.

5. No HOA fees - While you don't pay fees, you will be responsible for every aspect of your house.
Some of the biggest considerations are as below. Take note of it during the inspection that will be done.

• Roof - Know in how much time the roof will have to be replaced. New roof can cost about $15K CAD.
• Heating - In older houses, you will have oil furnace heating. Heat pumps are efficient. No problem if you buy an older house but consider replacing it with heat pump. It will definitely get you a lesser heat bill.

6. Many DIY projects can be done for your home. You can add new cabinets, do work around your yard and do some interior designing work. Depending on your preference, it can cost a couple hundred or thousands. But it will get your a lot of satisfaction!

Final take

Investing in such a home in the correct area can prove to be very beneficial if you were to sell it. But you should take note of different elements as mentioned above for you to balance cost vs. benefit.

Disclaimer - We are not real-estate agents but are sharing our research with you. Please do your own research before you proceed forward. This blog post is to be able to point you in the right direction.


Useful links -
1. Want to consider a condo?