June 3, 2022

Buying a Single-Family Home: The Pros and Cons

Do you dream of both size and privacy? A single-family home could be the best choice to satisfy your desires and meet your lifestyle requirements. Discover the advantages and disadvantages of this type of property by reading this article.

1. What Is a Single-Family Home?

This includes all properties that contain only one dwelling and have land dedicated for their own use. It doesn’t matter if it’s a one-storey or two-storey house, with or without a garage, if it’s inhabited by a single family.

In fact, this type of property is the most popular in Quebec. According to data compiled by the Quebec Professional Association of Real Estate Brokers (QPAREB), 67,914 single-family home sales were closed in 2021, which is 10 per cent less than the previous year. In addition, the median selling price of single-family homes was $365,000, an increase of 24 per cent compared to 2020 and 56 per cent compared to the previous five years. The average time to sell, meanwhile, is now estimated around 51 days, a 40% decrease from the previous year.

2. The Advantages of a Bungalow or a Cottage

Space, peace, and privacy are probably the main advantages of owning a single-family home. In addition to having more living space, you will have the possibility of developing the basement, as well as a garden or a terrace: enough to see your family grow and enjoy the small pleasures of life in any season!

Do you want to expand your home or make some renovations? As the owner of a single-family home, you will be the only one to make all the decisions concerning your property, apart from those requiring a municipal permit.

3. The Disadvantages of a Single-Family Home

The price is probably the biggest drawback when looking for a single-family home. For some buyers, this can be a big enough deterrent to prevent them from pursuing other dreams. If that’s the case for you, a real estate broker could certainly help you find the ideal home at the best possible price.

Furthermore, a single-family home will require more maintenance, both inside and out. This means that you may need to devote more time and energy to these responsibilities than if you lived in a condominium.

Are you single or in a couple? A smaller property would probably allow you to pay less to meet your needs. So, think about it!

4. The Costs to Consider

Since the cost of a single-family home is generally higher than that of a condo, semi-detached house, or a townhouse, it is likely that your down payment and mortgage will be bigger. Nevertheless, it will allow you to acquire a higher value property. And by choosing a good location, you’ll maximize your chances of increasing the resale value of your property.

In addition, since the welcome tax, as well as property and school taxes, are calculated based on the value of a property, they will generally be higher than for another type of property.

In short, whether or not you decide to buy a single-family home, the important thing is to consider your long-term needs. Before taking the next step, determine a list of criteria; this will allow you to benefit from a profitable investment, while avoiding unnecessary moving costs.

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