With Canada’s housing market continually growing, many people may be considering property investment. Buying a home is a great investment to make, and it’s definitely a decision that you should carefully consider; not only can you build your wealth but you should also be aware of the different options – and challenges – you may be facing.
There are different property types that you can invest in, depending on your unique goals. When you purchase property, it’s generally a long-term investment, which is why it should be an informed one. The Canadian Real Estate Association (CREA) says that apartment prices have increased more than 13 percent on average during the last year and that the prices of townhouses increased 16 percent.
If you are unsure about investing in property or need more information on how you can find out about the different property types available, speak to the Mortgage Guys in Guelph. It’s important that you familiarize yourself with all the benefits and pitfalls of property investment so that you can make an informed decision about what you want to invest in.
Different Property Types
When it comes to properties in Canada, there are different types available for you to consider. From duplexes to cottages, each of these has their own benefits to offer and the one you invest in will depend on your personal needs as well. You may want to stay in the house yourself, or you may buy with the purpose of renting out to tenants.
Colonial style houses are often seen in urban areas, especially in affluent locations. These are also detached properties, and they are larger with bigger gardens too. They are quite popular among home buyers. You can also choose a semi-detached house in the city, which may have the same outdoor size but often a smaller garden. Urban areas can also have bungalows as a popular property option.
Cottages, or small houses, are often seen in rural areas and they are smaller than Colonial style houses. These houses often have only two bedrooms and limited living space. Urban areas also have duplexes, which is very similar to an apartment, and the buildings are usually detached. Townhouses often have more than one storey and are narrow. These properties often have limited outdoor space.
Mortgage Guys in Guelph specializes in a variety of services for home buyers. From sound financial guidance to assistance with mortgage applications and even debt consolidation, we have you covered. Speak to our friendly team today for more information on how we can assist you.