3 Must-Have Home Styles For First-Time Buyers

If you’re thinking about buying your first home but stuck on what kind of property is right for you, we’re here to help!

Here are three must-have homes styles for first-time buyers:

1. Affordable Apartment Style Condos 

Average Price: $225,138*

Minimum Down Payment: $11,257*

Extremely budget-friendly, apartment-style condos are a great option for first-time buyers. Not only can they be found in nearly every community in Edmonton, but they’re also incredibly low maintenance. This makes them ideal for busy working professionals who don’t have the time to deal with the mowing, landscaping, shovelling or other exterior chores (though you will likely need to pay condo fees).

Other Apartment Condo Advantages:

• Affordable first-time equity
• Improved security
• Designated parking
• On-site amenities (i.e. fitness room, pool, outdoor spaces)
• A variety of sizes, styles and floorplans
• Great locations (ample nearby amenities)

2. Versatile Townhomes

Average Price: $225,138*

Minimum Down Payment: $11,257*

Townhomes are also a popular option among first-time buyers thanks to their affordability. Here too, they tend to be extremely versatile, as they can also be found in every quadrant of the city. However, unlike apartment-style condos, townhomes typically come with their own private outdoor space, multiple levels (even a finished basement, in some cases) and a garage. Maintenance may also be optional, depending on whether the property is freehold or governed by an HOA.

Other Townhome Advantages:

• Low property taxes
• Own your own lot options
• Improved security
• Tight-knit communities
• A variety of sizes, styles and floorplans
• Great locations (ample nearby amenities)

3. Spacious Duplexes 

Average Price: $331,963*

Minimum Down Payment: $16,598*

Lastly, those looking for a first home that’s more akin to a single-family property are sure to love living in a duplex. Unlike an apartment or townhome, which may be flanked by two neighbours (or more), duplexes share only a single side. Roomy and private, these units offer plenty of square footage (many including multiple bedrooms and bathrooms), private yard space and a single or double garage (attached or detached).

Other Duplex Advantages:

• A range of price points
• Multiple levels (potential for a finished basement)
• A variety of sizes, styles and floorplans
• HOA (low maintenance) units available
• Driveway space
• Ample storage space
• Great locations (ample nearby amenities)

See our previous post: The Benefits of Townhome and Semi-Detached Duplex Living

Talk to a REALTOR®

We recommend working with an experienced Edmonton REALTOR®. Not only are they knowledgeable and understanding when it comes to the first-time buying process, they’ll also work hard to find you a fantastic, affordable home that ensures your happiness now and for many years to come.

For further first-time buyer information, we invite you to download your FREE copy of our Step by Step Guide For Buying Your First Home. Here, you’ll learn everything you need to know about:

• Saving for a Down Payment Determining How Much You Can Afford
• Getting Pre-Approved
• Establishing Your Wants vs. Needs 
• Tips on House Hunting
• Navigating the Edmonton Real Estate Market 
• And Much More! 

Related: 

• First-Time Home Buyer FAQs
• 8 Mistakes to Avoid if You’re a First-Time Home Buyer
• Struggling to Save for a Down Payment? These First-Time Buyer Programs Can Help

*Average prices are based on REALTORS® Association of Edmonton Monthly Statistics, townhomes are classified as condominiums in these updates   

Photo credits: Shutterstock.com

Categorised in: First-Time Home Buyer

This post was written by Terry Paranych Real Estate Group