Three Affordable Home Styles For First-Time Buyers

December 11, 2020 7:00 am Published by Terry Paranych Real Estate Group

For most first-time buyers, affordability is the number one priority for choosing the right home. The good news is, Edmonton features a variety of diverse and budget-friendly home styles, guaranteed to suit every lifestyle and personality.

Here are three affordable and first-time buyer-friendly home styles you’ll want to consider:

Apartment-Style Condos

Average Price: $230,688*

Minimum Down Payment: $11,534

Depending on the size, style and location, apartment-style condos are perhaps the most affordable home style around. For this reason, they are a popular choice among first-time buyers looking to enter the market and build valuable home equity. They’re also extremely low-maintenance, making them an attractive option for working professionals unable to take on the time and/or expense associated with shovelling snow, mowing the lawn and other outdoor chores (note, you will likely need to pay condo fees, however).

Another advantage of apartment-style condos is that they offer incredible versatility in location, style, and price point. Whether you’re in the market for an industrial-style loft in downtown Edmonton’s warehouse district or a modern, two-bedroom in one of the city’s newest suburban neighbourhoods, there is a unit to suit every taste and budget.

Other advantages of apartment-style condo living include:

Affordable utilities – This home style will likely cost you far less in terms of heating, cooling, electricity and water.

Security – Keyless entry, underground parking, video monitoring and on-site personnel are just a few of the many security features you may benefit from while living in an apartment condo community.

Exclusive amenities – As part of your condo fees, you may enjoy access to exclusive on-site amenities, including a spa or gym, swimming pool, recreation room, etc.

Amenity-friendly locations – On-site amenities aside, apartment-style condo communities can be found near shops, services, schools, parks, restaurants, entertainment venues and more.

Townhomes

Average Price: $230,688*

Minimum Down Payment: $11,534

Townhomes are another favoured home style for first-time buyers – not just because they’re affordable but because they come equipped with features you won’t find in an apartment-style condo. For starters, townhomes are multi-storeyed units that typically include a main floor, upper floor, and basement. While this doesn’t necessarily amount to more square footage, it is more comparable to a single-family home.

Townhomes may also come with their own double or single garage and private rear yard space. And, as many townhome communities are overseen by a homeowner’s association (HOA), they tend to make an ideal choice for those seeking a low-maintenance lifestyle. Here again, you may be required to pay condo fees, but these are generally offset by little to no costs associated with outdoor maintenance.

Other advantages of townhome living include:

No neighbours above or below – You will only share a neighbour on either side (or just one side if you happen to live in an end unit).

Optional condo fees – Some townhome developments are condo-fee-free, though this will require you to perform your own outdoor upkeep.

Tight-knit neighbourhoods – With so many friendly neighbours close by, townhome developments offer an unparalleled sense of community. This also results in a heightened sense of security.

A variety of styles and floorplans – Townhomes come in all sizes, shapes and price points.

Great locations (ample nearby amenities) – Townhome developments can be found in nearly every neighbourhood in Edmonton, next to shops, services, schools, parks, restaurants, entertainment venues and more.

Potential for a finished basement – You have the option to purchase a townhome with a finished basement (or finish it yourself) for added living space.

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

Duplexes

Average Price: $337,784*

Minimum Down Payment: $16,889

Duplexes tend to offer all the benefits of a single-family home without the price tag. Like a single-family home, they provide multi-level living, including main floor, upper floor and basement, with a comparable amount of square footage. And, unlike a townhome which may see neighbours on either side, duplexes share only one wall, allowing for a greater sense of privacy.

Like a single-family home, duplexes come equipped with a garage (front attached or rear detached), driveway, and plenty of private yard space. Additionally, they provide a similar number of bedrooms and bathrooms, spacious common areas and ample storage.

Lastly, duplexes offer first-time home buyers an opportunity to make additional income. While this will require purchasing the entire duplex (not just one side), you’ll have the chance to offset your mortgage– allowing you to enjoy more affordable monthly payments, pay your loan off faster and build valuable equity.

Other advantages of duplex living include:

A variety of styles and floorplans – Duplexes come in all sizes, shapes and price points and can be found in nearly every neighbourhood in Edmonton.

Lower maintenance – Generally less maintenance than a single family-home (some duplex units may also be overseen by an HOA).

Personalization – So long as an HOA doesn’t govern your unit, you can personalize your home’s interior and exterior to your heart’s content.

A place for pets – With the additional square footage and yard space duplexes provide, they are extremely pet-friendly.

Great locations (ample nearby amenities) – Duplexes are particularly popular in Edmonton’s suburban areas, next to shops, services, schools, parks, restaurants, entertainment venues and more.

Potential for a finished basement – You have the option to purchase a duplex with a finished basement (or finish it yourself) for added living space.

Work With a REALTOR®

If you’ve been thinking of buying your first home, we recommend partnering with an expert Edmonton REALTOR®. Friendly, knowledgeable and backed by years of experience, your agent will work hard to find you an affordable first home guaranteed to suit your unique needs and lifestyle.

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
Navigating the Edmonton Real Estate Market
Tips on House Hunting
And a whole lot more!

*Average prices based on recent data from REALTORS® of Edmonton

Related:

Photo credits: shutterstock.com

Tags: buying

Categorised in: Buying a Home, First-Time Home Buyer

This post was written by Terry Paranych Real Estate Group