Are you ready to move in together? Here’s a little piece of advice:
The health of your relationship is directly proportional to the suitability of your living quarters. Believe it!
As a relationship progresses, it only seems natural to start thinking about investing in real estate with your partner and thereby purchasing your ‘matrimonial home’. It’s an exciting adventure and once you have taken the time to discuss together the specific legal and financial aspects of home ownership as outlined in my Facts before Contracts: A comprehensive list of questions and concerns for partners considering a purchase in real estate; it’s time to determine your needs and wants, individually and as a couple.
Each partner brings to the relationship strongly ingrained ideas of the lifestyle they choose to live, borne from repetitive behavior that over time has created habits to appease our primal levels of comfort; forming what each of us calls our home environment. These are your basic needs. In order to begin discussing them with your partner, you must be honest with yourself and understand why it is you need the basics. Do not compromise on these needs or else you will have no chance of feeling comfortable in your new home. Spending time alone in private thought to write down these important points is critical and once you compare your notes with your partner you may be surprised to see they are quite similar.
Your wants are the second most important part of the equation. This is where you get to be creative and explore the possibilities of a living space that you’ve only dreamed of designing and decorating. The first question you must ask, aside from what location do you want, is what type of home do you want to live in, condominium? Loft? or city home? There are advantages and disadvantages to each; all of which affect the overall enjoyment of your new home.
Condominium living is very different than owning a single family dwelling because although you hold title on your individual suite, you also share the costs of maintaining and operating the rest of the complex through monthly maintenance fees; which may prove to be less expensive. The residents elected to the Board of Directors make routine decisions; but yearly the owners and residents are invited to the Annual General Meeting to review financial statements and vote on major issues. Condominiums create an instant sense of community allowing for a ‘turn key ‘piece of mind should you choose to go away. Although there are many advantages to this type of home ownership, it is not for everyone. There may be many restrictions regarding pets, usage, and quiet enjoyment of your suite. Be sure to read over the condominium rules and regulations before committing to purchase any suite.
Similar to condominiums are Lofts. The concept of ownership is the same but the style of home is quite different. Condominiums tend to be of a more traditional style with 8 to 9 foot ceilings, regular shaped rooms, and standard window sizes. Lofts offer a much less structured form of living space allowing for more creativity and design possibilities. Often developed from heritage or currently existing office/industrial buildings Lofts can provide incomparable charm and untraditional open space with exposed brick, exceptional ceiling heights, post and beam construction, exposed concrete ceilings, and oversized windows. Although it is easy to become swept away while viewing a loft property, try not to ignore the ‘not so obvious’ pitfalls of loft living.
Firstly, depending on the type of construction of the building, there may be concerns with noise transfer between floors and suites. If the suite itself is open concept with half walls or no walls don’t forget that everyone needs privacy at some point and noise within open space travels well. If you and your partner have different schedules, be aware that even the quietest person makes noise and can disturb the other partner without trying. Secondly, depending on the ceiling height and the efficiency of the heating system, you may have cause for concern regarding heating costs, especially with our new hydro deregulation program. Lastly, if buying new, most loft conversions are not covered under the Ontario New Home warranty because part of the complex is an existing building so research the developer well.
If condominium ownership is not your style and loft living doesn’t suit your needs; explore the possibility of freehold city home ownership. Here there are no rules to follow when it comes to your property other than regulated city by-laws. This type of ownership allows you to feel closer to a neighbourhood. The pride of ownership you hold for your home can be nurtured and expressed on the exterior for all to see. As a couple, you can enjoy shared home projects, working together or in tandem to build a home environment that will bring you years of pleasure. There is more work involved when owning a freehold property. It is your responsibility to maintain all service contracts and landscaping, remove garbage, and ensure the security of your property. It is your property.
In the end, it’s not a simple decision for some deciding where and within what type of home they wish to live but once those choices have been made the rest just seems to fall into place. Have an in-depth discussion with your partner about the type of property you dream of owning together and be sure your partner isn’t just saying yes to make you happy because in the end neither one of you will be satisfied. Whether or not this home is short term or long term, remember to stay true to your instincts. If you think something about a property is going to bother either one of you, it probably will. You both must feel at home first before you can ever hope to enjoy your home!