Looking for a change? A new project? Looking to invest in real estate? Whatever your reason for sifting through property listings, you first need to know the key criteria to make an informed choice. A condo? A cottage? Which one to choose?

Divided co-ownership

Divided co-ownership is the formula people often think of when they consider a condominium.When you become an owner, your purchase is limited to a private portion (the dwelling, parking, balcony) and a percentage of the common areas (yard, pool, private gym, etc.). The building’s management is entrusted to a condo owners’ association (or syndicate of co-owners) or a management firm, for a monthly fee.

Undivided co-ownership

When you buy an undivided property, you become a co-owner of the entire building.Financial and legal limitations aren’t then set according to individual units. For example, if one of the units has a problem, all the owners will have to contribute financially.

To learn more about the differences between a divided and undivided co-ownership, read our article on the subject: Choosing between divided or undivided co-ownership.

Single-family home

This type of property refers to any independent building that houses a single dwelling and includes exclusive-use land. This then eliminates bachelor apartments or other rental accommodations. A single-family home can be a bungalow or a multi-story house, with or without a garage.

Opting for a single-family home means choosing absolute freedom and comfort! You’ll enjoy space both inside and out, with the option to finish your basement according to your needs and create your own haven of peace with a garden or terrace. No more upstairs or downstairs neighbors! It’s the ideal environment to watch your family grow while savoring life’s simple pleasures, no matter the season!

Intergenerational home

This type of property brings together multiple generations, often parents and children, under one roof, in distinct but connected spaces.

This is the perfect solution for families wanting to live with aging relatives, or for parents looking to rent out a part of their home to their child. It’s worth noting that not all municipalities permit the establishment or conversion of a house into an intergenerational dwelling.

To learn more about this type of property, read our article on the subject: Living together, living better: the advantages of an intergenerational home.

Second home

Whether it’s a house or an apartment, a second home (sometimes called a pied-à-terre) is an additional property bought for occasional use by the sea, in the countryside, or in the mountains.

Cottage

A chalet is a country house usually located near a lake or a mountain. A chalet is, by definition, a second home, since it’s primarily used for vacations.

Buying a chalet offers the best of both worlds: a peaceful retreat where you can recharge, and a source of additional income through rentals. An investment that combines pleasure and profitability!

How to become a chalet owner in Quebec? Check out our article!

Revenue property

When you buy an income property, you become both the owner and the landlord.

• You’ll have tenants to manage.
• You’ll need to ensure the building’s maintenance.
• You’ll need to collect rent monthly.

Income properties can be a duplex, a triplex, a quadruplex, or residential buildings with a larger number of units. When you acquire such a property, you’re truly getting into business. This is a great option for generating regular additional income.

Still not sure which type of property best suits your profile and your wallet? Consult your real estate broker for personalized advice.