City dwelling versus suburbia - which is cheaper?
For those who live in a larger city, the lower prices of homes in the suburbs can be attractive. However, when you compare carrying costs for a typical property in the suburbs to something similar inside the city limits, which comes out on top?
In recent years, a growing trend in real estate seems to be for families to set their sights on single family homes outside the city where they make their living. Property values are typically less expensive, and a quiet suburb seems like the perfect place to raise a family.
However, there's more to home ownership than the cost of the property itself. This article from the Globe and Mail compares typical carrying costs of a property inside the city to one in the suburbs over 40 years. The purchase price of the home, the down payment, default insurance, mortgage payments and automobile carrying costs are compared.
When shopping for a home, it is important to compare not only the properties themselves, but the full cost of living. What is cost effective for one family may not be suitable for another. To discuss what options are available to you, talk to an Ottawa Mortgage Broker.