Life has changed, and the home with multiple storeys just isn't being used the way it once was. Above all that, you have more bedrooms than you care to clean and more stairs then you care to climb.
"LET'S BUY A BUNGALOW!' You announce one evening.
Bungalows are an increasingly desired form of ownership for those looking to downsize or simplify their lives, but buying a bungalow is not always a less expensive alternative or an easy one at that.
First let's clarify the type of bungalows available in Calgary today.
1.TRADITIONAL BUNGALOW:
Predominantly built between the 1950's and 1980's. Typically quite modest, with 3 bedrooms up and one bathroom on the main level under 1200 sq.ft with a basement laundry and detached garage. In their original layout, these homes will require some updating to meet today's lifestyle.
2. MODERN BUNGALOW:
Styles have been evolving over the last 25 years but ideally are over 1300 sq ft., they feature no more than 2 bedrooms on the main level, offer expansive en suite bathrooms, vaulted ceilings, open concept living and dining areas, main floor laundry and attached garages.
3. VILLA BUNGALOW:
Similar to the modern bungalow but in most instances attached to another property. They often are walkouts, have no fencing and may have condo or homeowners association fees which include such things are landscape and snow removal.
4. STACKED BUNGALOW:
Usually smaller than a modern bungalow with both the main floor and upper unit offering one level living. A disadvantage of an upper unit is steep stairs up if mobility is an issue. Main floor units sometimes offer full basements and some offer attached garages. They are usually multi-family with condo fees and have an emphasis on greenspace and walkability throughout the complex.
5. APARTMENT STYLE:
The name speaks for itself but one level living in a apartment style building. Most over 3 storeys, will have elevators and underground parking. Condo fees can be higher but include many things like heat, water, amenities, professional management and insurance.
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Builders have been under pressure in the last 25 years in Calgary to increase density. For example the community of Lake Bonavista had a proposal of 16,174 persons for 1387 acres. Fast forward and the community of Mahogany will house 21,000 on 1300 acres.
WHAT DOES THIS MEAN FOR YOU THE CONSUMER?
Builders are maximizing their land and building up. this is more economical than building out so two storey(or even 3!) are far more common. In order to get the footprint for a bungalow you will be paying a premium for the required lot, or be be subject to a home that is attached or multi-family and this form of ownership will likely have potential rules you may not want.
WHAT IF I DON'T WANT CONDO FEES? OR I DON'T WANT TO GIVE UP TOO MUCH SPACE?
WELL THERE ARE SOME OPTIONS.
1. Many older communities have smaller bungalows offering reasonable pricing but may require some renovations to bring them to modern standards.
2. H.O.A. (Home Owner's Association) fees on some bungalows offer some perks such as landscape and snow removal with less expensive fees and more personal control.
3. There are ways to legally build a basement suite to allow a higher priced bungalow to provide income to offset the cost of the higher price.
4. You can find a 2 storey with good access to allow a stair lift company to install a lift for you.
If you have time to sit down with a Realtor, they can go over some of the current options and help educate you on what will be your best options and desires according to your budget and decide what will be the best for you.
INSIDER TIP- updating an original condition 50's and 60's bungalow in fringe inner city can net you some of the best capital gains in Calgary and are less volatile to market and economic fluctuations.
DOWNSIZING DOES NOT NEED TO FORCE YOU INTO SOMETHING YOU DON'T WANT. IT SOMETIMES MEANS EXPLORING DIFFERENT OPTIONS TO GET YOU INTO SOMETHING DIFFERENT YET PERFECT FOR THE NEXT CHAPTER OF YOUR LIFE.
ARE YOU LOOKING TO FIND OUT MORE ABOUT HOUSING AS WE AGE?
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