Home renovations have become increasingly popular among Canadians, with reports having shown that more than 40% of homeowners have either made home improvements in the past couple of years, or plan to soon.

There are many factors to account for when deciding if it’s the right time to purchase your first home, and you need to think not just about your own financial circumstances, but those of the property market, too.

Once you’ve decided that the time is right for you to purchase a home, you’ll likely start thinking about whether you want to choose a freehold property, or a condominium. Varying drastically, whichever one you choose will have a significant impact on both the cost of a home and how you can use it.

For many Canadians, purchasing their first home is a huge undertaking, and one that few take lightly. As such, it’s important that when buying a condo, you take just as much care and carry out just as much due diligence as you would when buying any other type of property.