BUYER FAQs

What’s the difference between a detached home, a townhouse, and a condo?

Detached homes offer full privacy, yard, and freedom to renovate, but come with higher maintenance costs and property taxes.

Townhouses share walls with neighbours. They’re typically more affordable and private than condos, with small outdoor spaces. They often have homeowners’ association (HOA) fees.

Condos are the most budget-friendly, with minimal maintenance, but will have monthly condo fees, building rules, and less control over renovations.

Choosing depends on your budget, lifestyle, and how much responsibility you’re ready to manage.

What do “waterfront,” “lakefront,” “lakeside,” and “lakeview” really mean?

These are not the same - and the differences directly affect cost, taxes, insurance, and lifestyle in Ontario’s Lake Huron region.

• Waterfront: Your property physically touches the water, with direct shore access. This premium comes with extra responsibilities like shoreline maintenance and possible conservation agreements.

• Lakefront: You have unobstructed view of the lake, usually across municipal land or a path—not always private shoreline access. Still highly desirable, without waterfront price tags.

• Lakeview: You can see the lake from your window or deck, but not adjacent to it. Views (even partial) can boost resale value, but less exclusive than lakefront.

• Lakeside: Your home is near the water, within walking distance, but may not have a view or access. Often the most affordable lakeside option.

Each brings a different level of privacy, views, and maintenance—so it’s important to understand exactly what each listing means. Linda Bowers, fondly called ‘Lakeside Linda’ can help you find the best option in each of these listing types to meet your needs.

Why are the waterfront, lakefront, lakeview differences important when buying in Kincardine or Bruce County?

The terminology affects:

• Price & resale value: Waterfront > Lakefront > Lakeview > Lakeside

• Insurance costs: Waterfront properties can be higher risk

• Maintenance obligations: Shoreline upkeep, docks, erosion

• Zoning & access: Public vs private access, conservation restrictions

• Taxes will differ significantly in each of these types of listings.

As your REALTOR®, Linda Bowers will review surveys, easements, and title information to ensure you know exactly what you own and who has rights to the shoreline.

Should I buy new construction or resale?

• New builds offer modern design, builder warranties, and low maintenance—but can come with premiums, longer wait times, and less negotiating power.

• Resale homes are often priced to sell, located in mature neighbourhoods, and easier to view quickly. But they may need more upkeep or updates.

Together, we’ll weigh costs, timing, and maintenance expectations to help you decide what suits your season of life.

How much down payment and which mortgage type do I need?

• In Canada, you need a minimum 5% down on homes under $500,000 and more over.

• Under 20% down, mortgage insurance is required (via CMHC).

• You’ll choose between fixed-rate mortgages (stable payments) and variable-rate mortgages (can save interest, but with risk).

• Mortgage amortization (typically 25 years) affects monthly payments and total interest.

• Use the Budget Planner and Mortgage Comparison Tool at BowersHomes.ca/resources to see what fits your budgets and goals.

What other costs should I budget for besides the purchase price?

• Closing costs (legal fees, land transfer tax, adjustment costs)—typically 1.5–4% of purchase price; first-time Ontario buyers may get up to $4,000 rebate.

• Home inspection (usually $300–$500)

• Home insurance & utilities (hydro, gas, water, internet)

• Ongoing maintenance (roof, furnace, snow removal, landscaping)

• Condo/townhome fees, if applicable

Get a Free copy of the First Time Home Buyers Budget Planner (a Google Sheet) to track these essential costs.

Should I include conditions in my offer?

Yes—conditions like financing, home inspection, and insurance approval protect you. They keep you legally safe until everything checks out.
If you go in with a “firm” (no conditions) offer, you risk losing your deposit or being forced to proceed—even if serious issues come up.

Linda Bowers, BowersHomes.ca will help you create offers that are strong yet smart.

Can I buy with a partner or friend?

Absolutely. But here are a few things to consider:

• How to split costs (down payment, mortgage, maintenance)

• Co-ownership legal structures (“joint tenancy” or “tenants-in-common”)

• What happens if one wants to sell later

Speaking with a real estate professional, like Linda Bowers, BowersHomes.ca , can provide guidance and put you in touch with a legal team to help with co-ownership guidance.

Why use a local Ontario REALTOR® like Linda Bowers?

• I know Kincardine & Bruce County—market trends, local costs, lakefront regulations, seasonal restrictions.

• I have a vetted network of local mortgage brokers, lawyers, inspectors, and insurance experts.

• I’m your advocate from negotiation to closing—and beyond.

My goal is to simplify your journey, protect you legally, and help you feel confident with every step.

What’s the best place to begin your first‑time buying journey?

Start with education and confidence:

1. Download the First‑Time Home Buyers Guide 101

2. Explore the toolkit at BowersHomes.ca/resources

3. Book your free discovery consult and get answers tailored to your timeline, budget, and goals

I’m here to help you move from wondering to owning—cheerfully, clearly, and confidently.

What is my budget?

“What’s my budget?” Or “How much can I afford?” Is a question real estate agents are often asked.  It was Kevin O’Leary who recently said you shouldn’t spend more than 1/3 of your after-tax income on a mortgage payment in 2025.  Linda Bowers is a real estate broker who is happy to sit down with you to review all the factors you need to consider, from your financing options to additional costs. Her goal is to ensure you're comfortable with your budget so you find a home that truly complements your lifestyle and financial plans.

What are the current interest rates?

Current interest rates are continually changing. With the real estate landscape constantly evolving, Linda keeps a close eye on interest rates and market trends. She’ll provide you with up-to-date information so you can secure a loan that works best for you. You can check online comparisons with RateHub.ca (a Canadian Company) https://www.ratehub.ca/current-mortgage-rates-ontario

What type of mortgage should I choose?

Choosing a mortgage is as personal as the home itself. Linda will guide you through the different types of mortgage available and can connect you with trusted lenders locally who can help tailor the best solution for your needs.  See Our Team page.

What is the state of the local real estate market in Kincardine area?

Kincardine's market has its unique dynamics. As someone deeply familiar with this region, Linda Bowers can offer insights on whether it's a buyer's or seller's market, helping you make informed decisions. One type of property that never goes out of style is lakefront property!

Are there any additional costs involved in buying a house?

It’s important to consider all additional costs when buying a house. Transparency is key. Beyond the purchase price, Linda Bowers will help you look at closing costs, property taxes, and maintenance expenses, ensuring there are no surprises down the road.  She can even offer some insight for insuring your mortgage.

What should I look for during a home inspection?

Linda Bowers works with experienced inspectors who you can count on providing a thorough evaluation. She’ll help you focus on the structural integrity, systems, and any potential red flags to make sure your investment is sound. The Century 21 In-Studio website has a whole section on “The House” describing 16 different components of a house that you should be familiar with when buying a home.

How is the neighborhood?

Knowing the neighbourhood is essential, something that may be overlooked if you don’t have an experienced real estate agent on your side. Linda Bowers guide you, exploring the community together, you’ll meet some neighbors, and see what the neighbourhood you’re considering offers in terms of safety, schools, and leisure—so you not only love your home, you love where it is too.

What is the resale value of the property?

Resale value is something most people will ask about when buying a home or property. Linda Bowers can provide you with a detailed market analysis that considers both current conditions and future projections to help you understand the potential resale value of your property.

Are there any restrictions or covenants on the property?

Restrictions or covenants on the property are another element of transparency you need to ensure you’re fully informed about. Are there any HOA regulations, zoning laws, or property covenants? An experienced real estate broker, like Linda Bowers, helps to ensure there are no unexpected limitations on what you can do with your home.

How long has the property been on the market?

Most listings will tell you how long the property has been on the market. This information can be a helpful negotiating tool. Experienced brokers like Linda Bowers, will provide detailed background on the property's journey to help you leverage its market history effectively.