FREEHOLD VS CONDO: WHICH TOWNHOUSE SHOULD YOU BUY?

By: Karl Wulf

FREEHOLD VS CONDO: WHICH TOWNHOUSE SHOULD YOU BUY?

Tags: KARL WULF REAL ESTATE GROUP,BURLINGTON REAL ESTATE,HAMILTON REAL ESTATE, GRIMSBY REAL ESTATE, TOWNHOUSE OR CONDO

 What’s the difference between a Freehold Townhouse and a Condominium Townhouse? 
 
There can be quite a few differences including:

Let’s break it down…
 

FREEHOLD

Freehold ownership means that you own the land and house outright, with no space co-owned or co-managed with owners of adjacent homes. You are also solely responsible for the maintenance and upkeep of your property, and the property taxes associated with it. 

Advantages

Disadvantages

Buying a freehold townhouse can be a great choice, especially if you’re looking to sell in the future. They typically fetch a higher price and are currently more desirable in many urban areas, due to the fact that they hold their value better.

CONDOMINIUM

Condominium ownership means you own the individual unit you live in and share in the ownership of common spaces. Common areas may include parks, playgrounds, visitor parking and, occasionally, outdoor pools.

You are responsible of the upkeep of the interior of your unit, your property taxes, and you pay a monthly “condo fee” towards the costs of maintaining common spaces and, if applicable, any amenities.
 
You and the other owners of units vote in a Board of Directors from within your Complex to manage the common areas in conjunction with the Condominium Corporation.  The board and corporation make decisions about using and maintaining the common space and how the annual budget is allocated.  This process follows strict guidelines through the Condominium Authority of Ontario (CAO) and an Annual General Meeting is held at least once a year that all unit owners are encouraged to attend.

 

Advantages

Disadvantages

Before going ahead with the purchase of a condo townhouse, you should have your lawyer review the Status Certificate which gives an overview of the stability of the Condo Corporation and explains the rules and regulations, by-laws yearly budget and the reserve fund.  Be sure you know the boundaries of your unit and what repairs and maintenance are covered by the corporation.

Please feel free to contact any of our experienced Sales Representatives to book a FREE, NO OBLIGATION personalized Buyer consultation and receive a copy of our detailed Guide to Buying Your Home!
 

 

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