Condominium Apartments/Suites/Units: Condominiums (also called “condos”) are a type of ownership rather than a type of home. Most commonly, condos exist in multi-unit buildings. These buildings might consist of only a handful of units, low-rise or they could be high-rise towers. They can be either an apartment, stacked condo (more than one floor). The idea is that you own the condo unit, but not the rest of the building or the land. You pay monthly fees to a condo corporation that handles maintenance and repairs as required. Condominiums are attractive to first-time homebuyers because they are usually one of the less expensive options. Typically, the more amenities such as pools, gyms, concierge, visitor parking, etc., the higher the maintenance fees. These fees are usually based on the square footage of the individual unit. Seniors and people that do a lot of travelling are also attracted to condominium apartments.
Condominium Townhouse/Row House: A townhouse is a home attached side by side to a series of other homes. Each unit has its own outside entrance but shares a common wall. End units (only attached by one common wall can be more expensive, (similar to a semi-detached) usually having more windows on the exterior wall. In some complexes the maintenance fees include the entire outer shell, meaning the roof, doors, windows are the covered by the condominium corporation.
The difference between a Condominium and Freehold: With a freehold home, you are the owner of the home itself and the plot of land it sits on. A condominum differs in the sense that you only own the interior of a unit.
Freehold Townhouse/Row House: A townhouse is a home attached side by side to a series of other homes. Each unit has its own outside entrance but shares a common wall. End units (only attached by one common wall can be more expensive, (similar to a semi-detached) usually having more windows on the exterior wall.
Semi-detached homes have separate land and separate entrances but share a common wall and sometimes common parking. Owners are responsible for their side of the property. Including windows, driveways.
Freehold Single/Detached: A single/detached home is free-standing. You own the land and the home. Because you are responsible for all related costs yourself, it tends to be the most expensive type of housing. The benefit is that you have more space and more control.
Freehold Duplex/Triplex: A duplex/triplex looks like a single home but has been reconfigured into multiple units. One individual typically owns the property and the additional units are rented out. Many buyers see this as an opportunity to earn immediate income from the house they own. These can be either semi-detached or fully detached.
Knowing the difference of the types of homes, is important as some buyers are unaware of maintenance fees, what they may or may not include. What are the condominium by-laws? What utilities are included in the maintenance fees? Are pets allowed? Is a Freehold home a better idea?
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