Whether you’re a first time buyer, looking to purchase a small entry level dwelling, or a homeowner planning to downsize to a smaller residence, you’ll likely be faced with a very common dilemma — choosing between a freehold townhome or condominium townhome.
The difference between buying or selling a freehold property and condominium townhouse all has to do with ownership. With a freehold home, you are the owner of the home itself and the plot of land it sits on. A condo townhome differs in the sense that you only own the interior of a unit. The lot a condo townhouse sits on top of is collectively owned by all unit owners.
When it comes to determining what option is best for you it largely depends on personal preference and what you're looking for in a property.
The Pros of Freehold Real Estate:
- You don't have to pay a monthly maintenance fee if you purchase a freehold home.
- There are no rules and regulations. You are free to maintain the property as you see fit, suited to your budget. You can also build decks, plant gardens, and paint your house without having to get any special permission, like you would with a condo.