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[edit] What type of home is right for you?
- There are three categories of home ownership: freehold, condominium and cooperative.
- Each has its benefits and drawbacks.
- Consider which type will work best for your needs and your lifestyle.
- If you are uncertain, a real estate agent would be able to discuss it with you and help you to narrow down your choice.
[edit] Freehold
- Freehold homes offer two significant benefits: freedom of choice and privacy.
- Since you own the structure and grounds, you're free to decorate and renovate whenever and whatever you want.
- However, all maintenance (indoors and out) is your responsibility.
- Be prepared to spend time and money taking care of your home.
[edit] Condominiums
- Condominiums are typically less expensive to own than a detached house.
- With a condo, you own (and are responsible for) the interior of your unit.
- Upkeep of the building and grounds is handled by the condominium association, which is funded by monthly fees collected from tenants.
- The down side? Condo residents enjoy less privacy than residents of detached homes, and often have to adhere to strict rules regarding noise, use of common areas, renovations, etc.
[edit] Cooperatives
- Co-ops are like condominiums, except instead of owning your unit, you own a percentage of shares in the entire building.
- One drawback to living in a cooperative is that if you decide to sell your shares and move out, the co-op board has the right to reject your prospective buyer.
[edit] Related Information
This is one of a series of articles about Housing in Canada.
