Is a freehold better than a condominium?
It all depends on your circumstance – there are lots of reasons why some people are choosing the condominium alternative over classic freehold ownership.
The Classic Freehold
You own the land and the house outright and are the sole decision maker when it comes to maintenance, renovations, and decorative decisions. Your adjacent neighbours have no say in what you can & can’t do with your house, but likewise you might have to put up with their odd taste in lawn decor.
• No monthly condo fee.
• Freedom to renovate & landscape.
• Greater square footage and outdoor space.
• Value tends to appreciate faster.
• Typically more expensive upfront
• More intensive maintenance requirements
• Neighbours are free to renovate & landscape too.
The Condominium Alternative
Condominiums have grown in popularity as an alternative form of home ownership. A condominium can be a great starter home for a first-time buyer, and also a great option for older buyers who are looking for a home that needs less maintenance. You own the interior of your unit and enjoy use of the common elements.
• Less upkeep
• More affordably priced
• Amenities such as a gym, pool, or party room.
• Harmoniously maintained common areas.
• Smaller square footage.
• The potential of a special assessment
• Personal outdoor space often limited to balcony.