Real Estate Info: Freehold vs. Condominium

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Here is one of the long time questions: What is more lucrative to buy, a freehold single detached, semi or townhouse or a condominium apartment or townhouse?

There are pros and cons for either one of them and in a lot of cases it depends on your personal situation.

Condominiums in a lot of cases have a lower purchase price than freehold properties, however at the same time there are the condo fees which need to be taken into consideration as well. The condo fees can and may include outside maintenance for yard parking, snow removal and the outside structure (roof, windows, doors etc.), heat (in some high rise buildings), some include water, insurance for the common area and the outside part of the structure, as well costs for a reserve fund and the costs for the property maintenance company. It often is seen, that with newer buildings the fees are lower and will rise over time to reflect upcoming age related maintenance.

At freehold properties you are responsible for all your maintenance, repair and insurance costs.

In order to determine which type of home is the right type for you, you must ask yourself questions like:

v What is financially feasible for me?

v Do I want the privacy and the freedom to make changes that comes with a freehold property?

v Do I like to do my own gardening, snow shoveling and taking care of my property?

v Do I want the responsibility to take care of all the maintenance and repair work a property might need?

v Do I want the amenities an apartment building might have?

v Does my lifestyle require a lot of traveling?

v Am I at an age where outside choirs might become too difficult for me?

v Do I want to pay condo fees to take care of some of building and outside maintenance so that I don’t have to do it or financially plan for it?

v Can I agree that there are rules and regulations and restrictions regarding what I am allowed to do on my property?

Of course these are just a few questions and the list could go on and on.

If you are interested to discuss this topic any further (of course free of charge) and to find the right choice for you, please contact THILO at any time at 519-579-4110 or at thilo@thiloyourrealtor.com.

By the way, I am always just a phone call 519-579-4110 or an e-mail thilo@thiloyourrealtor.com away for any of your real estate related needs, questions and referrals.