Wednesday, September 6, 2017
Wednesday, August 30, 2017
September Newsletter
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What a Buyer is Thinking While Viewing Your Home
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Smart Packing Tips for Moving Day
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When to Consider a Less-Than-Ideal Home
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Tuesday, August 22, 2017
Do you know the difference?
Freehold Vs. Condo Townhomes
Ownership
is what makes the difference between buying or selling a freehold property and
condominium townhouse. A freehold home, you own the home itself and the land it
sits on. A condo townhome you only own the interior of a unit. The lot a condo
townhouse sits on 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. There are pros
and cons of each real estate option listed below to help you determine what
best suits your needs.
The Pros of Freehold Real Estate
There are no monthy maintenance fees for
you to pay if you purchase a freehold home.
There are no rules and regulations. You are
free to maintain the property as you see fit, even if it means not maintaining
the property. You can also build decks, plant gardens, and paint your house
without having to get any special permission, like you would with a condo.
The Cons of Freehold Real Estate
Maintenance is your responsibility. There
are no monthly fees, however you are required to pay the full cost of any
necessary repairs to your property. The
idea of no monthly maintenance fees may be attractive, you may end up paying
equivalent to those fees in one large sum if repairs are needed.
Due to the fact there are no rules and
regulations in freehold real estate, your neighbours don't have to maintain
their property unless they can afford to which could mean decreased property
values if surrounding freehold homes fall into disrepair.
The Pros of Condo Townhomes
You only own the interior of the unit so
you don't have to worry about property maintenance. Landscaping work, snow
removal, and repairs are all taken care of for you.
There is consistency to condo ownership.
Since your property is maintained by the condo corporation, your unit, and your
neighbour's units, are likely to look the same many years down the road which
means property values aren't likely to decline based on disrepair or
deterioration.
The Cons of Condo Townhomes
You have to pay monthly maintenance fees
that go towards amenities that you may not be using. For example, you may pay
to maintain a fitness centre or a pool that you don't use. In addition, there
is chance that over the years you may pay more in maintenance fees than the
cost of maintaining your property would actually be.
If you have a badly managed condo building
that doesn't have enough money in its reserve fund, you may have to pay extra
maintenance fees when repairs are necessary. This can be avoided by reviewing a
condo corporation's status certificate before purchasing a unit.
Give
us a call anytime at 519-495-1541, if you have we can help you with any questions about freehold homes
or condo townhomes.
Richard
Thyssen, Broker of Record
Colleen
Thyssen, Sales Representative
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