Deciding between a buying condo or freehold home? Start by understanding what each is and what their pros and cons are. Owning a condo in Canada means becoming part of a residential condominium community. While you’ll own the internal living space of your unit, the corporation owns the building as a whole. Condo living typically requires meeting particular standards of maintenance and paying a maintenance fee which can cover such things as lawn maintenance, snow removal, and common elements such as a pool or gym.
As its name implies, a freehold is property that is free from hold from anyone other than its owner. A freehold can be developed in any manner the owner chooses (as long as it aligns with local regulations). It can mean less red tape and paperwork should you choose to sell it in the future, and finally, a freehold does not require paying the maintenance charges associated with a condo.
The Pros & Cons of Condo versus Freehold
With a condo, you own your unit (pro), but also share ownership of the land, building and common areas, necessitating ongoing maintenance (con).
The exterior of most condos are well maintained (pro), but you bear the cost of maintaining the curb appeal and structural soundness (con).
With a freehold, you’re in charge of your property and can make changes as you please (pro), but that autonomy means you’re responsible for all interior and exterior maintenance (con).
While condos typically have many amenities (pro), they often do not appreciate in value at the same rate as freeholds (con).
You’ll appreciate the freedom to outfit your condo unit to match your lifestyle (pro), while some owners might find the rules and bylaws of condo living restrictive (con).
When you’re ready to choose your new home or investment property, consult a local Realtor. We have the expertise you need to make the right choice between a condo or freehold. A Realtor can also help you choose the best area in Niagara that meets your specific needs. We can help you understand the ins and outs of each type of home-ownership and find the condo or freehold property that best meets your budget and lifestyle.