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    Types of home ownership

    Posted by Michele Cummins on May 22, 2014
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    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 - speak to your Royal LePage agent to figure out which type will work best for your needs and your lifestyle.

    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. 

    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. 

    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.