In a freehold, you outright own the house, the plot of land the home is built upon as well as any front and backyard space that falls within the property line (much like in a conventional detached house).A far more hands -on form of ownership, residents of freehold townhouses are responsible for handling every facet of maintenance and upkeep, from roof repairs to shoveling the driveway. That being said, freehold townhomes don’t have monthly maintenance fees, which is a big incentive for many buyers. Moreover, as freehold ownership encompasses land, these townhomes naturally have higher price tags and generally have higher potential for appreciation than their condominium counterparts.
A Piece Of Tied Land is a freehold parcel of land, or a standard condominium unit, which is tied to a share in a Common Elements Condominium (“CEC”). This is an important difference to distinguish as a freehold potl is the same as a freehold ownership townhome but with a smaller fee for shared space and amenities
In this case, the property is freehold but it's in an area with common elements, generally on smaller streets that are designated fire routes. The condo corp is created to take care of things like street lights, visitor parking, garbage pick up, snow removal, etc. The property itself remains a freehold allowing your full freedom to your property decisions. The maintenance fees for freehold properties also tends to be much lesser than condo properties.
A condo townhome does not include land ownership. Similar to a condo apartment, ownership only extends to the interiors while the land the property is built upon is designated as a common space and ownership is equally split among all members of a condo association. That means condo townhomes are far more affordable than their freehold alternatives, but also generally have a lower appreciation potential and pace.
A huge benefit of a condo townhouse is regular maintenance tasks are covered. Depending on the community and condo corporation, everything from roof repairs to landscaping, window and garage door fixes, along with external structural issues may be covered. The drawback being you will have to pay for monthly maintenance fees. Generally condo townhome fees are lower than comparable high-rise apartments and serve as a safety net from costly and sudden one-off emergency repairs.
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