Freehold or Condo?
The main and most important difference between freehold homes and standard condominium homes is land ownership.
In a standard condominium, only the inside of the unit is owned by the individual homeowner. The outside of the unit and all the land is owned collectively by all the unit owners, and is called "common elements". Each owner pays a monthly maintenance fee to cover grounds maintenance, common element insurance and general upkeep of the common elements. If a condominium corporation is made up of 20 homes, the each homeowner would own 1/20th of the common elements.
Condominiums are ideal for retirees, working professionals, busy parents or students because the common elements are maintained for you. Not having to shovel snow, cut grass or maintain gardens means more time for you to do what you enjoy. Condominium communities also tend to attract people of similar interests, and can add a rich social aspect to your life.
Freehold refers to any type of home including town homes, semi-detached or single detached where the individual homeowner owns the building and the land, and is required to maintain both at their own expense. Some freehold town home communities choose to form a homeowners association, which can provide the similar maintenance and social services that a property manager may offer a condominium corporation, but a homeowners association has no legal rights or obligations.
