January 28, 2018

Two most common types of home ownership

Before buying a house in Mont Tremblant you should familiarize yourself with the two most common types of home ownership: Freehold Ownership and Condominium Ownership.

Freehold Ownership
The most common type, Freehold Ownership, is where the homeowner owns his home and the land it sits on. With a Freehold Ownership a homeowner has much more flexibility when it comes to making changes to the landscaping or home renovations. The only real restrictions on a Freehold property would come from bylaws, city zoning, and permit limitations.

Common types of Freehold properties include single-family homes (detached and semi-detached), duplexes and townhomes.

Condominium Ownership
With a Condominium Ownership the homeowner owns the interior space of the condo and shares ownership of all common areas such as hallways, corridors, lobby, parking lot or garage, stairways, and amenities. The homeowner is responsible for the maintenance and upkeep of their condo and paying the property taxes. Monthly “condo fees” are paid to the homeowners’ association and put towards the costs of maintaining common areas, amenities, and maintenance.

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