| Due to their easy to manage size, the sense of | | | | addition, the property improvements and so on are |
| community they create, and their relative cost when | | | | up to the freeholder. |
| proximity to amenities is considered, condominiums | | | | There are several advantages to having a freehold |
| are some of the hottest selling pieces of real estate | | | | condominium. First off, the investment is much more |
| around. You might be thinking of buying a condo as a | | | | valuable, since land is the really valuable part of real |
| home or as a real estate investment; what many | | | | estate (if you don’t believe me check your |
| people do not know is that condos actually come in | | | | latest property tax statements; sure your structure |
| two different categories, freehold and regular. | | | | is valuable but it’s the land that can never be |
| Regular condominiums | | | | replaced!). For those who do like to have a bit of say |
| Almost everyone is familiar with the concept of | | | | so about what the exterior of their house looks like, |
| regular condominiums. These are buildings developed | | | | a freehold condominium can mean the chance to |
| by a condominium corporation which have several | | | | make some improvements in the lawn and other |
| units, sometime numbering in the hundreds, within | | | | landscaping areas. |
| one structure, on one piece of land. While home | | | | Most of the time, the condo corporation will retain |
| owners do own the unit itself, they do not own the | | | | some control over what the freehold owner can or |
| land on which the condo building has been built, nor | | | | can’t do with the property, so don’t assume |
| do they have title to any buildings or developments | | | | carte blanche. In addition, don’t forget that |
| on the land. For many condo owners this is | | | | whereas regular condo ownership means that the |
| preferable, since it means instead of upkeep they | | | | cost of improvement is shared by all the tenants, |
| just have to pay a straight fee every month. | | | | freehold means the owner bears the cost alone. |
| Freehold condominiums | | | | Finally, keep in mind that while the ownership and |
| With a freehold condominium, the owner not only | | | | upkeep of land and buildings is up to the freehold |
| owns the unit he or she purchased but also the land | | | | owner, maintenance of common property elements |
| on which the building stands. This means that he or | | | | such as playgrounds, parking, and so on is shared |
| she also owns any buildings that have been erected | | | | among the owners, as determined by the condo |
| on the land, including the condo building itself. In | | | | corporation. |