We’ve noticed a lot of deceptive advertising of properties recently, claiming to be 100% freehold while leaving out some very important details!
A true freehold home, with no association, condo or land lease fees means you own the home and the land it sits on. Many municipalities push developers to build higher density housing, more creative ownership options are becoming available.
Things to look for are properties that are parcels of tied land. With these homes, you do own the land and the house but there will be common land shared among home owners in the area. The land is typically managed by a condo corporation (also referred to as an association, or home owner’s association), or, it may be self-managed among the home owners. With these properties, each home owner contributes monthly towards a fund that is used for ongoing maintenance of the land.
These homes may be easily recognizable in a gated community or harder to pick out on smaller streets within a large community, with no distinguishable difference from one house to the next. In these areas, it could be due to smaller streets that require private services as to why there are additional fees.
Make sure you know what you’re buying, do your research and lean on your Realtor for advice.
We would be happy to go over more information on these two types of homes with you! Shoot us an email at [email protected] or call us directly at 1-800-617-0090. And don’t forget to subscribe to our YouTube channel, but you can watch the full episode below.