TYPES OF HOUSE OWNERSHIPS
If you are considering buying a property in Mississauga, Oakville, Milton, Burlington or Brampton, or anywhere in GTA, you should make sure that you are familiar with following.
There are two forms of Home Ownership, Freehold and Condominium.
Freehold means that one family owns the land and the house outright. There is no space co-owned or co-managed with owners of other units.
Freehold House Owners must obey municipal bylaws, subdivision agreement, building codes and federal and provincial laws, but other than that, they can do what they want with the property they own.
Detached homes, semi-detached houses are mostly freehold and town houses can have either freehold and condominium ownership.
Condominium ownership is when the unit is owned by a person or a family but they share ownership rights for the common space of the buildings. Common space includes: corridors, the ground around the buildings and facilities such as a swimming pool, recreation room, gym, game room, theater, library and more.
In condominium properties, beside the municipal bylaws, federal & provincial laws etc, there are some limitation that are specific just for that building too. Those can be restrictions regarding pets, usage of satellite dishes, specific colors for the doors, windows, garages, even the drapes that will be visible from outside.
Most of the Condominium ownerships are mid and High-rise buildings but can also be townhouse complex too.
A detached house is one dwelling unit. It stands alone on its own lot. It might have a garage or not. People get more privacy with this type of property.
A semi-detached home is a house that is joined on one side to another home. This kind of property is usually more affordable than detached home in the same neighbourhood, but not always. That depend on the size of the house, age, features etc.
TOWNHOUSE (Row House)
Townhouses are several similar homes, side-by-side, joined by common walls. Each townhouse has its own direct entrance from outside. Sometimes they have garages attached to the unit, they can be detached from the unit, or they can have common parking space. Townhouses offer less privacy than detached or semi-detached homes but, they can cost less to buy and maintain than detached and semi-detached houses. Also, Townhouses can be Freehold (the owner is responsible for its own unit maintenance inside and out) or, they can be Condominium Townhouses - there is a maintenance fee that cover some of the maintenance and utilities for the unit, but there are some limitation for the use. The owners are obligated to follow Condominium Rules and Regulations.
Stacked townhouses are usually two-storey homes that are stacked one on top of the other. Each unit has direct access from outside and are usually attached in groups of four or more. Also, most of them belong to Condominium corporation. This type of property is usually most affordable, according to the purchase price, however, the maintenance fee might be high.
A Link home is joined to another house by a garage or carport. The garage give access to the front and back yards. Sometimes, builders join basement walls so that link houses appear to be single-family homes on small lots. These houses can be less expensive than single-family detached homes.
A self-contained unit in part of a building. The entrance is and the hallways are common. Depending on the age and builders preference, there might be or not special amenities such as pool, gym, sauna, guest rooms, security, concierge, library, garden etc. Since they are Condominium type of the property, there will be maintenance fee. Apartments can be more affordable than single dwelling units.