Types of Housing Ownership explained…

Types of Housing Ownership explained…

 

We all have to live somewhere and many of us are interested in home ownership. The maze of types of accommodation has been explained by www.wesellvancouver.ca

 

Types of Housing Ownership

Freehold

 

detached home
Freehold

A free hold interest (also known as a fee

simple) is the more precise term for what

we ordinarily refer to as “ownership” of a

property. The owner of the freehold interest

has full use and control of the land and the buildings on it, subject to any rights of the Crown, local land-use bylaws and any other restrictions in place at the time of purchase.

 

 

Leasehold

In some cases you might purchase the right to use a residential property for a long, but

limited, period of time. The owner of this right of use has a type of ownership called

a leasehold interest. This type of ownership is used most often for townhouses or

apartments built on city-owned land. It is also used occasionally for single detached

houses on farmland, on Indian reserves and for apartments where the owner of the

freehold interest of an entire apartment block sells leasehold interests in individual

apartment units to other “owners”. Leasehold interests are frequently set for periods of

99 years, but regardless of the length of the original term, you will only be able to

purchase the remaining portion. Of course, the shorter the remaining portion, the less

you, or the person who eventually purchases from you, will be willing to pay for the

leasehold interest.

 

 

Condominium

 

Condo
Condominium

It is a common error to believe that this term describes a particular structural style

of housing. You should be aware that it is actually a type of housing ownership. The

condominium form of ownership (more formally called a strata title ownership)

is designed to provide exclusive use and ownership of a specific housing unit (the

strata lot) which is contained in a larger property (the strata project), plus shared

use and ownership of the common areas such as halls, grounds, garages, elevators,

etc. This type of ownership is used for duplexes, apartment blocks, townhouse

complexes, warehouses and many other types of buildings. Because ownership of

the common space is shared, the owners also share financial responsibility for its

maintenance.

Townhomes

Cooperative

In the cooperative form of ownership, each owner owns a share in a company or

cooperative venture that owns a property containing a number of housing units. Each

shareholder is assigned one particular unit in which to reside.

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