What are the different types of ownership?
Freehold – You own the land and house and are responsible for everything inside and outside of the home.
Condominium Ownership – You own your unit and share ownership of common spaces. The condominium association is responsible for upkeep of the building and common interior elements, such as halls, elevators, parking garages and the grounds. You pay a monthly fee to the condominium association to cover maintenance costs. The fee varies but can often include utilities, TV services and taxes. You may also have to buy or rent your parking space. Condos often have strict rules regarding noise, use of common areas and renovations to units. Be aware of your condo’s rules before submitting an offer.
Co-Operatives – Similar to condos but instead of owning your unit, you own shares in the entire building or complex with the other residents. Co-op residents pay for maintenance & repairs through monthly fees and are subject to the rules & regulations of the co-op board. Be aware that If you decide to sell or rent your shares, the co-op board has the right to reject your prospective buyer or tenant. Read the co-op’s rules before making an offer.