Hey, it’s me Alex Wickham, are you looking for a Wicked Home?
What many people don’t realize is that there are different types of property ownership. You should know what kind of ownership suits you. Here are the four main ownership types.
The first is Freehold ownership. This is when you own both the building and the land. You have full use of the property and are responsible for the cost and maintenance of the building.
The Second is Condominium ownership. This is where you own your own unit, but share ownership of the common elements. These comment elements could include walls, windows, roofs, parking lots, landscaping, elevators, hallways, and lobbies. You will pay monthly into a reserve fund, where the money will be held for any repairs needed on the building, and managed by your condo board.
These are the two most common forms of ownership.
Next is leasehold ownership. This is when you own the building but rent the land it sits on. An example of leasehold ownership would be a mobile home community.
Lastly is Co-operative ownership, also know as co-op. In this case, instead of purchasing a specific unit you would be purchasing a share in the building, and would be assigned a unit. When you decide to sell, the board members can approve or reject any potential buyers.
These are the main forms of ownership here in Ottawa. What kind of ownership do you have?
If you have any question, or if you’re looking for a Wicked home, call Wickham.