New Condo Inspection - Proper
Checklist
Pets and Condos: Rules, Enforcement and
Resale Value
Loft Condo: what constitutes a loft
anyway?
Loft Pros, Cons and
Investment Value
Glossary Of Real Estate Terms
ELF
Ever stare at
this acronym on an MLS sheet
and wonder what the heck is an ELF. No its not a cute little guy
that comes with the condo, it stands for Electric Light Fixture.
Freehold Home:
Freehold homes offer the most privacy and freedom of choice of any
other type of home. As owner of the entire structure and grounds,
homeowners are free to decorate and renovate as they please. But
with that freedom comes a lot of responsibility. All of the
maintenance (indoors and out) is the sole responsibility of the
owner, which can be costly in terms of both money and time. Freehold
ownership is the most common type of home ownership. Freehold is the
type of ownership most people that buy a house enjoy. The house and
land it is on and its your to use any way you please within city
laws. Some neighborhoods have a homeowners association where
membership is mandatory. These communities have benefits such as
security patrol but also drawbacks as the community can veto your
selection of paint color, lawn decoration, etc.
Condominiums:
Condominiums are typically a less costly alternative to owning a
detached house. With a condominium, you own, and are responsible
for, the interior area of your unit (everything from the plaster
in). Upkeep of the building and grounds is handled by the
condominium association, which is funded by monthly fees collected
from tenants. Condominiums often have strict rules regarding noise,
use of common areas, renovations etc. Condo residents often enjoy
less privacy than residents of detached homes. In condos the common
ways are not yours but belong to everyone and are governed by the
strata.
Cooperatives:
Cooperatives (or co-ops) are comparable to condominiums, except
instead of owning your unit, you own a percentage of shares in the
entire building (or complex). As with condominium ownership,
maintenance and repairs are paid for through the collection of
monthly fees and you are subject to the rules and regulations of the
co-op board. One drawback to living in a cooperative is that if you
decide to sell your shares and move out, the co-op board has the
right to reject your prospective buyer
Home