It's totally normal for first time buyers to want to know what the difference is between a freehold and a condominium.

Home is any place that you want to buy and fits within your budget.

You can buy a Freehold Home where owners maintain the inside and outside of the home such as driveway, lawn, windows, roof....etc. Freehold homeowners can control their expenses for utilities and pay their own share.

In a condo; owners own part of the space in the big building and will maintain most of inside the unit but Condo Corporation takes care of the outside of the building, such as parking, locker areas, roof, lawns. Owners contribute towards these common expenses and also may contribute to utilities. Owners do not have control over utilities use by other residences so they may end up paying more.

In some condos, owners pay their own utilities but have to pay for the exterior maintenance.

Freehold homes are usually expansive than Condos or condo townhomes.

It also depends upon location where you want to buy. Since land is getting more expansive and if you are planning to buy a home for upto $400,000. You may find a freehold home in suburban areas only. But in cities like Toronto's downtown areas, you may be able to afford a condo apartment.

Based on your needs and location, you really need to make a decision.

IF you are thinking of buying a home.... my suggestion is to buy a home within your budget and see how you can build equity in it. Any home you live in will be good towards your savings.

For any further questions or to buy a home, condo any where in GTA....
Please call me at 416-996-5834.


Harbinder Panesar, Sales Representative
Loyalty Real Estate Brokerage