Types of Ownership
Freehold ownership is most typical in detached, semi detached and row houses. Freehold ownership means that the owners owns the house and the grounds.
Freehold homes offer the most privacy and freedom of choice over other types of home ownership. Homewoners are free to decorate and renovate as they please.
There is also more responsibility with a freehold home. The owner is responsible for all of the maintenance on the interior and the exterior of the house.
With condominium ownership the homeowner owns the unit and shares ownership of the common elements. Condos are usually apartment buildings, but also include some townhouse developments and developments of detached buildings on private roads.
The homeowner is responsible for the interior area of the unit (everything from the wall frames in). The condo association is responsible for the up-keep of the exterior of the building, common interior elements (halls, elevators and parking garages, for example) and the grounds.
All condo owners pay a monthly fee to the condominium association to cover maintenance costs and common utility fees and taxes.
Co-operatives (or co-ops) are similar to condos but instead of owning your unit, you own a share in the entire building or complex.
Co-op residents pay for maintenance and repairs through monthly fess and are subject to the rules and regulations of the co-op board.