First time buyers of townhouses very often get confused about the difference between Condominium Townhouses and Freehold Townhouses. Let’s take a minute now to explore those differences.Condominium TownhousesThis type of home ownership is popular amongst first time buyers because of its affordability.A developer acquires a parcel of land and builds a number of town homes.He does not have to go through the expense of subdividing the land into smaller lots or creating as well as paying for a legal description on each townhouse.In place of that the developer forms a Condominium Corporation which owns the land and improvements made to it on behalf of all the individual townhouse owners.Each individual townhouse owner then becomes a part owner of the land and any improvements such as parkland, playgrounds, parking areas and roadways.These facilities in the townhouse complex have to be maintained of course which is the reason for your monthly maintenance fees.Your monthly maintenance fees will also cover any outside repairs and maintenance to your unit.You will be responsible for any repairs and maintenance to the interior of your unit unless that repair is the result of an outside occurrence such as a leak in the roof leading to ceiling damage.The developer will also set up a set of rules and regulations governing such things as what colour you may or may not paint the front door or garage door of your unit.And if you are thinking of parking that nice new camper you bought last year in your driveway you will likely need to think again. You probably won’t be allowed to.Condominium Townhouses as a rule are generally less expensive than Freehold Townhouses.Freehold TownhousesSooner or later, Condominium Townhouse owners become tired of the monthly maintenance fees and yearn for an ownership choice that provides more freedom.Recognizing this market, developers began offering Freehold Townhouses.Under this model of ownership you will own both the land and the townhouse that sits upon it.There is no Condominium Corporation and all repairs and maintenance become the responsibility of each individual owner.You will also have the freedom to paint your front door whatever colour you wish, but you may hear from your neighbors if you go too wild with this.More recently, developers have been building some Freehold Townhouses with a limited condominium aspect to them.The townhouse and land will be owned by you, the individual owner but the roadways in and out of the complex will be owned by all under the formation of a Condominium Corporation.There is monthly maintenance fees involved here but they are no where near as much as those of a full condominium townhouse complex.Freehold Townhouses are as a rule more expensive than Condominium Townhouses.
With this tough economic situation we have, selling and buying of real estate properties such as townhouses and condominium units are seem to be difficult. More and more properties are going back to the banks and investors are not anymore confident if buying new investments is still a good idea. So, if you are one of those who want to sell their condominium, you should know that selling a condominium is going to be a little challenging, but you should also know that there are ways you can do to sell a condominium fast.Despite the tough market in real estate, despite the fact that many states in the US suffered drowned market of unsold inventory, and prices that have either flattened or begun to fall, you should not be discouraged. There are still effective strategies you can apply to attract good buyers. The following are ways which are found effective in selling condominium unit fast! More sellers have tried these and they succeed. They have sold their condominium units fast!WAYS TO SELL A CONDOMINIUM UNIT FAST1. Hire a real estate agent. You can never find anyone who can offer you better help than a real estate agent. Hiring a real estate agent has so many benefits. It is like saying you are done with the half of the job! The agent will do most of the work for you aside from sharing his knowledge to you. Through your agent, you can know what prices other sellers sell their condominium units. You will know at what price to sell you unit. And most importantly, he will find you qualified buyers. He can do the job faster than you do. Thus you can be done with the selling fast.2. Advertising. Your agent will be very useful when advertising your condominium unit. Here, you should remember to check other listings. You must be sure that you are not overpricing your unit because potential buyers who will see you ad will immediately know if your price is in the line of has gone beyond.
In advertising, you can do any of these two:• Advertising through the traditional ads (sign boards and news papers are examples.)• Advertising through the internet i.e. setting up a website for your property for sale. This form ofadvertisement is far effective than the other. This is because 80% of people who are looking for any real estate properties begin their search through the internet. If you do this, you can sell your condominium fast! It’s cheap and fairly easy to do. Upload a photo of your unit and the list of its features that will be used for attracting buyers.