Freehold ownership grants you full ownership of both the land and the house without any shared space or joint management with neighbors. You have complete responsibility for maintaining your property and covering the associated property taxes.

Typically, detached and semi-detached homes, duplexes, and townhouses fall under the category of freehold ownership.

The term “new condominiums” describes units that have never been lived in before. These condos can be in various stages of development, from planning and construction to recently finished, and they are typically bought directly from a developer. Many buyers find them appealing due to their pristine condition and contemporary features, including updated surfaces and appliances. Additionally, new condos often provide buyers with the opportunity to personalize their living spaces to suit their preferences.

A resale home is one that has been previously owned and is not newly constructed. If you buy a house that’s been listed by a real estate agent or for sale by owner, that’s generally a resale home.

“Resale condominiums” are condos that have previously been lived in, often situated in older buildings, and are currently on the market by their current owners. Buying a resale condo offers several benefits, including the ability to inspect the unit, assess the condition of the building and its surroundings before committing to a purchase. You also have the opportunity to meet other unit owners, speak with a representative of the board of directors of the condominium corporation and ask questions of the property manager.