I have a client who is in the market to buy a condo for an investment. In our search throughout the Victoria area, we've come across several that are FREEHOLD STRATA condos and just a handful of LEASEHOLD STRATA.
When commenting that they did NOT prefer Freehold, I thought that they were confusing the term with LEASEHOLD. Indeed, they were. Actually, when buying a condo, it's better to stick with FREEHOLD. Why? It's because you actually own your own condo as opposed to leasing your portion of ownership.
Confused? That's OK, because many buyers and sellers don't deal with sales or purchases on a regular basis. As a Realtor®, I run across this constantly and that's my role: to help you as the consumer.
So, here's a good link that explains the differences but a lot more: CLICK HERE.
Thanks for reading this and as always, let me know how I can help you in your next purchase or sale.