Realtors’ Insight

Realtors Insight

By Brenda Banham

You have made the decision to purchase, now what is it you are going to purchase?

Before you take the plunge to go out and start looking decide what it is you want to look at. It is very mind boggling to go looking at properties, after a few it gets a little confusing. There are a number of different housing styles and different types of ownership. You as the buyer need to come up with the style that fits your needs at the present time. So make a list of your needs, what do you want in a home, how large does your home need to be, do you like levels or everything on one level. I will provide you with the types of housing structures, to help you decide what would work for you.

Single family, detached house ? or as many refer to as ?single family dwelling?. This type of home has no common walls attached to it; the structure is on its own lot, with front, back and side yards. A single family dwelling can be of any size can be one storey or more.

Semi-detached house ? or as many refer to as a ?duplex.? A duplex is 2 single family dwellings joined together by a common middle wall either side by side or one unit above the other.

Townhouse ? In the province of BC ?Townhouse? is usually a group of row housing usually 2 storeys joined together by common walls. Each townhouse has its own entrance from the outside.

Apartment ? or as many refer to as a ?condo.? May be 3 storeys to 33 storeys. The unit itself is usually a single storey dwelling.

Mobile or Manufactured Home ? Most people refer to mobile or manufactured homes as ?trailers?. A mobile or manufactured home is a home that is factory built and moved from one place to the other. Most mobile or manufactured homes are put into a mobile home park which could have owned or rented pads, usually set up to accommodate this type of housing.

There you have the types of STRUCTURES for housing now for the types of OWNERSHIP of properties.

Freehold ? known too many people as ?fee simple? or too many of us regular folk we refer to it as ?ownership? of a property. The owner of this type of property has full control and use of the land and buildings on the land, the only restrictions, of coarse, are provincial laws, local municipal by-laws and any restrictions that apply to the property at the time of purchase.

Strata Property ? Many associate it with having to pay a monthly fee, and yes you do. I have seen Strata fees as low as $25.00 per month to $500.00 per month depending on the Strata. The ownership itself is designed to provide exclusive use of a specific housing unit. The unit is contained in a larger property known as ?strata project? as well as shared ownership and use of common property which includes, hallways, grounds, garages, sheds elevators, stairways etc. You may find this type of ownership in duplexes, townhouses, condos even warehouses or commercial buildings, anywhere ownership of the common areas are shared, the owners also have a shared financial responsibility for its maintenance.

Leasehold ? leasehold ownership is the right to use a residential property for a long period of time, and which is a limited time period, usually in periods of 99 years, regardless of the length of the original time period you will only be able to purchase the time that is remaining on the leasehold. This type of ownership is usually used in townhouses or apartments that have been built on city or municipal owned land, on First Nation reserves and for apartments where the owner of the freehold interest of an entire apartment block sells leasehold interest in individual apartment units to other ?owners.?

Cooperative ? Each owner owns a share in a company or cooperative venture. The company or cooperative venture in turn owns a property with a number of housing units. Shareholders are assigned a particular unit in which they may reside. This is known as cooperative form of ownership.

Now you are up to speed on the types of housing structures and the types of housing ownership, if you have any questions regarding any of this material or any other real estate topic please do not hesitate to contact me in writing at: Brenda Banham Dawson Creek Realty Ltd.: e-mail bbanham@neonet.bc.ca fax: 250-242-3256 or mail Box 1769 Tumbler Ridge, BC V0C 2W0.