What Type of Home Ownership is Best for You?

Posted by Jerad Cox on Saturday, December 5th, 2015 at 3:03pm.

Prime Edmonton Real Estate - Contrary to public belief, there is more than one type of home ownership. Traditionally most people believe that you buy a home, and own the land all the way out to the street in the front and all the way back to the fence line (or alley) in the back. There are numerous forms of home ownership out there - everything from time shares to life leases and beyond. But let's highlight the 3 most common forms of home ownership types in Edmonton.

Single Family Home Ownership - This is a traditional form of ownership that sees a, home owner own both the land and buildings within the lot specified on title. I have had people try to convince me that it also gives them the licensed street area directly in front of the lot to park their vehicles in, which is not true. Recently city councillor Scott McKeen was quoted as publicizing this fact when he floated the idea of having pay meters on residential streets adjacent to popular city hangouts such as Old Strathcona and the 124th Street District. It should also be noted that utilities and the city may have right of way access to areas of your property. These should be detailed within your Alberta land titles documentation

Condominium Ownership - This is something that people get confused over. Most people associate a condo as a type of property, which is not true. Specifically, I often hear people assume that apartments are condos. Condos are, in fact, a type of ownership, where a homeowner owns the inside of the outside walls of their unit in, plus a proportionate percentage of the common area, which is within a corporation. The corporation owns all of the common areas, which may include hallways between units, elevators, parking stalls/lots, storage areas, grass and landscaped areas, and anything else within the property lines as set forth in the registered condo documents. The condo corporation can be self managed or managed by a management company, and is subject to the will of the voting unit owners. Condo corporations may provide special amenities such as a social or exercise room as well as provide services such as snow removal and landscaping/lawn maintenance. There is also a set of condo bylaws specific to each development that outlines what is and isn't permitted in and around the common property. A condo can be an apartment, a townhouse, a half duplex, or even a single family home!

Modular(Trailer) Home Ownership - In this style of ownership the owner has 100% ownership of the trailer or modular home, and then rent the land the unit is on from amenities the trailer park. The park may or may not also charge for other services or amenities that it provides.

With each type of home ownership style comes different benefits and responsibilities. Make sure that you are aware of what each form of home ownership means to your lifestyle before choosing your dream home!

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