If you’re here it’s probably because you’re having a bit of trouble understanding your purchasing options and that’s okay. You’re not the first nor the last one to be in this position. This is why I wrote this blog in the first place!
Before I jump in, I would like to congratulate you! Purchasing a new property, whether it is your first one or not, is a very exciting process. To think that soon enough, you’ll be decorating your space exactly how you want it while hopefully growing your property’s value. This is an investment many dreams about and you’re making it happen.
Now, back to business. If you’ve been looking at real estate in Victoria, BC, you’ve probably come across freehold and leasehold properties. So what exactly is the difference between them?
Freehold Properties
Freehold properties refer to outright ownership of the property and land on which it stands. Some common properties include single-family homes for sale in Victoria, BC and townhomes.
Leasehold Properties
This refers to properties purchased on leased land. The average lease duration in Victoria is 99 years. Condos for sale in Victoria, BC and mobile homes are examples of leasehold properties.
Cooperatives
In this case, companies often own the property while each resident is considered a shareholder. Their share entitles them to a lease of their individual unit. Due to the lack of land, the property usually does not appreciate in value, which makes it difficult to obtain conventional financing.
In some cases, a leasehold property may be your best investment.
Now that you understand your different options, it is time to get started on researching your favourite real estate in Victoria, Canada. Got any more questions? Feel free to reach out! Real estate is my bread and butter after all.
Before I jump in, I would like to congratulate you! Purchasing a new property, whether it is your first one or not, is a very exciting process. To think that soon enough, you’ll be decorating your space exactly how you want it while hopefully growing your property’s value. This is an investment many dreams about and you’re making it happen.
Now, back to business. If you’ve been looking at real estate in Victoria, BC, you’ve probably come across freehold and leasehold properties. So what exactly is the difference between them?
Freehold Properties
Freehold properties refer to outright ownership of the property and land on which it stands. Some common properties include single-family homes for sale in Victoria, BC and townhomes.
Leasehold Properties
This refers to properties purchased on leased land. The average lease duration in Victoria is 99 years. Condos for sale in Victoria, BC and mobile homes are examples of leasehold properties.
Cooperatives
In this case, companies often own the property while each resident is considered a shareholder. Their share entitles them to a lease of their individual unit. Due to the lack of land, the property usually does not appreciate in value, which makes it difficult to obtain conventional financing.
In some cases, a leasehold property may be your best investment.
Now that you understand your different options, it is time to get started on researching your favourite real estate in Victoria, Canada. Got any more questions? Feel free to reach out! Real estate is my bread and butter after all.
