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When you first begin to look for a vacation home, all the unfamiliar terms used by your realtor can be a bit overwhelming. You may have heard the terms townhouse and condo before but do you really know the difference. It is important to know what your realtor is talking about when using these terms so that you don’t waste your time looking at properties that are not going to be a good fit.
Cottage is a very common term used for vacation homes. A cottage is a small one story home that is usually located near a lake or mountainous area. A cottage is always a free standing building and it will usually be rented or owned as a vacation property.
Bungalow is a term used quite interchangeably with cottage. They are both one story free standing buildings that house a single family. The main difference is that a bungalow is a term that means a one story home but it is not necessarily small.
A condo or condominium is a common type of vacation home. At first glance a condo looks like an upscale apartment complex. The difference is that each unit in a condo is individually owned. The owner has a full deed and the right to sell the unit the same as if it were a free standing house.
Bungalow is a term very similar to cottage. The term bungalow originated in India and simply meant a single story house. A cottage is also a single storey house but is generally very small; a bungalow, on the other hand, can be quite large.
If you are looking for a home in an alpine region you may hear the word chalet quite a bit. A chalet is a wooden home with a pitched roof and deep overhanging eaves. These are quaint little homes that fit right in to their mountainous surroundings.
Quarter ownership means title to the suite is split into four quarters so it’s like owning a suite with three other partners that you don’t know. You get to use the suite one week a month with every year rotating so that every fourth year you’ll get Christmas and New Years. This is a relatively new concept for Whistler that was spearheaded by Intrawest Corporation and it’s really taken off. There are currently three quarter ownership complexes in Whistler.