What is a condo:
A condominium is a shared space or community with separately owned units or townhouses within.The unit is registered in your name and you share ownership of the common elements and assets of the building and community. Most people automatically think of a high rise building. That is just one type of condo. There are also:
- Low Rise Buildings
- Townhouse/Complexes & Semi-detached homes
- Detached Homes
- Mixed Residential & Commercial Buildings
- Commercial Lots or Malls
What’s the difference between a condo & an apartment?
The difference between a condo building and an apartment building is the type of ownership.
With a condo building each unit has a separate owner. You are able to buy a condo unit like you would a detached house. An apartment building on the other hand typically has one owner (usually a corporation) that leases the individual units to tenants.
What do you own?
When you purchase a condo you own the unit, but you also share ownership of the common elements & assets of the building with the other condo owners. You are jointly responsible for the cost of repairs and maintenance.
What are common elements?
Common elements are the areas of the condo that are jointly owned by all the owners. This includes areas such as the elevators, hallways, the lobby, party room, gym, parking lot, etc.
Benefits of condo living?
Living in a condo has many benefits and is a great option for many people. Most condos have amenities such as party rooms, guest suites, exercise rooms. Some even have pools, pet spas & roof top terraces! Since you are sharing these amenities with your neighbours it is easier to get to know them. Another great thing about condo living is you don’t have to worry about exterior maintenance. You can lock up and travel without having to worry about who is going to take care of your home! Click here for a list of pros & cons of condo living to see if it is the right fit for your lifestyle!