The common areas of a condo building are what differentiates it from a conventional real estate purchase. Unlike traditional real estate purchases, you don't own any land when you purchase a condo, which is defined as a common area for legal purposes. While the size and shape of the unit can vary considerably, all condo ownership agreements are defined by interior rooms and the divisions that exist between interior and exterior spaces. This includes the internal rooms, interior walls, balconies, patios and storage areas. When you buy a condo, you own the apartment unit itself. Unlike a conventional ownership agreement, there is a key difference between the individually owned unit and the common areas of the building. A condo is considered a hybrid form of ownership, with numerous legal and technical characteristics needing to be defined in contracts to determine ownership. Interestingly, the size of the building is often inversely proportional to the cost, with smaller buildings often associated with exclusivity and increased fees due to less people sharing maintenance costs.īefore buying a condo, it's important to understand condo characteristics and how condo ownership differs from a conventional real estate purchase. Generally speaking, people will pay more for a central location that is close to attractions and amenities.Īccess to building amenities will generally increase the condo purchase price and monthly fees, as will the size and age of the apartment. While central locations are always a hit with young people, suburban and rural condos are becoming more popular all the time. Re-sale or used condos are another huge segment of the market that describes existing condos that are bought and sold on the private market.Īlong with the different types of properties on the market, condos can also differ with regard to their location, size, and price. Renovation condos are also popular in some locations, with developers splitting up industrial and retail buildings in order to renovate them and transform them into apartments. New condos are just that, brand new buildings that have been developed especially to house people. There are numerous types of condos available to purchase, including new or pre-construction condos, renovation condos, and re-sale condos. The convenience of condo living does come at a cost, however, with all condo owners needing to pay monthly fees to a condo board. Along with the benefits of living in a central location, condo owners also enjoy access to building amenities and reduced maintenance costs. Most condo buildings consist of multiple apartments in urban areas, with people often moving into a condo to improve their quality of life.
The condo lifestyle has become an increasingly attractive option to people across the world, especially in Canada and parts of the United States. All condos are defined by the existence of common shared areas, with all condo owners required to maintain these areas through the provision of regular monthly fees.
While most condos around the world are apartments, townhouses, duplexes and even detached houses can also fall under the same ownership structure. Contrary to popular opinion, a condominium is a form of ownership rather than a type of building. Short for condominium, a condo is a privately owned residence in a larger building or community. Let’s get started and dig a little deeper! What is a Condo? Have there been any special assessments on the current building, or previous buildings built by the builder Review all the minutes from the last condo board meeting
Is there a sufficient reserve fund from the condo board What are the development plans around the new development, will you be living in a construction zone If you are buying a resale condo, find out how much condo fees have been going up over the past several years Make sure you are choosing a condo with great amenities Make sure the builder has an established reputationīe sure that previous condos built by the builder were delivered on timeĪsk the builder about interim occupancy fees Here are a few of those that will be covered in the article: When buying a condo however, there are several things you need to look out for. The benefits of condo living include: maintenance is taken care of, an array of great amenities, underground parking, city living, and more energy efficiency among others. As urbanization and populations increase, condos are becoming a much more popular housing option, particularly among younger generations as well as retirees looking to downsize.