What's the biggest difference from freehold homes? You own your unit but you share ownership of the land, building, and common areas (areas used by all). You share your costs with member of your condo association, and the board of directors or a property management company who make the big decisions.
With so many condo popping up on the market right now, and so many new ones going up in Mississauga and Toronto, you have to decide whether this is the smart choice for you.
Let's look at the benefits of Condo Living:
1) Someone handles all the outside work. For example: snow shoveling, landscaping, outside repairs to the building. Your condo maintenance fees will cover all this.
2) Many major costs are shared. A portion of the condo fees will go to a 'Reserve Fund'. When a property is well managed this fund could cover window replacement, roofing - and this would be done without any cost to the owners. However, if it is poorly managed and falls short, a 'special assessment' will be done and the costs will be shared equally among owners.
3) Lifestyle. Condos allow you to own your space rather than rent. Some condo developments cater to specific groups - young professionals, families, or seniors.
4) Amenities. Would you get a theatre room, gym, or swimming pool in your average and affordable detached home?
5) Customization. Unlike renting, you are free to paint, renovate, etc.
6) Price. Depending on where you choose to live, this may the affordable way for you to own a home.
7) Location. If you are looking at prime real estate in a major city, a condo may be the practical solution. All your amenities are nearby.
8) Security. Some buildings offer 24 hour security or a doorman. You may feel safer with neighbours close by and you worry less if you travel frequently.
If you own a townhouse or a condo unit in a community in the 905 area code and would like to sell your residence, click here and get a free market evaluation of your home.
Are you a buyer? If you would like more information regarding what is currently available for sale, please feel free to contact me directly by calling or texting Betty Bartusevicius at 416 427 1875.
Betty Bartusevicius, Sales Representative ASA
RE/MAX Realty Specialists Inc., Brokerage
Office: 905 828 3434
Direct: 416 427 1875
Web Site: www.bettybart.com