What is a Condominium?
Monday Mar 14th, 2022
What is a Condominium?
You can find sky-scraping, modern buildings nearly everywhere you turn in Toronto. But what exactly are condominiums? A condominium, or condo, is a housing or residential development comprising separate units, with each unit owned by a single individual. A person owns individual units in a condo while the common area is owned jointly by other unit owners.
Condominium owners are accountable for the upkeep and maintenance of their units. However, the Condominium Association manages the common areas, building amenities, and exterior. The Condominium Association charges a monthly fee for managing the shared spaces, and all condominium owners are liable to pay condo association dues regularly.
There are many benefits to living in a Toronto Condo. Let's better understand what is a condo and look at the types of condominiums available in Toronto.
What Are The Types Of Condominiums?
Condos are single-house units located within a larger property, and all residents often share common areas. For instance, these condominiums can include single houses, townhouses, and low-rise residential buildings.
There are two types of condominiums: leasehold and freehold. The main difference is the ownership of the property. In leasehold condominiums, a tenant must enter into a leasehold condominium contract with their landlord to possess the unit. In a freehold condominium, the tenant owns the unit.
There are also many detached condos available on the Toronto housing market. As a result, you can live in your own distinct house, more equivalent to a single-family dwelling. However, you must still contribute to the condo association that oversees the common area.
There are many different types of condominiums. Some of the most common types include:
A Condo Home
In contrast to residences or "houses" where the homeowner possesses both the building and the surrounding property, condo homes are residential properties. In condominiums, the homeowner owns only the portion of the building where they live.
Typically, a timeshare apartment or condo share is utilized as a holiday or second home. Thus, the condo is assigned to its tenants with a set time and daily use each year.
Condominium shares can be subject to maintenance and property taxes, but they are not considered investment properties. These units are difficult to sell. However, they offer living experiences in desirable locations and condo communities at a fraction of the price of resorts and hotels during the vacation season.
Detached condos offer all the advantages of condo living with the added benefit and convenience of an HOA-managed community, which is low-maintenance and planned. Yet, these condos are different from condominium homes because they do not have shared walls. Detached condos are often found in clustered communities close to a city and give buyers the single-family home living experience without exterior maintenance responsibilities.
Detached condos are similar to traditional condominiums in that they're less expensive than existing single-family homes.
Private Condos or Private Owned Apartment
A landlord owns the condominium that is available to rent to renters. These types of rental condominiums may have different application requirements and deposit amounts.
A condominium building is an apartment complex that contains individual units. An HOA or community property management organization is in charge of property care and upkeep.
Developers who own the units' built land are "freehold condominium developments." The purchaser takes ownership of a condominium when a tenant buys it. So, you will find that there is a significant difference between traditional condominium buildings and freehold condominium developments. Freehold condo owners in Toronto are responsible for maintaining their units and including the exterior walls, while management cares for common areas.
Benefits And Features Of Condominiums In Toronto
Living in a Toronto Condo is the ideal living option over renting and buying a single-family house. Condos are a better property option as they offer more amenities, a secure environment, lower maintenance, are more affordable, and a strong condo community.
Condominiums are perfect for empty nesters, seniors looking for less maintenance, or first-time homebuyers seeking an urban starter house.
However, features can vary from different condominiums. Some of the most common features and benefits include:
Beautiful Condo Communities
Condos are often found in well-developed areas with easy access to all amenities. These facilities may include schools, nearby shops, restaurants, public transportation and hospitals. This creates excellent condo communities perfect for young adults and families.
Condos in urban areas have security features to keep residents safe and make them feel secure in their homes. Registered security companies guard these condos and utilize CCTV cameras connected to a central monitoring centre for 24-hour surveillance.
Year-round security is one of the main features to understand best the difference between an apartment and what is a condo.
Facility Maintenance and Upkeep
Condominium management usually includes a planned maintenance program to ensure that every system is up and running. Regular maintenance and upkeep include repairs to plumbing, electrical, and telecommunications.
State of the Art Facilities
Many condominiums in Toronto provide a wide range of state-of-the-art amenities for residents. These facilities often encompass jacuzzis, swimming pools, gyms and outdoor barbecue areas. If you are a fan of sports, there is the possibility to have tennis or squash courts in your compound. A meeting or party room may also be available in the condo for events.
When you purchase a condo in Toronto, you automatically become an associate member of the condo association. Within the association is an elected board of management that coordinates all activities within the association and represents condo members, and addresses any issues.
The advantages and disadvantages of purchasing a condominium vary according to the kind of condominium, locality, building size, and tenant type. Nevertheless, condominiums are excellent alternatives for empty nesters wishing to relocate, the elderly seeking less upkeep, and first-time home purchasers seeking an urban starting home.
At Toronto Condo Team, our dedicated real estate brokers provide excellent services and bridge the gap between prospective clients and their dream condo for sale. Whether you are shopping for your ﬁrst condo or are interested in learning more about transitioning to condo living, our team works with you throughout the entire process.