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| South view from my condo unit. More being built in front of my eyes. |
The word "condo" evokes images of large buildings, wall-to-wall windows, new developments and flashy sales offices with names like "iLoft" and "Bohemian Embassy", but truth be told..."Condos" don't just mean apartments or lofts.
According to Audrey Loeb, "The term CONDOMINIUM applies to a type of property ownership rather than to any particular style of building or the physical structure of the building or building complex. Residential condominiums can be either high-rise or low-rise apartment style units, townhouses, detached houses, stacked houses - any configuration of housing you can imagine. Non-residential condominiums can be industrial, commercial or retail. What makes them CONDOMINIUMS is not their physical structure but the way in which owners have agreed to share the ownership of the common elements of the property, while retaining individual ownership of parts of the property which constitute their units."
Condominium properties consist of units and common elements -- i.e. hallways, parking garage, elevator, lobby, gym, party room, etc. Condominium ownership is dual in nature; one has ownership of their unit, while sharing the cost of common elements with other condominium owners. All unit owners must pay their own property taxes and monthly condo fees, according to square footage.
On the other side of ownership is FREEHOLD. Unlike condo owners, freehold ownership does not entail common elements. The word "freehold" refers to an interest in land for a limited or infinite amount of time (until you sell or will it to someone else). Freehold property owners are deeded the land and the house on which it sits on. Instead of paying monthly condo fees, freehold owners are responsible for their own upkeep, cost of maintenance (water, hydro, etc.), and property taxes.
It all comes down to a lifestyle choice: Condominium ownership offers many conveniences such as a gym, lobby, and not having to worry about shoveling the snow or having to be home when UPS drops off that eBay package. Whereas freehold ownership provides the freedom of doing things on your own such as landscaping, renovations, bar be quing on the lawn, and not having to adhere to pesky condo bylaws.
For many buyers, choosing to purchase a condominium is a fantastic option for people who want the lifestyle and convenience of manageable space and urban living. Whether you're a first time home buyer or you're looking to downsize, there are many options and neighborhoods for you. Contact me for more details!
Looking for a new nest or want to sell your current one? Call (or tweet) Robin!
