Is Condominium living right for you?
What's your idea of the good life? Do you relish the notion of
jumping out of bed on a Saturday morning and grabbing the golf clubs
with no thought of mowing the lawn? Or do you love nothing more than
puttering about the yard, planting shrubs and planning where to
erect the swing set you built with your own hands? If you are more
like the former, then condominium living might be for you.
The word condominium comes from the two Latin words - con, meaning
together and dominium, meaning property.
A condominium can be an apartment, house, townhouse or a unit
in an apartment house in which the units are individually owned.
There
are many types of condos e.g.; townhouse or row house, apartment
flat, semi-detached or detached
structure or even a hotel suite. Each owner receives a deed for their unit, enabling them
to mortgage and sell it independently of the owners of the others.
A condominium corporation is governed by the
Condominium Act,
a legal statute, and is run by a board of directors elected by the
owners. When you buy a condominium unit, you take title to your unit
and have all the privileges and burdens of ownership, including the
payment of taxes. You will also be required to pay a monthly fee
representing your proportionate share of the cost of servicing,
maintaining and repairing those areas you share in common with
others.
Hence, in a condominium (condominium townhouse, condominium
apartment, semi-detached/ detached condominium or hotel condo) there
is always property owned in common with others - recreation areas,
lawns, basement, garage --as well as the individual units which are
owned outright.
Condominium ownership is seen by some as a good intermediate housing
choice -- a kind of graduation from apartment living, but not as
heavy a financial and time commitment as a house would be. In a
condominium, you won't enjoy the same freedoms and privacy you would enjoy
in a single-family dwelling. You can modify or beautify the interior of
your unit to your heart's content, but usually painting or planting
outdoors by individuals is forbidden.
The condominium board's function is to manage the
corporation. Major decisions are voted on at owners' meetings.
Condominium associations may set restrictions on such things as
owning pets, or having an outdoor barbecue. Many condominium owners
consider participation in community decision-making a benefit of
condominium living. Condominium fees might seem steep at first glance, but it's
likely you would spend even more performing indoor and outdoor
maintenance on a house. Assuming that your condominium owners' association
is operating as it should, your property will be well maintained.
That means that the value of your unit should remain high over time.
And remember, if you buy a condominium, your weekends can be spent on the
green -- golfing, not mowing.
One may find maintenance charges less in condominium townhouses in
comparison to condominium apartments. In condo townhouses in general
the owners are responsible for their own utilities- heat, hydro,
water etc. Condominium fees seems to be higher in case of high rise
condominium apartments, reason being the utilities are mostly
covered in the condo fees with a few exceptions (cable/ telephone or
hydro). Moreover one
receives additional benefits like 24 hour security, club, gym, sauna,
racket, tennis, party rooms, guest suites etc. depending upon the
condo buildings.
To read for about news, trends, new builder projects, general
information about condos visit
Mississauga Condo Blog
Contact Amit if you are thinking to buy /sell a condominium-
townhouse or an apartment; new builder or resale
condominium in Mississauga
or Downtown Toronto.
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