If you are new to condominiums, you may find yourself not understanding what differentiates it from your regular apartments. You need to know that you can own your condo unit, but you may likely be sharing amenities with some of your neighbors. Additionally, there are few tidbits you need to know about condos. First, condos are usually less expensive than your regular apartments. Secondly, as a condo owner, you get to pay monthly fees to cover maintenance costs. Delve into this article to read more on the various types of condos you can acquire for your settlement.
- Standard condominium corporations: This is the most common condominium. That unit of condo you just acquired likely falls under this category. Standard condos can be units in a high-rise building, row-townhouses, or standalone townhouses. You own your unit with this condo type, but you also hold an interest in the joint assets like a hallway, elevator, etc. However, you should note that you are not the sole owner of the land in this case. It is also worthy of ensuring it is registered to not incur charges before buying a standard condominium. To get your traditional condos, check-up on Downtown Toronto condos for sale.
- Common Element Condominiums: Unlike the standard condos, there are no unit ownerships. With common element condos, you own your property, including the land. As the name implies, the only common elements are the road, ski-hill, golf course, or other facilities, which you jointly own. Bear in mind also that your land is not a part of the jointly owned common element as an owner of this kind of condo.
- Vacant land condominium property: With this type of condo, developers don’t build dwellings upon their land. Here, you need to buy a vacant lot before its construction. After the declarants must have registered, they can then erect their buildings. However, there may be restrictions regarding the plot size, design standards, or construction. When it comes to vacant land property, you must read the terms and conditions involved or employ professionals before signing it.
- Lease-hold condominium corporations: In a leasehold condominium, the corporations do not own the property. Instead, a third party who retains ownership leases it out. One of the key differences between a leasehold property and another is that the land’s cost is not included in the condominium’s price. Furthermore, ownership is not in perpetuity; instead, you have a leasehold, which can span from 40-99 years, wherein you enjoy the benefits of a freehold.
Owning a condo requires an understanding of its types, pros, and cons so that you can find a suitable condo. It would be best to consider other factors such as the legal deeds, covenants, and other restrictions that may limit you as an owner from selling your independent units.