It’s important to mention that a Condominium is NOT a type of Property. A Condominium is a type of ownership. It’s impossible to identify a Condominium by it’s appearance. There can be attached townhouses that are not Condominiums and detached houses that are Condominiums. The only way to determine if a property is a Condominium is to pull the current Property Title.
There are definitely some advantages as well as some disadvantages of Condominium living. Condominium living is appealing to a lot of people because of the perception of a maintenance free/stress free lifestyle. This can be the case in some situations but it does vary from property to property. Some Condominiums provide snow removal in the Winter and landscaping in the Summertime. This is ideal for Retired folks who love to travel or even people that are busy with work and their families. The maintenance is paid for through Monthly Condo Fees. People need to be aware of what is included and excluded in their condo fees. They also need to realize that just because the Condo Fees are low now they could be increased at any time. This is especially the case with new Condominiums. The ongoing expenses are not yet fully established. There may be a small amount or even nothing in the Reserve Fund. The Reserve Fund is created to cover the Long-term Capital Expenditures for the property. I highly recommend that Buyers have a Professional Condo Document Reviewer go through the Condominium documents. You are essentially buying into a Corporation when you purchase a property that is a Condominium. You want to ensure that the Condominium Corporation is healthy financially. You don’t want to be surprised with a large Special Assessment. You also should take an active role in the way the Condo Association is being governed. The decisions the Condo Board make have a large impact on your property and ultimately your check book. Smart Condo owners join the Condo Board so they can help guide the Condo Association in the right direction and protect their biggest investment. Another thing to keep in mind is that you will probably have more interaction with your neighbours depending on the style of the Condo. This might not work for people who are especially sensitive to noise. Please contact me directly if you have any questions regarding Condominiums.