A condo or condominium comprises a large complex divided into separate, privately owned units. Not to confuse this with an apartment; an apartment is owned by one owner that rents out the units, whereas condos can be owned by several owners. Here’s everything you need to convince your family why it’s best to live in a condo:
Benefits of Buying a Condominium
The most common reason stated by condo buyers for investing in this form of property is known to be its simplicity — owners only need to take care of the interiors, while they can leave the exteriors to the management company in charge. Whether it’s mowing the lawn or sweeping away the snow from the driveway, there’s nothing a condo owner needs to come out for. All in all, it’s great for anyone who wishes to escape responsibilities.
Price for Acquiring Land
There’s another important feature of condos: the price tag. They’re far more affordable than single-family homes and often cheaper in terms of taxes as well. The lesser land you acquire, the lesser the county will charge you for it. For this reason, the demand for condos is governed by economics and the requirement for circumstantial housing.
It’s recommended to rent a condo before making a long-term commitment to test whether the building or area suits your lifestyle. Then again, you’re allowed to make the interiors as luxurious as you please.
Splitting Cost of Renovation
When something goes wrong in the house, the expense falls on the shoulders of the homeowner entirely. But, when you own a condo as your home, the cost of repairs, renovations, and remodelling is likely to be shared between the owners, while a chunk remains reserved for the management. However, as the owner of a condominium, you may be asked to adhere to the aesthetic requirements of the premises.
Condo owners jointly own common areas, so when you purchase a condominium in a high rise building, you’re likely to enjoy gyms, pools, garages, and other facilities for a lifetime. These amenities aren’t usually provided by single-family homes, neither do you enjoy the sense of community there.
Moreover, living in a condo gives you the added satisfaction of knowing that once you step out of the house for work or travel, all your belongings will be taken care of by the security staff or management. This makes condos more difficult to access in comparison to single-family homes.
Types Of Condos
A freehold condo means that the condo developed owns the land where the complex is being built, which makes ownership transferable to all potential buyers of the single units. In other words, being the owner of a freehold condo makes you’re the owner of the unit you purchase as well as the land the complex stands on.
No units involved, period. This is known to be the most unique condo type where there are only shared amenities and spaces. Owners of such condominiums are held responsible for maintaining the elements via cost-sharing, while interest remains attached to land parcels.
You’ll find this condo type in abundance — this is the standard condominium that divides a large housing complex into separate units. The purchase comes along with the parking space while the rest of the unit’s interiors are owned by you (including the walls, floor, ceiling, electrical wiring as well as plumbing lines). However, everything that lies outside the door is considered a common element owned by you and your neighbours. You may be required to pay a monthly fee collectively to the housing association for maintenances of amenities like the swimming pool or gym.
This condo type indicates bare land being sold as units prior to any construction. Corporations are required to register their properties with governmental authorities before selling the land as a condo. When you purchase a vacant land condo, you own not only the house but also the land it starts on.
The leasehold condo is one where the condo corporation doesn’t own the land. Instead, the landowner leases the property to the constructors of the complex over a tenancy period. In this case, the buyers of the condo don’t own it, and can only claim leasehold interest. The land cost isn’t included in the total fees for expenses, but a chunk of the payable rent to the landlord is integrated into the common expenses fee.
New Condos Construction in Calgary, Edmonton, and Vancouver, Canada
NOVESTA is a construction company that offers real estate development, construction, and renovation services for residential and commercial buildings in Edmonton and Calgary, Alberta, and Vancouver, British Colombia. We’ve successfully hit the eight-year benchmark in terms of both NOVESTA commercial and NOVESTA residential services, with a list of past clients who hold NOVESTA in high regard.
NOVESTA’s residential projects include condo construction, multi-family residential builder, and residential renovations, whereas the underlying services for the commercial flag include commercial renovations and restaurant remodelling.
Discuss your condo construction project with the design-build unit and construction team to what good comes from investing in condominiums in Canada.