Condo Buying

When you hear “condominiums: your first image may be of a luxury high rise in a big city. However, a condominium is not a type of building, but a type of property ownership.

You can buy a condo within almost any type of residential structure. When you do, you purchase a “unit”, which consists of all the areas within the finished walls of your space.

Should you buy a condo?
If you’re a first-time homebuyer or looking to downsize your home, buying a condo may be an attractive option for you. But first consider the advantages, disadvantages, and other important issues…

Advantages of Condo Living
• Offer all the benefits of property ownership, including potential return on investment
• May be less expensive than other types of homes
• Are accessible to more buyers in areas where property values are high (cities, in particular)
• Require less time for maintenance
• Usually provide increased security
• Often offer more recreational and social activities

Disadvantages of Condo Living
• Lack of privacy
• High noise level
• The corporations right of entry to your unit if reasonable notice has been given or during emergencies
• If you live in a complex of condo buildings, your fees may be allocated to them all instead of just to the one in which you live

Condominium living can be an appealing housing option. It’s often affordable and someone else handles much of the maintenance and repairs, such as shoveling snow and replacing the roof. Many condominiums have enhanced security features over those found in single-family houses and offer a wide range of social, entertainment, and recreational activities.

However, purchasers should be aware — before they buy — of the many issues and considerations surrounding the purchase of, and the lifestyle in, a condominium. Condominium ownership is quite different from owning a home under traditional fee simple tenure.