Buying a condo is a little different than buying a freehold house. When you purchase a condo, you are buying two things, your individual unit, and a share of the condominium corporation.
Your Individual unit consists of the apartment or townhouse itself. Your ownership usually extends to the drywall. You own everything within your walls, while things like the windows and doors usually belong to the corporation.
The corporation owns and maintains the land and all the common elements such as outside grounds, elevators, amenities, parking, etc. When you buy a condo, you are buying a share of the condo corporation. It is important that the building corporation is in just as good condition as your individual unit.
When looking to buy, you must also consider the building. The choice of building can have a huge impact on your lifestyle. The building lifestyle is determined by three factors:
Condo Amenities:
This includes things like a pool, gym, concierge, rooftop patio, etc. More family-friendly buildings may have things like a children's playroom and playground.
Building Location:
Many people opt to live in a condo so they can live in a more urban environment. Look at the walkability of a condo location and the surrounding neighbourhood.
A Mix of Owners:
Is the building mostly investors who rent out their units? Young professionals? Families? Retirees? Every building is different and looking at the mix of owners is something to consider when buying.
Whether to choose a condo or a freehold property is a personal choice. However, we find that it's an excellent choice for investors as well as home owners who don't necessarily want to put the time into maintaining a propety on their own.