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Are Condos Right For You?

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Published: 09Jul2009
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Over the last few years, condo living has become a very popular option. The relatively carefree lifestyle is attractive to many North Americans. Buyers enjoy the limited maintenance needed of condos as well as their affordability. Social, entertainment and recreational activities are also offered in many condo complexes, particularly with condos for sale in Toronto. Make sure that you take time to consider whether a condo would be the best choice for you before you sign on the dotted line.

A condo is a really a form of ownership as opposed to a style of construction. This form of ownership can pertain to houses, low-rise residential buildings and townhouses although it is usually associated with high rise constructions. Condominiums are made up of two parts, the unit and the common areas. The units are recorded in the owner's name and are separately owned . The common areas such as gardens, recreational facilities, hallways, elevators, etc are held in common among the unit owners.

Once you buy a condominium, you become the proprietor of your individual unit and you also own a percentage of the common property elements. However, certain unit owners may have unshared use of some of the common property elements. Balconies, storage, and parking spaces are all examples of unshared use of common property elements. Be sure to enquire about these before you buy as they may still carry restrictions even though they are exclusive use common elements.

There are specific rules, bylaws and regulations associated with each condo building. Based on the condo corporation, these will either be relaxed or very strict. Things such as pets, parking, noise, alterations to the units appearance or space, etc of Toronto condos could be restricted by these rules.

Condos come in all shapes and sizes and vary from new constructions, resale or conversions. A lower selling price, new home warranty protection, finishing options and a choice of unit location are all advantages of new constructions that will appeal to some buyers. However, with a new construction you may not actually get the unit that you are buying and there could be changes made to it during the construction phase.

In the early phases, conversion condominiums and new condos are very similar. The exterior of the building being already in place is the main distinction between the two. Conversions and new condos share many of the same benefits. Some projects may offer unique constructions such as lofts. Home warranty programs may not pertain to conversion condos so it is important to check this with your provincial program. Major repairs may be required sooner rather than later as some of the internal elements will already by old despite the new units.

For those you prefer to see the units and the grounds before they commit to buying, purchasing a resale condo may be the best option. You could contact the property manager or the board of directors and ask questions to the current unit owners. This can provide you with beneficial information. The limit of unit options and the potential need to upgrade or renovate them can be a draw back of resale units.

Before finalizing your decision, make sure that you talk to professionals who specialize in condominiums. To save time and energy, put an experienced real estate professional on side. To protect your legal interests, retain the services of a real estate lawyers with knowledge of condominiums. To determine whether the unit or building needs repairs or is defective, hire a good home inspector. To ensure that you can afford the monthly expenses including mortgage, condo fees and property taxes, be sure to talk to a financial adviser. See as many condominiums as you can and take your time. The best condo is out there, as different as you are.

Stefan Hyross writes on subjects that cover Toronto condos and market stats. For more information about the Toronto area, related real estate articles or to search for condos for sale in Toronto please feel free to visit the website.

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