Selecting The Best Condo For You

Condo living has become a very popular option over the last decades. The relatively carefree lifestyle appeals to many North Americans. Condos offer buyers more accessible housing with minimal maintenance required. Social, entertainment and recreational activities are also available in many condo complexes, particularly with condos for sale in Toronto. However, before you buy a condominium, you should make sure that this is the appropriate choice for you.

A condo is not so much a style of construction but more of a type of ownership. This type of ownership can pertain to houses, low-rise residential complexes and townhouses although it is usually affiliated with high rise constructions. Condominiums are composed of two elements, the unit and the common areas. The units are recorded in the owner's name and are individually owned . The unit proprietors own in common the common areas such as recreational facilities, hallways, elevators, gardens, etc.

Buying a condominium means that you hold your specific unit but also that you become part proprietor of the common property elements of your complex. Some of these common property elements may be for the restricted use of certain unit proprietors. For example, parking spaces, lockers, balconies are 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 restricted use common elements.

There are specific rules, bylaws and regulations affiliated with each condo complex. Based on the condo corporation, these can either be relaxed or very strict. Toronto condos often have rules that impose restrictions on pets, noise, parking, alterations to the unit space or appearance, etc.

Condos vary from conversions, resale and new constructions and are available in all shapes and sizes. New constructions will attract some buyers as they will offer greater choices in terms of unit location, finishing options, new home warranty protection and sometimes a lower purchase price. Beware though that there may be modifications to the unit in the construction period and that the unit you bought in pre-construction may not be the exact same one you get.

Conversion condos are very similar to new condominiums in the early stages. 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 advantages. Unique constructions such as lofts may be available in some projects. Home warranty programs may not pertain to conversion condos so it is important to check this with your provincial program. Major repairs may be needed sooner rather than later as some of the internal components will already by old despite the new units.

Buying a resale condo can be advantageous for those who prefer to see the units and the grounds before they make a final decision. You can talk with the existing owners, ask questions to the property manager and board of directors. This can provide you with beneficial information. The lack of unit options and the possible need to upgrade or renovate them can be a disadvantage of resale units.

Be sure to speak to professionals who specialize in condominiums before you complete your decision. An experienced real estate professional can help you save time and energy. A real estate lawyer with understanding of condominiums will help protect your legal interests.  Hire a home inspector to find out about potential defects or repairs needed to the unit and the building. To ensure that you can afford the monthly payments including mortgage, condo fees and property taxes, be sure to talk to a financial advisor. Visit as many condominiums as possible and take your time. The right condo is out there, as unique as you are.