Is buying a condo on your life's bucket list? You may have had your eye on buying a condo for some time, but don’t know what type you want. You may not know what is available and whether it would suit your lifestyle or not. This is where Royal Canadian Realty comes in. With the help of a quality, experienced Realty, buying your first condominium will be enjoyable and stress-free.
Did you know there are different types of condos? Let’s take a look to see which one suits your lifestyle.
How is a Condo Set up?
An individual condo unit is usually part of a building or a group of several buildings in a community-type complex. There are also detached condos that are like a single home, but owners pay into a condo association for the care of shared spaces.
Types of Condos
There are two main types of condominiums, Freehold and Leasehold. Freehold condos are owned outright by the tenant, where Leasehold condos have a contract with a landlord.
Here are a few more condo styles to think about:
Private Condo: A private condo is often owned by the unit’s landlord and rented out to qualified tenants. Its application, criteria, and deposits are all handled differently than a standard apartment.
Condo Building: This style of a condo is a complex of individual units. Usually, a community property management group maintains the property and does maintenance.
Condo Home: This is the standard type. The owner of the condo only owns the part of the building that he or she lives in, not like a house where you own the home and property.
Detached Condo: A detached condo has the same advantages or perks of condo life but it comes without shared walls. Usually, this type of condo community is found in clusters near cities.
Condo Development: A developer owns the land where the condos are built. When a tenant buys a condo, the ownership is transferred to the buyer. Here, owners are required to do their own upkeep and maintenance on their unit. Management takes care of common areas.
Condo Share: This style of condo is also known as a timeshare condo, and is often used for a vacation home or even a second home. A condo share usually has fees for maintenance and property taxes.
The Micro-Condo: Also known as Micro-Lofts, this type of condo is rather affordable. They are usually around 300 square feet and are popular in dense cities. Micro-Condos often have features like foldable tables, compact appliances, and pull-down wall beds.
With the various condo options available, you will be able to find a new home with ease. It's time to speak to Royal Canadian Realty, and let us help you find the condo that is right for you, today. Our caring and experienced agents will work with you so your home buying experience is memorable and issue-free. Contact us today to begin your condo journey. The team at Royal Canadian Realty is here for you.