Can’t decide if you are looking for traditional housing or are ready to consider condo living? Choosing to live in a condo community can take some adjustments, but its popularity among homebuyers is constantly increasing.
Below you will find some items to consider that may confirm condo living is what you are looking for.
What Is A Condo?
A condo or a condo community, building, development etc., is a collection of individual units, each with independent ownership. This ownership will include an equal share of “common elements” or amenities. These common elements (gardens, green space, pool) are controlled and maintained by a property management company.
condo living
Structure Of A Condominium Corporation
The best description I have heard of condo ownership is “we own from the drywall in”. Everything else (sometimes except for windows) is part of the condo’s “common elements,” and as such, the cost to maintain it is covered by the monthly contribution you pay, known as “Condo Fees.”
The condo fees are paid into a reserve fund. This money is controlled by a board of directors and a property management company. They make budgeting and long-term planning decisions on behalf of all the owners in the community.
Types Of Condos
Condos come in many forms:
High-rise apartment buildings, townhomes, vacant land, one-storey row houses, and private golf course communities.
You can find almost any type of condo property to fit your needs.
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Reasons To Consider A Condo
Less Maintenance
Monthly condo fees will cover maintenance costs around the complex. In my experience, property management companies arrange for everything from snow plowing to grass cutting to be taken care of.
Controlled Costs
In some condos, the monthly fee will include some utility costs. This allows you to budget your monthly expenses easily.
I have observed that almost all condo fees increase by small amounts year over year. I would recommend taking this into account for budgeting.
Amenities
Access to gyms, swimming pools, theatre rooms, saunas, hot tubs, or games rooms is a perk of condo ownership. Not all condos offer these, but around London, you can pick and choose what amenities you would like the best and find a suitable complex.
Security
Many condo apartment buildings, and some townhome or vacant land condo development, have secured entry. Some have full-time staff, and others have secured entrances and underground parking.
Sold! Let’s Start Looking…
Ready to start searching for a condo? Let’s connect.
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Want more details on the current market? You can find more information about the current market here: London & St Thomas Association of Realtors.
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Want more details on the current market? You can find more information about the current market here: London & St Thomas Association of Realtors.