Learn about condo ownership before you buy
Before you decide to buy a condominium, it’s a good idea to learn about condo ownership and what it’s like to live in one.
With mortgage rates at all time lows, more Canadians are leaving behind rental properties and applying for their first mortgage. This is one of many reasons condominiums are becoming more and more popular. This article is a comprehensive guide for anyone looking to choose condominium ownership.
An important factor to take into account when searching for a condominium is the difference between a regular and a freehold unit. With a freehold unit, you own the unit as well as the land, meaning you are responsible for maintenance and repairs to these areas. Owning a regular unit means you own the unit only, and the land is considered a common element.
Taking ownership of a regular condominium unit means you also own a percentage of some of the communal areas in the building, such as lobbies, elevators or recreational facilities. In most cases, each resident pays into condominium fees that ultimately go towards the operation and upkeep of these common areas. This applies to both regular and freehold condominiums.