LETS TALK ABOUT CONDOMINIUMS

Condominiums are simply real estate properties that are usually owned by individuals instead of landlords. Condo units are part of a bigger building community. This means that, condo owners or inhabitants only own the interior of their property. Therefore all the social amenities in the building which includes the pool areas, the gym, parks, etc are owned by the House Owners Association. Therefor condominium owners are subjected to monthly HOA fees. Real estate agents are essentially available to aid their clients make informed decisions when planing to acquire a condominium in Pickering.

Condominiums are high in demand. The condominium market in Pickering has seen a recent increase in demand as a result of immigration and also its booming job market. A real estate lawyer in Pickering will assist you close your deal when you decide on which condominium property to purchase. Let’s further dive into what condominiums are about by talking about their pros as well as their cons.

THE PROS OF OWNING A CONDOMINIUM PROPERTY

• The cost of maintenance. Unlike townhouses, the cost of maintaining a condo is usually very cheap. Residents only concern is taking care of the interior of their property and not the external part of it. Since the House Owner Association owns the exterior of the property as well as the communal spaces within the property, they are tasked with its maintenance. However, the HOA demands a monthly maintenance fee for the upkeep of the property. The maintenance fees demanded for the upkeep of the property, is usually cheaper than that of a townhome property. 

 

• The benefit of a neighbour: For individuals who like the sense of belonging in a community, living in a condo will give you that exact feeling. You will have the ability to easily build a great social circle. As well as know your safety is ensured in times of any emergency since your neighbours will always come to your rescue in time of need. 

 

• The location: Most condominiums in the town of Pickering are in very developed neighbourhoods. Condominiums built in these neighbourhoods usually have great infrastructure such as good public transportation, which is very vital for those who commute to work from their condos everyday. 

 

• Social amenities: One huge perk of living in a condo is the access to a variety of social amenities which make your living experience even more pleasant. Some of these facilities include the gym, party rooms, rooftop areas, conference rooms for holding meets and also yoga studios.

 

THE CONS OF OWNING A CONDOMINIUM PROPERTY

Living in a condo doesn’t always come with advantages. There are also disadvantages with this type of real estate establishment. Let’s take a look at some of  these disadvantages. 

• Higher fixed cost. Inhabitants of condominiums are required to pay monthly fixed fees for both their living amenities as well as the standard space. This might usually be an issue for the residents who do not use these extra facilities.

 

• Condominiums are not easy to customize. Inhabitants of townhouses usually have the freedom to renovate and make various changes they see fit to their properties. However, in condominiums, inhabitants do not have the luxury of making any changes to the property. The noise that comes with renovating your property might also be inconvenient to your neighbour. 

THE CITY OF MISSISSAUGA 

Mississauga without a doubt has a growing real estate market. Mississauga real estate lawyers are always up to the ask of helping you close deals on the right condominiums. This sector has been doing well in the last few years. The city finds investors drawn into investing in their booming real estate market. Families from all over the country are moving to Mississauga for a chance at an all round better life. 

THE DIFFERENCE BETWEEN A CONDO, A HOUSE AND AN APARTMENT

There are a number of reasons why a condo might be the better option when you decide to buy a property. A big part of this reason is the cost. According to a real estate journal, the prices of condos tend to appreciate in value slower than family housing units, thereby making them making them much more affordable for buyers. 

Unlike renting an apartment, condo owners take advantage of tax deductions such as the interest on their mortgages. However, it’s not always about the money. Many buyers are usually attracted to the attractive lifestyle a condo presents. Individuals who are retired and want to experience the services at communities that cater to seniors usually prefer to live in condos. 

An advantage of living in a condo is the freedom you experience by not doing certain home ownership chores such as yard work and also maintenance of the exterior of the property. 

CONDOMINIUMS AS VACATION HOMES

Investing in a condo as a vacation home is great on the pockets. Instead of spending so much on a huge vacation home, you can own a piece of paradise by purchasing a condo. Condominiums are by far the cheapest alternatives when looking to buy a vacation home.

THE DOWNSIDE OF OWNING A CONDOMINIUM

There are some potential downside of owning condos. A perfect example is, paying for your condominium amenities even if you don’t use them. You will also have to pay for the many work done on the communal grounds.

Most of the time, condos have HOA fees which cover all these cost and and these charges raise annually. This can impact your long time budget as well. 

For individuals who dislike following specific set of rules, condominiums usually come with a long list of terms and conditions and sometimes, homeowners get frustrated by these rules.

Lastly, unlike houses, condos are harder to sell. For example some condos don’t allow you to have children which will let you lose a subset of buyers. Contacting a real estate agent to assist you when you decide to sell your condominium.

FREQUENTLY ASKED QUESTIONS WHEN IT COMES TO BUYING A CONDO

What should I know before purchasing a condominium?

It is very vital you read the terms and conditions before purchasing a condo. Also ask for more information on HOA fees and also you should be aware of separate charges that will be imposed down the line. HOA fees are simply reserved funds used for repairs and maintenance of the property.

Is a condo a good investment?

The short answer is yes condos can be considered as good investments. However, there are several factors to consider when buying a condo as an investment. First vital question you need to ask yourself is where the condo is located? Is it a highly sought after location? And does the condominium come with great facilities as well as low fees? A good real estate agent can help you chose the right condo to invest in.

Does a condominium appreciate in value?

Research has proven that condos do appreciate in value. Condos in good locations especially can provide great opportunities for an investor. 

 ABOUT THE TOWN OF NORTH YORK

North York is a town located at the North of York hence its name. North York is one of the 6 administrative districts of Toronto. The town of North York has a great socio economic infrastructure with great homes and facilities. A real estate lawyer in North York will provide you with the best legal and expert council or advise when looking to purchase a condominium.

A GUIDE TO BUYING A CONDOMINIUM

When looking to buy a new home, there are several options available. One great option is a condominium. A condominium can simply be described as a multi unit property that is usually divided into several individual units. Unlike a single family unit, a condominium contains a partial ownership in a shared common property.

Condos come in many forms which include; town houses, apartments, as well as tiny  houses within a larger developmental setting. Condos are deemed more appropriate for vacation homes especially when they are located near beaches. 

Before you purchase a condo, you should first read the terms and agreement of the condominium complex. Condos usually come with essential amenities such as swimming pools for residents, a club house, tennis courts, and also a golf course.

However, in the year. 2020, the condominium market took a colossal hit. This was mainly due to the fact that many people didn’t want to share public amenities, and also live in close quarters with others because of covid.

 

WHAT IS A CONDO?

Condos also referred to as condominiums are parts of a residency owned privately. A simple way to explain this set up is an apartment you own. Condos are usually located in trendy locations with high value properties. These trendy places include, vacation hotspots. 

WHAT TO LOOK FOR WHEN SEARCHING FOR A CONDO

Typically, looking for a condo is usually the same amount of effort used when searching for a single family house. Its best to know what you’re looking for before going to a real estate agent to make your search much easier. 

For individuals who would prefer to search by themselves, searching on real estate websites to find condos listed in areas you are interested in is the best way to go. 

DEALING WITH A CONDO SALES CONTRACT

A sales contract is just an aspect of this entire process of acquiring a condo. There are also several terms and conditions which dictates the various ways a condo is governed. It is very important to request for and also read all documents that apply to   the management of the complex.

A few of the things to keep an eye on are; what’s the trending issues of this complex, how huge is the condo’s reserve fund, management’s approach to dealing with the problems of the owners, and also how strict are the rules associated with the condominium?