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.