Condos can be townhouses, low-rise buildings, duplexes, triplexes, freestanding houses, “mixed-use” buildings, for example, the Twin Vew Condo. They can be new, re-sell or converted—which means that the building can be used to be apartments or factories converted into condos.
What makes condos unique from freehold houses is that your unit belongs to you but you also share the ownership of the building, land, and common areas. You divide the cost with other condo association members, and the property management company or board of directors make a big decision.
There are so many buzzes about condos on the market right now, but the question remains if they are a smart choice. We look at the advantages
The advantages of condo living
– The outside work is done by someone else. One of biggest draws of owning a condo is that you are free from maintenance you may not have the desire, time or ability to tackle – like mowing the lawn, removing snow, or fixing the outside structures. The monthly condo fees you pay covers for all these services.
– Many major costs are divided. By law, a share of the condo fees is used for a reserve fund. When the property is managed well, this fund covers the repairs like replacing roofing and windows without additional costs to the owners.