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The ABC's of Condominiums
Types, Styles - and How to Choose the One That's Right For You
Ontario - As anyone who's ever looked into buying a condominium knows, there are almost as many types of condos as there are kinds of people who want to live in them. Residential condominiums can range from high- and low-rise apartment buildings to townhouses, duplexes, triplexes, single detached homes, freehold plots or even mixed-use condominiums that include retail or commercial space. They can also feature a wide variety of characteristics and amenities designed to suit almost any budget or lifestyle.
If you're in the market for a condo, Canada Mortgage and Housing
Corporation (CMHC) offers the following information to help you
make sure your new home will fit your needs, preferences and
price range:
- When shopping around for a new condominium, it is important to
ensure that you are aware of what is and what is not included
in the purchase price. For instance, are there amenities such
as pools and parking? How is access to such amenities paid
for? Are finishes within the units included in the purchase
price? Are there other charges over and above the purchase
price you should be aware of? Are utilities (gas, electricity
and water charges) covered in the monthly condominium fees or
not? All such questions must be considered to ensure that you
can compare the overall costs associated with different
condominiums.
- Every condominium also comes with its own set of rules,
regulations and by-laws. These can range from restrictions on
the number of occupants allowed to live in each unit to limits
on pets, noise, parking and times when certain amenities may
be used. These rules are designed to ensure that the
condominium is properly operated and maintained. They can
also help protect the rights of each owner and ensure that the
living environment stays peaceful and harmonious. To decide if
you can live by these rules, make sure to obtain and read a
copy of them before you make any firm decisions. This
information should be readily available from the seller,
property manager, Board of Directors or the condominium's
governing documents.
- The boundaries of each individual unit can vary considerably
from one condo to another. In some condominiums, the
boundaries of your unit could end behind the interior drywall
of the dividing walls. In others, it might only go as far as
the wall's centre line. This can be an important distinction,
so find out where your ownership will end, especially if
you're planning to carry out any alterations or renovations.
- For a freehold or bare or vacant land condo, the individual
unit encompass the entire house, including the exterior
walls, roof and even the land surrounding it. Before making a
purchase, make sure you understand exactly where your unit?s
boundaries will begin and end.
- Your condominium may also include some "exclusive use common property elements." These are areas that are outside the boundaries of your unit but reserved for the exclusive use of the unit owner. Common examples include balconies, parking spaces, storage lockers, driveways and front or rear lawns. While these spaces are for your exclusive use, there may be restrictions on how and when you can use them. For example, you may not be able to park a boat, RV or commercial vehicle in your assigned parking spot, or there may be restrictions on what you can place on your balcony. If you feel there may be a potential conflict regarding what you want to do with any of your common property elements, try to clear it up before you sign on the dotted line.
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