Every month I will shed some light on an important aspect related to condominiums. I hope this will allow you to make better informed decisions regarding the purchase or sale of a condo. Or for those of you that are existing condo owners in the form of end users or investors I hope to be able to provide some guidance to help you with current or future decision making.
Condominiums have been a growing and popular choice for homebuyers; be it singles, couples, first time home buyers, established families or those looking to downsize in the later years of their life.
Condos are not like homes. When you buy these ‘homes in the sky’ you own a private dwelling in that building called a ‘unit’. You also share and pay for ownership of the common elements of the building (amenities, elevators, hallways, etc). Note: there are some condominiums called freehold condominiums which include the ownership of the land they are on.
Since this is not a traditional home in the sense, you should know that owning a condo is different. As a condo owner the decisions that impact you are decided by your Condo Corporation, you can participate as a board member on this body to be able to make decisions. Board members can vote on and change the rules in your condo, so you should always be aware of the structure and potential power of this governing body.