What is a Condominium?

The term “condo” is the abbreviated form of “condominium. This is a type of property in which a homeowner purchases a housing unit, which could be in a large building or as attached housing. You can always search for condos in Toronto on websites over the Internet. There are common areas shared among all tenants and you do have your own parking space. If you have a condo in a building, the hallways, lobby, elevators and stairs are used by all the occupants of the building.

The boundaries of a condo unit on the Toronto market are classified according to the air space of the unit. These boundaries are the outside walls of the unit and the common areas of the building are owned by the condominium corporation. For attached houses designated as condos, this common area includes the walkways in front of the homes. This common area and land is held in trust on behalf of all the condo owners.

Within the walls of a condo, you do have the option to modify the space to change it to suit your needs. It is your home, just as if you purchased a single family dwelling and you are free to knock out or build walls if you choose to make modifications. You can change the flooring as well and install new fixtures and appliances. You are not, however, permitted to make any changes to the areas designated as being commonly owned.

Each Toronto condominium corporation is governed by a board, which makes decision about the type of maintenance needed to be carried out on the property. The residents or condo owners are part of this board and are usually elected to serve for a specified term. There are condo fees associated with being an owner of this type of home and these fees go toward the maintenance of the common areas as well as the landscaping outside. In some cases, the corporation provides cable TV service to the owners as part of the condo package.

There are some Toronto condos where age restriction is enforced in that the owners must be 55 years of age or over. Others may not permit owners to have pets. Before you set out to buy a condominium you should take a look at the rules and regulations set down for each location in what is called a “Declaration of the Condominium.” There are also bylaws which will spell out how the rules are governed. The board members set down rules by which the condo owners must abide and these are flexible in that they can easily be changed. The Declaration and bylaws are much harder to amend.

Condos are a much better option when purchasing a home for many people because they are usually lower priced than single, detached homes. They provide the opportunity to live in an upscale neighbourhood with easy access to shopping, schools and business facilities and do not come with a high cost of maintenance. Home insurance is also less costly because you are only responsible for insuring the interior walls and your personal belongings, since it is the responsibility of the condominium corporation to provide the insurance on the exterior walls and commonly held areas.

When you are shopping for a new home in Toronto, it is beneficial to look into the prospect of purchasing a condo. By knowing what a condo is and how it can fit your lifestyle will make it easier for you to make the final decision.  To start your search: http://www.condosintoronto.org/