A condominium (or condo) is a form of property ownership where each owner holds title to their individual unit plus an undivided interest to the common areas within the building.
Some pros and cons of purchasing a condominium:
• Condominiums are generally less expensive than detached homes.
• You may be able to purchase and live in a more expensive neighborhood.
• Convenience lifestyle-Condominiums usually have amenities like swimming pools, fitness centers, Jacuzzis, saunas, etc. that are often attached to the building and are included in the monthly maintenance fees.
• Condominiums are often located by grocery stores and supermarkets.
• Less privacy and often noise from the unit above or below you
• You are required to pay monthly maintenance fees and these fees can increase as maintenance and repair costs go up. Increases and decreases of maintenance fees are determined by the strata corporation (which is made up of all the owners within the complex).
• There may be limited parking spots for guests.
• Typically, there will be less storage space than in a detached home.
• You will be required to get strata approval for structural changes you wish to change in your home. For example, changing your floors, taking down walls or partitions, etc.
The pros and cons will vary depending on your situation and the condo you are looking at. Doing careful research and working with the right REALTOR® can help to ensure that you make the best decision for you.