A condo is a type of property in which you own a smaller unit within a larger building. You’re responsible for the internal maintenance and repairs of your unit, but the building itself is owned by someone else. You’ll have a legal interest in the building, as well as easements that give you access to the property. However, you won’t own the entire building. If you are buying new condos in downtown Toronto, this information will be useful for you.
Renting a condo is cheaper than buying a condo:
There are several advantages to renting a condo over buying one. One of the biggest is that you can avoid the ongoing costs of maintenance and repairs. Aside from the financial aspect, renting also allows you to build equity in your home and earn a return on your investment. A condo is also cheaper to purchase than a single-family home. Its monthly association fees cover exterior maintenance and entryways, making renting a condo a more affordable option.
HOA fees:
The amount of HOA fees a condo owner must pay depends on several factors, including the number of units and the size of the community. The amount also depends on what amenities are offered. For example, the cost of electricity for common light fixtures can increase the fee. Other factors that affect HOA fees include the cost of gates and landscaping. In addition, fees are often higher in older buildings or developments. These properties also usually require major repairs and improvements, which can result in a series of special assessments.
Pet Restrictions:
Pet restrictions in condos can be contentious. In some cases, condo corporations have waived their rights to enforce pet restrictions, allowing residents to ignore them and bring their beloved pets to the building. Fortunately, there are ways to get around condo pet restrictions. You may be able to find a sample clause in the corporation’s rules and regulations.
Noise in a condo:
If your condo is too noisy, you can seek legal assistance to reduce the volume. You should also follow the rules on noise control in your condo building. Condo associations can assist residents facing noise issues. Check out their FAQ section for answers to common questions. You can also ask an acoustical engineer about noise complaints.