A condominium is the best of both worlds. You have the advantage of ownership, without the hassles of maintenance, repairs and security concerns. For singles, couples and families, owning a condominium offers the freedom to enjoy the good things – and time to concentrate on the important things.
Why is it Different?
A Condominium is actually a legal definition that refers to the method of ownership, not the type of building.
Any type of home – including suites in low rise or high rise towers or townhomes – can be a condominium.
When you buy a condominium, you own the interior space of your home outright. Then you and all the other homeowners in your condominium community jointly own all the other physical and mechanical structures, from the hallways and elevators to the recreational facilities and the outside grounds. These are for the shared use of all owners and are called “common elements”. Your balcony or patio is also considered a common element, but it’s what’s known as an exclusive use common element. This means only you can use it, but the maintenance is not your responsibility.