By: Emmanuel Ajayi

Confused About Condos? Here Are the Different Types

Tags: Condos

 

 

Are you hunting for the perfect condominium to call your new home? You may be dreaming of the advantages of condo living. If you think you know all that is about this type of dwelling, let me introduce some new information. Did you realize there are different types of condominiums? Here are the specifics.

Basic rules
To begin with, condo ownership gives you title and ownership of the condominium unit you’ve purchased plus shared ownership of the property that’s for common use.
The common spaces are managed by a condominium corporation that collects condo fees from you while you’re responsible for maintaining your personal dwelling. Bylaws are in place to govern what’s expected.

Conventional condominiums
The majority of condos that are built in an apartment-style or as townhouses are considered conventional. As a homeowner, you have control over the inside of your particular apartment unit or townhome.
Areas for common use are such spaces as lobbies, laundry rooms, fitness centers, and party rooms, for example, in an apartment-style condo. In a townhouse-style development, you’ll have joint ownership of any outdoor spaces like small parks, gardens, pools, tennis courts, etc.
When it comes to windows and exterior doors it’s important to read the regulations closely as condos will differ in this respect.

Bare land condominiums
If you purchase what’s called a bare land condominium, you’re basically buying a plot of land with a home on it. While some townhouses are considered bare land condos, detached single-family homes may fall into this category as well. There are some in the communities of Tuscany, Rocky Ridge, and McKenzie Lake, etc.
In this type of condominium, your monthly fees cover the maintenance of common areas like roads, parking lots, sidewalks, and recreation complexes. You’re responsible for maintaining your individual home according to the corporation’s bylaws.
With bare land condominiums, you have full or freehold ownership of all that’s within the boundaries of your plot of land. In addition to your home and garage, this would include landscaping, gardens, and trees.

Finally
A conventional condominium will have a Condominium Plan you can access while a bare land condo will have a Real Property Report. These documents show the boundaries for the unit you’re buying.
If you’d like to learn more about whether condo living is for you, I’d be only too happy to take you to some listings.