There are many people that love condos. Are you one of them? You may or may not have noticed, but there have been so many new developments in Calgary over the last ten years. Condos allow for higher population density among residences and offer many advantages to the right buyer pool. They can be appealing to first-time homebuyers and downsized because of the low maintenance lifestyle they offer. Before I get ahead of myself, pop quiz: which one of these are condos?
That was a trick question. These can all be condos. That's right! A condominium is is actually a type of ownership - NOT a structure type. When the public hears the word "condo", most automatic picture a high-rise apartment building. While this might not be completely wrong, condominiums can also consist of low-rise apartments, townhomes, fourplexes, duplexes, and sometimes single-detached homes as well. When you purchase a condominium, you own a private dwelling (we call this a "unit"); you also have part ownership of the common areas of the building or shared land. The common areas are shared with other owners of the condominium.CONDOMINIUM CORPORATION
Collectively, all the owners of the condominium make up the Condominium Corporation, much like shareholders in corporate companies. A handful of the owners are either appointed or selected to form a Board of Directors. They oversee the operations and maintenance of the condo. All owners pay a monthly condo fee to fund the operations of the condominium. Things like maintenance/cleaning of common areas, snow removal, landscaping, waste removal, planning for major repairs and maintenance projects in the future are typically taken care of by the Board. In some cases, the cost of utilities is also shared among owners. The Board also helps keep the peace in the condominium; they help ensure neighbourly behaviour between owners and residents. Think of the condo fee as protection on your investment!
LIFESTYLE
Condominium ownership is also a lifestyle. It is appealing to many first-time homebuyers because it is low maintenance. The modest space and wide selection in innercity areas make it attractive to young professionals and millennials looking to own property, without the heavy responsibilities of maintaining an entire house. In many cases, there is little to no need for outdoor maintenance, and some utilities are included in the condo fees. The owners take care of their own unit and the rest is taken care of for them by the Board. For similar reasons, condominiums may also be enticing to empty-nesters and downsizers. They've had their share of home maintenance and the care-free, low-maintenance way of living gives them a more relaxed & comfortable way of living. Snowbirds? No problem, just pack your bags and see your condo 8 months later.
Homeownership is not one-size-fits-all but condominiums definitely have its appeal. Its biggest benefit is the shared ownership. For example, roof replacements & exterior work can be very costly but if you live in a fourplex (one single building that consists of four units) then that cost can be shared between all the owners. Calgary has so much to offer when it comes to condominiums. Like I said, condos do not have to be high-rise apartments in the downtown area. They can also be side-by-side villas in suburban communities. It is a highly versatile property type that may fit many homebuyers. Does the condo lifestyle sound like a good fit for you?
