Recently, condo purchases in Toronto have become increasingly popular as buyers look for single-family home alternatives. Consumers who have never before considered purchasing a condo may be curious about the process and the advantages associated with owning a condo over a traditional home. A condo is similar to an apartment building, although the precise structure can vary from one complex to another. In some cases, there may be only two condominiums in the building or there may be several condos in the same building. Unlike with most apartments; however, residents own a condo and do not rent it.
Due to the fact that you own the condo and pay a mortgage each month you will be able to build up equity in the same way you would with a conventional home purchase. This can also help to improve your credit rating over time as you make all of your mortgage payments in a timely manner.
Among the many benefits a condo has to offer are maintenance-free living and convenience. In most cases, a homeowners association will take responsibility for all matters related to property management when you own a condo. While this can help to dramatically reduce the amount of time you need to spend worrying about upkeep, it is important to make sure you are aware of the various assessments and fees associated with a condo purchase. You should also make a point of asking whether you will also be responsible for upkeep and maintenance of common areas in the condo building, such as the parking lot and the lobby.