Meaning and Merits of Condos
Tuesday Apr 05th, 2022
Hey, are you familiar with the term condos? It is short for a condominium and is a residential
unit in a complex or building. There are remarkable differences between condos, apartments and
a flat. In this article, we will discuss everything you wish to know about condos and the different
types of condos available for sale.
A condominium is inside the building, but it is privately managed by the property's landlord.
Contrary to it, in an apartment, the services are provided, and it is managed by cooperation.
Likewise, condos are also different from flats. However, it is to be kept in mind that the
difference is only in the perspective and location.
If looking for condos for sale then look for the residential projects of reputed construction
companies before investing your money. This will help you purchase condos with lifestyle
amenities, branded fittings and sustainable architecture.
Merits of purchasing condos
Nevertheless, the condos offer numerous unique perks, which makes them a priority of the
customers. Take a look at the different perks of purchasing or taking condos on rent.
1. Flexible living
It is great for working families who don’t have a ton of time for maintaining their houses. In
addition, more freedom is provided to families by a small space, who don’t want to work
regularly on home improvement.
Purchasing condos is a profitable deal for first-time homeowners. You will not believe in some
cities purchasing a condo is cheaper than giving the home rent.
3. Cheaper insurance
A house requires insurance for inside and outside, whereas when you purchase a condo, the
insurance only needs to cover the inside of your house. In this way, the insurance of the condo is
cheaper than flats.
If you live alone, then security is not a big deal for you. However, a majority of condos have
cameras and security guards for keeping you safe.
5. Top-notch amenities
For enjoying top-notch amenities, it is not necessary to live in a luxury condominium. A majority
of condo buildings are found in or around downtown areas, so they offer amenities like a pool,
rooftop spaces, a fitness centre and a lot more.
Types of condos
Commonly there are two types of condos freehold and leasehold. In freehold condos, you are the
owner, whereas, in leasehold, there is a contract between the landlord and tenants. Have a glance
at the different kinds of condos.
A condo share is used as a vacation or second home. Here the tenants pay the charges to the
landlord, and such types of units are hard to sell. However, contrary to it, a private condo is
owned by its landlord. Therefore, compared to a condo share or private apartments, the
application process and deposits of this condo are different.
The bottom line
After understanding the worth of condos, it is good to give it a try. If interested, then different
kinds of condos are available in Toronto, Mississauga, and Vaughan to make your dream come