Types of Condos And Point to Know Before Buying
Tuesday Apr 05th, 2022
Hey, what are condos? Yes, an individually owned residential unit in a complex comprises other
residential units. A condo or condominium is a property you can purchase or take for rent.
However, before investing your money, keep in mind that condos are different from both a flat
and an apartment.
In this article, we will discuss why we should buy or rent a condo and popular types of condos as
well we will cover some important points to consider before making any decision. The main
perks to purchasing or taking condos for rent are they provide a sense of community and are
cheaper than a house or flat.
Points to remember while purchasing condos
It is an excellent decision to buy condos or take them for rent. However, while purchasing a
condo, keep some factors in mind. The first and the most important is location. You will not live
in your condos forever, so it is good to plan its long-term resale value. The other factor to be
considered while going for condos for sale is amenities. In brief, amenities are those extras that
people love. For example, gym, a fitness centre, swimming pool, party room, visitor parking etc.
The rules of the condos are also be kept in mind. They tend to have restrictions and don’t offer
the same freedom as house ownership does. For instance, dogs are not permitted, or only smaller
dogs are allowed. Also, to renovate, it is a must to take permission. So, it is suggested not to
ignore the rules, or it will cost you a lot.
In addition to this, keep an eye on reserve funds and the size of the condo for making a profitable
Different types of condos you can purchase or take for rent
Numerous types of condos are available for sale in Mississauga. Which one is for you depends
on your budget and bankroll. So, plan it for saving your time and effort.
Take a look at the best 5 types of condos.
1. Condo homes
It is a residential property where the owner owns the portion that consists of the interior of their
2. Condo share
A condo share is used as a vacation or second home. These types of units have fees and are
challenging to sell.
3. Detached condos
They are different from condo homes. One of the significant differences is the lack of shared
walls. In these types of condos, units are found clustered together.
4. Private apartment or private condo
These types of condos are owned by their landlord and are rented out to tenants. However, they
are different from standard apartments.
5. Condo building
As the name suggests, it is a complex made up of individually owned units. Their ownership is
controlled by community property management.
The bottom line
From this article, we understood the worth of condos, how to purchase them and
different condos. So if looking for increased security within your budget, buy them today by
keeping the discussed factors in mind.
Post a comment