Are you intrigued by the idea of living in a condo and want to know if it’s right for you? To help you make an informed decision, we explain a few key points.
All for one and one for all
By definition, life in a co-ownership means sharing costs, responsibilities, and amenities with your neighbours.
In other words, you and your fellow co-owners will share all costs related to repairs and upkeep, which is where monthly condo fees and contingency funds come into play. You will also be sharing amenities like common areas (terrace, pool, reception hall, etc.) as well as all expenses related to the community (social activities, services, etc.).
You will never be on your own when faced with work that needs to be done or decisions that need to be made and, just like every other co-owner, you always have a say in every decision. The condominium association works like a democracy, where every member has a vote, and the notarized declaration of co-ownership contains all the key rules for living in the condo building and is there to help avoid and resolve conflicts.
A space all your own
A condo is a divided property. That means you are the owner of a share of the building’s common areas (hallways, elevator, rooftop terrace) and share co-ownership expenses on a pro-rata basis—all while your condo or unit is for your exclusive use only.
Unlike an undivided property, your apartment has its own lot number (cadastre) and receives its own school and municipal taxes. You are free to sell or mortgage your property as you wish, and are in no way linked to your neighbours’ mortgages.
Enjoy urban life, every day
Condo life requires you to make compromises inherent to co-ownership, but it’s also an ideal way of life for first-time buyers as well as individuals and families who do not wish to take on the full responsibility of administering a building or maintaining a property (snow removal, landscaping, renovations, etc.).
A condo building is also perfect for enjoying everything urban life has to offer. These are usually found in central areas of a city, located in walking distance to services, stores, and offices. When it comes to sustainable development, choosing densification over urban sprawl helps to limit the negative effects of car use while promoting the development of public services in your neighbourhood. Condo life is both a practical and responsible choice.
**Want to know more about the steps involved in buying a condo? ** Take a look at our buyer’s guide
Living in a co-ownership enables you to:
- Share costs, maintenance, and responsibilities;
- Take advantage of amenities and common areas;
- Own property for less than the cost of a house;
- Live in a central location.
Things to keep in mind
Living in a co-ownership also means:
- Paying condo fees;
- Respecting the co-ownership rules;
- Making decisions as a group;
- Living in close proximity to your neighbours.