What does it mean to own a condo and live in a condo?

 

A “condominium” refers to a form of legal ownership, as opposed to a style of construction. They come in various sizes and can be found in almost every price range.

 

Most people think of condominiums as units in high-rise residential buildings, but they can also be:

  • low-rise residential buildings
  • townhouse complexes or stacked townhouses
  • stacked townhouses
  • duplexes, semi-detached homes, and triplexes
  • single-unit dwellings

Condominium buildings are also occasionally mixed-use: partly residential and partly commercial.

 

When you purchase a condo, you own a private dwelling called a “unit.” You also share ownership of the common areas and assets of the condo community. 

 

Common elements typically include structural and mechanical aspects of the building, such as recreational facilities, walkways, gardens, lobbies, hallways, elevators, and other amenities. Some common elements – like balconies, parking spaces, storage lockers, driveways, and lawns -- may be for the sole use of the owner of a particular unit.

 

Condominium fees, which are usually due at the beginning of each month, may be adjusted from time to time to reflect increasing costs or the state of your reserve fund. These adjustments will generally take place in the following year’s budget. Any surpluses will likely either be applied to future common expenses or paid into the reserve fund.

 

NOTE: A percentage of monthly condo fees may be put into a reserve fund for future maintenance and repairs. Required by law in some provinces and territories, a reserve fund study is conducted by an engineer or other professional to estimate how much money condo owners should be paying into the reserve fund. It includes a detailed examination of all physical components, an analysis of when replacement or repair is to be expected, and an estimate of the related costs.

 

What does it mean to own a condo and live in a condo?

 

A “condominium” refers to a form of legal ownership, as opposed to a style of construction. They come in various sizes and can be found in almost every price range.

 

Most people think of condominiums as units in high-rise residential buildings, but they can also be:

  • low-rise residential buildings
  • townhouse complexes or stacked townhouses
  • stacked townhouses
  • duplexes, semi-detached homes, and triplexes
  • single-unit dwellings

Condominium buildings are also occasionally mixed-use: partly residential and partly commercial.

 

When you purchase a condo, you own a private dwelling called a “unit.” You also share ownership of the common areas and assets of the condo community. 

 

Common elements typically include structural and mechanical aspects of the building, such as recreational facilities, walkways, gardens, lobbies, hallways, elevators, and other amenities. Some common elements – like balconies, parking spaces, storage lockers, driveways, and lawns -- may be for the sole use of the owner of a particular unit.

 

Condominium fees, which are usually due at the beginning of each month, may be adjusted from time to time to reflect increasing costs or the state of your reserve fund. These adjustments will generally take place in the following year’s budget. Any surpluses will likely either be applied to future common expenses or paid into the reserve fund.

 

NOTE: A percentage of monthly condo fees may be put into a reserve fund for future maintenance and repairs. Required by law in some provinces and territories, a reserve fund study is conducted by an engineer or other professional to estimate how much money condo owners should be paying into the reserve fund. It includes a detailed examination of all physical components, an analysis of when replacement or repair is to be expected, and an estimate of the related costs.

 

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