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Types of Condos
What is a Condominium?
Condominium owners hold title to their units and share responsibility for the operating costs of the balance of the property (common elements such as lobbies) that makes up the condominium.
The maintenance fee includes the building insurance. The condo owner is responsible for insurance on the contents and the interior of the condo.
The maintenance fee usually includes common elements, water and exterior building insurance and often includes heat, hydro and parking as well.
When comparing maintenance fees for condos, be sure to check whether heat and hydro are included. Often the difference in maintenance fees is just due to the inclusion or exclusion of heat and hydro.
The maintenance fee is directly related to the size of the condo apartment. (i.e.maintenance fee for a 1500 sq. ft. condo will be 50% more than that of a 1000 sq. ft. condo)
The inside of the condo townhouses are owned by each person. However the ownership of the exterior portion (common elements)is shared amongst all the owners. The condo fees pays for this shared portion.
The shared ownership portion (common elements) include the outside of the building (including the roof), parking spaces, play areas for the kids, outside yard, outside of the building, exterior door, garage door.
was the name given to condominium townhouses by one builder where the maintenance fee was reduced by having the owner look after the exterior of the building (including the roof) as well as the yard.
Typically (in Newmarket), the condominiums originally designated as freedominiums have a maintenance fee of approximately $60 while similar (true) condominiums have a fee of approximately $120.
They share common elements such as roads and playground. However, the building exterior is the responsibility of each owner - not the condominium corporation.
is not a condominium since there are no common elements. The townhouses share their walls the way semi-detached homes do, but they don't set any funds aside to repair things such as the roof. Also, the homeowner is responsible for the insurance of the building as well as the contents.
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