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A condominium is the best of both worlds. You have the advantage of ownership, without the hassles of maintenance, repairs and security concerns. For singles, couples and families, owning a condominium offers the freedom to enjoy the good things – and time to concentrate on the important things.
Owning a condominium allows you to enjoy all the benefits of a fine home, with the added benefits of amenities, enhanced security, increased affordability and ease of maintenance. Some of the amenities include 24-hour concierge, high-tech security surveillance, recreation and fitness facilities, plus the convenience of not having to shovel snow or cut grass.
A Condominium is actually a legal definition that refers to the method of ownership, not the type of building. Any type of home – including suites in low rise or high rise towers or townhomes – can be a condominium.
When you buy a condominium, you own the interior space of your home outright. Then you and all the other homeowners in your condominium community jointly own all the other physical and mechanical structures, from the hallways and elevators to the recreational facilities and the outside grounds. These are for the shared use of all owners and are called “common elements.” Your balcony or patio is also considered a common element, but it’s what’s known as an “exclusive common element.” This means only you can use it, but the maintenance is not your responsibility.
Check our Glossary for a list of terms relevant to Condominium living.
As a condo owner, you will have complete access to all community recreational facilities. When looking for a condo, make sure you have a careful look at the building’s Amenities to ensure that you are aware of all additional lifestyle features.
Many condominiums include some of the most elaborate and extensive recreation facilities imaginable, so whether you’re hosting a dinner for eight, a movie night for 10, or a party for 120, there’s likely a room for you.
Condominium lobbies are very nicely decorated and welcome you with elegance and sophistication. Professional landscapers create a beautiful and lush outdoor environment
Condominium living is a popular lifestyle choice. The security features of most buildings further enhance the benefits of condo living. Most buildings offer secured access. Some condominiums have security attendants on evening and weekend hours.
Residents receive a personal remote-control transmitter or a car transponder to enter the underground parking and a computerized access-card for entry to common areas.
Intrusion alarms can be personally encoded and are a standard feature in most suites. Ground-floor homes may also be outfitted with interior motion detectors and magnetic contacts on exterior doors and windows. Many condominiums include security features you probably wouldn’t think of or even notice. For example; extra-bright lighting in the underground garages and elevator lobby areas with glass windows that allow a clear view into parking areas.
Buildings take great care to incorporate many different fire-safety features into its communities. These buildings are designed to contain a fire should it occur, while alarm panels are located throughout the building. All stairwells and elevator shafts are pressurized and receive a separate supply of fresh air to provide a safe and smoke free exit. Garbage chutes and lower garbage rooms have heat detectors and there is a sprinkler system that activates automatically should the need arise. Common hallways have smoke-and- heat-sensors, a fire hose and a direct contact firefighters’ telephone.