When you ask most individuals to explain what a condo is, they will say it is similar to an apartment, though you own it. Some will say it is a home without a yard. These explanations, to some extent, are correct, but there are some differences between a condo and an apartment too. In Ontario, you can find beautiful condos that offer much more than apartments.

A condominium (in short “condo”) is a private residence of a family or an individual in a building or residential area with several units. Though condos are usually part of skyscrapers, detached condominiums exist as well. The common aspect about any condo is that, common areas, like the yard, gym, and garage are shared. The sharing reduces the maintenance costs and upkeep. Owing to this convenience, those who own the condos pay agreed fees to condo board, usually comprising of the elected owners. The board hires pool cleaners, landscapers, and any other services that need to be provided.

Owning a condo

When buying a condo, there are some factors that you will have to consider. These include location, size, facilities, parking spot, and other amenities being offered. For example, when considering Condos, they offer a good view of Ontario and can be pre-owned, meaning that they can be customized to meet your preferences. Some of the pros and cons of owning a condo are underlined below:

Advantages

• Most of the condos are in a perfect condition because people own them

  When a person owns a condo unit, he gets to enjoy more benefits. Many condos, such as what we have mentioned above, have modern and luxurious rooms with beautiful finishes and amenities that are not usually available in apartments.

   

• Condos offer many amenities compared to apartments

  These amenities may include pools, lawn care, and parking lot, though this will depend on the building. For instance, 1 Yonge Condo is situated in a place with easy access to the bus system of Toronto. Owners can easily access shopping centers, entertainment facilitie,  and a rich social and cultural life.

• Condos come in different architecture

  This means that different designs and styles can even be tailored based on the individual’s needs. For example, 1 Yonge condos being constructed in Toronto and slated for occupancy in 2020 have multiple floor plans that offer occupants a chance to tailor their lifestyle based on the different available designs.

Disadvantages

• Homeowners association or boards manage the condos

  They maintain the shared areas and ensure that they are well-maintained and clean. However, this means paying additional fees. Those living in condos have to pay for high fees on top of the monthly rent.

•  Condos owners have to take care of their interior facilities in the same way homeowners do

  For example, they have to pay for plumbing services if needed. However, modern facilities may not require leakage repairs for many years.

  With this basic knowledge of condos, it will be easy to decide if you can grab one of the condos at Yonge Street which are ideal for those looking to own a modern and luxurious unit.