What is condo?

 

Lately we have seen a substantial jump in the interest in condominium apartments in particular in Waterloo Region. But did you know that condominiums are not just apartment style homes? They may also be townhomes  or single-detached homes as well.

The term condo or condominium is often mistakenly used to describe a style of home but really what it is describing is the form of ownership. The opposite of a condominium ownership is freehold, where you own your own home independently and do not share amenities or common elements with others.

So what is condo?

It is a group of individually owned homes that  are surrounded by common areas that are shared. These homes are owned outright and the owners also share ownership of common areas such as hallways, and amenities such as pools and rooftop patios. These areas are managed by the Condominium Board as well as a condominium management company and a condo fee is paid by each homeowner to support these shared costs.  To learn more, watch my video below:

 

Kindly,

 

Cindy-Lou Schmidt
Cindy-Lou Schmidt

Broker / Manager
 
 
Cindy-Lou is a dedicated Broker/Owner and REALTOR® based in Waterloo who is proud to serve her hometown and community. She is adamant in the value of home ownership both for the financial and wealth benefits, but also as a foundation of healthy communities. With 7 years in the real estate business, and as a private investor since 2005, her experience and strategic approach to homes sales has been pivotal in building loyalty with her clients over the years.

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