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 of Record, REALTOR®
 
 
Cindy-Lou loves serving her hometown, and you’ll likely find her in a coffee shop in a meeting if she’s not found at the Brokerage office, her mobile office (a.k.a. her car) or her home office. Growing up in a family of real estate investors, she has seen the power of real estate in elevating people’s lives and strives to bring value to her community. Cindy-Lou enjoys sharing knowledge as a digital creator through vlogging and blogging while drinking great coffee! During her downtime, she can be found cooking meals from scratch and sneaking snacks with her dog Betty.

Find me on: Instagram