Condos are classified as either leasehold or freehold.

Leasehold: The tenant has a contract with a landlord and does not own their unit.

Freehold: You own the unit outright, or have a mortgage. Freehold condos fall into three sub-categories:

Below, we are going to break down the three subcategories of freehold condos and what the differences are between each of them.

Standard Condominium Corporations

This type of condo is the most common. It is defined as being a separate unit, or row-house. When you purchase a standard condo, you own the unit and in some cases, a parking spot. If your condo building has other amenities like a pool or a gym, you’d have access to those spaces but you wouldn’t own them. In most cases, you will be subject to relatively high and fluctuating maintenance fees that are used to pay for and maintain common areas and landscaping.

Common Elements Condominium Corporations

This type of condo corporation doesn’t have any units, but does have shared spaces or amenities. The owners of the land are responsible for the maintenance of these shared common elements and most often, require community members to pay maintenance fees.

Vacant Land Condominiums

Vacant land condos are defined as bare land that is sold and used to construct condominiums. Corporations register and sell their land as a condominium before any building begins. Vacant land condo owners not only own their home, but they also own the land that it sits on. Usually the maintenance fees for this type of condo are much lower because of this.

Benefits of Vacant Land Condos

Vacant land condos are attractive for several reasons.

As mentioned above, If you choose to go this route, you would own your unit and the land. This means that you are free to customize the inside of your home in any way you’d like and have the flexibility to make changes to your exterior space.

Vacant land condos generally have much lower condo fees because you would be responsible for your own maintenance.

The nominal fees that you’d pay are used for things like street maintenance and ensuring that the neighbourhood is always well-groomed.

At Sinclair Homes, we specialize in building vacant land condos. Our communities provide the privacy and space of a single-family home with the community feel of a condo.

If you are interested in a vacant land condo home, contact Sinclair Homes today!

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Planning a move can be a stressful time and you want to make sure at the end of it all, it was worth it. Moving into a new build community provides benefits such as move-in ready homes, a sense of community, and optimal community planning.

Move-in Ready Homes

When you choose to buy a home in a new build community, you get to select from a variety of floorplans, exterior options, and features, in addition to choosing your lot.

Working directly with the builder allows you to be involved in the design of your home so you don’t need to face renovations like you would when buying a resale home. All of the details, such as flooring, countertops, and hardware will have been decided early, freeing up your time for the move.

Prior to the move-in, you would have selected a particular floor plan and been able to plan out the placement of your items. A new build home provides the benefit of a smoother move-in because your home is constructed to your preferences.

Sense of Community

Joining a new build community means that you will be a part of a community of new homeowners, which will provide you with a sense of comfort and safety. Having neighbours nearby presents the opportunity to form friendships. Creating these types of relationships with neighbours can provide a sense of security and safety, as you have someone close by to rely on if need be.

If you have young children, you have the added benefit of being a part of an instant neighbourhood which can be a great way for your kids to make new friends. If you are looking to retire but want to remain social, being part of a new build community will allow you to meet a variety of people.

When you live in a community, even if you aren’t particularly close with all your neighbours, you can rest assured that there are those close by should you ever require anything.

Optimal Community Planning

A builder will consider lot sizes, roads, and access to amenities during the planning stages. When you choose to live in a new build community you will be able to have a better understanding of what you can expect the community to look like once building phase is complete — and also what the community could grow to become in a few years.

You will benefit from being a part of a new, vibrant community and be close to established areas with shops, entertainment, and workplaces.

Future Resale Value

Buying in an up-and-coming new build community, that will grow to have amenities in the coming years, ensures you will benefit from a better resale value when the time comes because majority of buyers prefer areas that are established and having surrounding amenities. Many new build homes are built with enhanced safety systems and energy-efficient components which will also increase the value of your home.

As one of Ontario’s leading home builders, we are committed to creating homes and communities that provide benefits for all types of buyers. Contact us today to find the perfect new build home for you!

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Get used to neighbours

Before you move, it’s important to realize that you are moving into a space with close proximity to neighbours. While condos are definitely less noisy than apartment buildings, a certain level of noise should be expected.

Familiarize yourself with the rules

If you decide that owning a condo is right for you, when you first put an offer on a condo, you’ll receive a list of rules. It might be tempting to skip reading them, but knowing the rules will help you be fully prepared for your move. Condo rules vary from building to building, but they address day-to-day living issues such as pet ownership and how to use common areas. If any owner chooses not to participate in the condo rules and regulations, they may be asked to meet with their respective condo board. Click here to see an example of condo rules.

The condo board

Each condo has a condo board made up of residents of the condo. The board is elected within the first year once 51% ownership is reached. Their role is to oversee the property, expenses, and any costs associated with roads, sewers, street lighting or the building in general. They’re also responsible for ensuring that the resale value of the condos is maintained. The board must hire an engineer within the first year to audit the property.

Maintenance & repairs

When it comes to your individual unit, you are responsible for maintenance and repairs, but more details about this will be outlined in the condo rules. The corporation is responsible for keeping the common elements maintained and repairs, like lawns, parking areas or exercise facilities. This is where your monthly condo fees will go. If you buy a vacant land condo, however, you’re responsible for maintenance and repairs on your part of the property.

Want to know more about vacant land condos? Check out this blog from Sinclair Construction in Ingersoll.

The post First-Time Condo Buyer? Here’s What You Need to Know appeared first on Sinclair Homes.

What is it?

A vacant land condo is pretty much how it sounds: bare land that are then sold and can be used to construct a condo. This differs from other condominiums as the land is included in the condo unit. Vacant land condos allow corporations to register and sell their land as a condominium before any building take place.

Benefits of a Vacant Land Condo

So why should you consider buying a vacant land condo? One of the main benefits for homebuyers is that the condo fees are significantly less than a standard condominium. This is partly because maintenance becomes the responsibility of the individual condo owners. In more traditional condos, the condo is the responsibility of the building owner.

In addition to being able to customize your home on the inside, vacant land condos offer you the flexibility to make changes to your exterior space.

The fees associated with other types of condos can fluctuate on a yearly basis, which can be a surprise to many condo owners. Condo fees, especially in the first few years after the building has been completed, are pretty much guaranteed to increase to accommodate utility and maintenance costs. With a vacant land condo, however, condo fees remain fixed.

For a more detailed overview of vacant land condos, click here.

Have questions about vacant land condos?  Contact Sinclair Homes today!

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