More people than ever are choosing to live in town-homes and condominiums today. For some, this decision is about cost and convenience. For others, condos provide an added sense of community and safety. In this blog, we dig deeper into the different types of condos.
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!