Owning a condo for a home can be a great idea especially when you compare it to a single-family home. One, Toronto condos usually provides a less-expensive entry into housing markets. Plus, they are also low-maintenance and a great option for downsizing seniors.
There are, however, various myths and misconceptions about condominium ownership that can keep even the most prolific and potential buyers at bay. Nobody would want to put his/her investment on a risky venture. And where there are rumors and myths, there are usually bound to be some element of truth too. Some of the misconceptions surrounding condos can even leave the current owners feeling frustrated just living there.
To help protect you from some of those frustrating myths and misconceptions, this article has compiled a list of some of the misconceptions about condos that you might be interested to know.
1. Owning a condo is similar to owning a home
There is a difference when it comes to owning the two. When you purchase a condo, you instantly become a homeowner and have rights to gain access to most of the rights a homeowner has regarding the purchase of a freestanding property. Remember, you only gain access to most and not all of the rights. So, if you’re wondering which other rights condominium owners don’t have, then the first one involves shared ownership. You may have the right to make any changes to your unit, but you won’t really have that much of free reign as with your own home.
You may also not have sufficient right to make any changes to your units like those on plumbing and electrical yourself. Most condo rules require that you use a qualified professional for those kinds of modifications and repairs. After all, if some wiring that you did shoddily a while back in your unit starts a fire, everyone in that premise will suffer a loss, in a way.
2. Condo fees are bad
You find that most homeowners look at condo fees as additional expenses compared to owning a home. Before you assume these condo fees as additional expenses, however, take a look at what has been included in those figures. Most condo fees are typically comprised of a building’s maintenance and upkeep. Other expenses involving utility bills can also come up like water, electricity, garbage collection, and heat fees can also directly add to your overall expenses. When you look at these expenses, you would think that that condo expenses are more expensive compared to home expenses. But it actually isn’t.
3. Special assessments are bad
You will find that even the best-managed condos can sometimes fall prey to ‘special assessments.’ This is an additional fee that the condo owners have to pay whenever their regular condo fees are insufficient to cover for any major repairs. Most condo owners usually assume that their initial fees cater for everything but that far from true. As the condo owner, you are also responsible for its upkeep. This isn’t usually the case with homeowners. As any major repairs will require you to cough up the full repair costs.
4. Fees shouldn’t keep rising
Condo fees, like most expenses, ultimately tend to rise from time to time. One reason for this can be inflation rates plus the costs of running the whole building. You find that condo fees are mostly calculated based on the projected costs for the next year. And this also includes costs for any larger repairs and maintenance.