A Condominium is more than a “Lifestyle”; it actually describes a form of land ownership.
In both high-rise apartments and townhouses, buyers own a specific residential unit, plus a percentage interest in the “common elements” lobby, hallways, elevators, parking garage and grounds.
Condo units are bought, sold and mortgaged separately; so owners are responsible for their own taxes and mortgage, plus the maintenance and repair of their units.
A monthly fee is also paid to maintain the common elements and to operate the condo corporation. Part of that money goes into a reserve fund, for major repairs and the replacement of major assets.
Townhouse maintenance fees are generally lower than in a high-rise as apartment condos have elevator banks and underground garages that need ongoing maintenance and repair.
Despite the conveniences condominium living provides, rules are enacted to regulate activities-everything from keeping pets to parking cars.
To know more about those restrictions, and the financial health of the project, make your offer to purchase conditional on reviewing the condominium documents.
