Defining Condominiums: What are they?

There is a lot of confusion out there about what a condominium actually is. The word condominium refers to a form of property ownership, not a style of property. However, people often use the term condominium, or condo, to describe an apartment. While an apartment may have condominium ownership, a townhouse, semi-detached (half-duplex), or even detached property could also be in condominium ownership. The following is a breakdown of how condominium ownership works, and what it entails:

Your Unit

As a condominium unit owner you exclusively own, enjoy, and are responsible for your unit (i.e. your apartment, townhouse, half-duplex, or detached property).

Common Areas

There are also common areas which, as a condominium owner, you are able to use and enjoy along with the other residents. These areas may include hallways or walkways outside the units, elevators, laundry rooms, greenspace, parking lots, and access roads. The common areas are collectively owned by all the condominium unit owners in the building/complex, and responsibility for these areas is shared by all the owners.

Common Areas & Condominium Fees

Condominium fees are also a part of condominium ownership. Part of these fees are used towards maintenance of the common areas to keep them running smoothly. This low maintenance lifestyle is part of the appeal of condominium ownership to some home buyers. 

Once you understand that the word condominium refers to a form of property ownership, and what that entails, you can decide if it’s right for you. Regardless if the condominium in question is an apartment, townhouse, semi-detached, or detached property. 

For information on condominium management vs. property management, please see our other blog post, http://attainyourhome.com/content/property-management-vs-condominium-management.

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WE MAKE HOME OWNERSHIP HAPPEN

Attainable Homes Calgary Corporation (AHCC) is a nonprofit social enterprise and wholly owned subsidiary of The City of Calgary that delivers well-appointed, entry-level homes for Calgarians who have been caught in the city’s growing housing affordability gap. 

Through our Attainable Home Ownership Program, we connect builders, developers, lenders, lawyers and others to bring down the upfront costs of ownership so qualifying Calgarians can buy their very own home with a $2,000 down payment. Furthermore, when you decide to buy an attainable home, you're also choosing to pay it forward to help another family in the future. When you eventually decide to refinance or sell your home on the market, a share of the appreciation goes back into the program to fund more developments that will help even more people get a foot on the property ladder.

Do you aspire to own a home of your own? Contact us today and let us show you just how attainable this milestone can be.

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