本文发表在 rolia.net 枫下论坛Types of Condos

What is a Condominium?

Condominium owners hold title to their units and share responsibility for the operating costs of the balance of the property (common elements such as lobbies) that makes up the condominium.

The maintenance fee includes the building insurance. The condo owner is responsible for insurance on the contents and the interior of the condo.

Condominium Apartment

The maintenance fee usually includes common elements, water and exterior building insurance and often includes heat, hydro and parking as well.

When comparing maintenance fees for condos, be sure to check whether heat and hydro are included. Often the difference in maintenance fees is just due to the inclusion or exclusion of heat and hydro.

The maintenance fee is directly related to the size of the condo apartment. (i.e.maintenance fee for a 1500 sq. ft. condo will be 50% more than that of a 1000 sq. ft. condo)

Townhouses

Condominium Townhouses

The inside of the condo townhouses are owned by each person. However the ownership of the exterior portion (common elements)is shared amongst all the owners. The condo fees pays for this shared portion.

The shared ownership portion (common elements) include the outside of the building (including the roof), parking spaces, play areas for the kids, outside yard, outside of the building, exterior door, garage door.

"Freedominium" Townhouse

was the name given to condominium townhouses by one builder where the maintenance fee was reduced by having the owner look after the exterior of the building (including the roof) as well as the yard.

Typically (in Newmarket), the condominiums originally designated as freedominiums have a maintenance fee of approximately $60 while similar (true) condominiums have a fee of approximately $120.

They share common elements such as roads and playground. However, the building exterior is the responsibility of each owner - not the condominium corporation.

Freehold Townhouse

is not a condominium since there are no common elements. The townhouses share their walls the way semi-detached homes do, but they don't set any funds aside to repair things such as the roof. Also, the homeowner is responsible for the insurance of the building as well as the contents.更多精彩文章及讨论，请光临枫下论坛 rolia.net

Pros:
+ Lowest purchase price, lowest taxes.
+ Virtually maintenance free — no snow shoveling or lawn mowing.
+ Convenient for singles, childless couples and empty nesters.

Cons:
+ Lower resale value, hardest to re-sell and can be difficult to finance with low down payment.
+ Can have large maintenance fees that can substantially increase carrying costs.
+ No private yard so you can't enjoy backyard activities such as barbecuing, gardening, etc.
+ Share common walls with neighbours — if they're noisy you're out of luck.

Pros
+ Lower purchase price and taxes than semi or detached and less maintenance.
+ Better resale value than condo apartment.
+ May have a backyard.

Cons
+ Lower re-sale value than semi or detached and harder to re-sell
+ Don't own the land — the most valuable asset (unless freehold Townhouse).
+ Share common walls and close to neighbours

Pros
+ Most privacy at least cost — great for first-time buyer.
+ You own the land — the appreciating asset — bricks and mortar depreciate.
+ Good resale value and easy re-sell.
+ Easy to finance at best rates.
+ Usually has larger yard than townhouse, more backyard activities possible.

Cons
+ Share a common wall with neighbours.
+ Higher price per square foot of living space than a townhouse in a similar location.

Pros
+ Best resale value and you own the land, the main appreciating asset.
+ Most privacy, least noise from neighbours because there are no common walls.
+ Most desirable type of home with greatest perceived value.
+ Lower priced detached homes tend to sell quickly because of the combination of prestige and affordability.

Cons
+ Highest purchase price and property taxes.

As a first-time buyer, another major decision you may have to make is whether to purchase a re-sale home or a new home directly from a builder. Both options have their advantages and disadvantages. Here's how they compare.