Many benefits come with owning a home. However, when considering the many housing options available today, you can never afford to ignore the benefits that come with buying North York condos. Condominiums are unique and outstanding. Owning one comes with some unique advantages and responsibilities. Ideally, their unique features and responsibilities are what makes them condos and not any housing unit. In case you are not aware of what makes a condo, not an apartment or a single family home. Here are some characteristics of condos.
Condos are usually large properties with many units. These units are sold out to different users. As such, owning a condo gives you the absolute right of ownership of the space confined by the walls. However, the land where the property and the amenities therein are communally owned.
No owner has the right of exclusive usage of the property and the amenities attached to it. As such, all homeowners have the right to enjoy or use it. This includes the use of shared amenities built here like swimming pools, playing fields, and parking spaces. Notwithstanding, anything meant for general use like water or electricity is classified as a shared facility.
Homeowners Association and Rules
Considering that there are shared amenities in condos, rules are needed to ensure everyone enjoys them. As such, the homeowners association is established to maintain and manage the property. Moreover, the rules created and enforced by these association cover things like hygiene, pet ownership, repairs, maintenance, and responsibility of homeowners. Breaching the rules set by the association can attract fines, lawsuits, or even forced compliance.
You do not have to collect garbage, weed, repair a leaking sink, or cut grass outside your house when living in a condo. In this regard, condo owners are expected to contribute some amount of money to ensure everything in the property runs smoothly. These fees are paid to the association, which ensures everything runs smoothly. In the case of emergencies, homeowners might be required to contribute in case they do not have a reserve fund.
Proof of ownership
Like with single-family houses, a condo also has a deed as evidence of ownership. As such, each owner is entitled to a deed as an evidence of interest in the property. Moreover, the deed is also transferable, meaning that you can sell your unit anytime you want.…