More and more condos are being built, and not just in the big cities. (knocking on wood) We are living longer and asking questions about our health and home that our parents and grandparents likely did not think about. And everyone is different.
You’ll meet all kinds of people at condominium open houses: first time buyers looking to get into the market, investors if rentals are allowed, and, of course, baby boomers wanting to downsize their space and responsibilities.
Condos can be low-rise buildings, townhouses, freestanding houses, duplexes, triplexes or “mixed use” buildings, such as condos above offices or store fronts. They can be brand new, re-sell or conversions — that is, buildings that used to be apartments or factories turned into condos.
What makes condos different from freehold houses is that you own your unit but you also share ownership of the land, building and common areas. You share costs with fellow members of your condo association, and the board of directors or a property management company makes the big decisions.