If you’re a first time buyer looking to jump onto that property ladder or even perhaps a real estate investor; then you want to take a closer look at condominiums and what they have to offer in terms of value and especially those savvy investors or those on a first time buyers budget.
Before the terms condominiums was coined they used to be know as co-ops, which of course is short for cooperative housing project. They first became popular in New York and then rapidly expanded across all major cities as it became an affordable way to live, and still is today.
The basic understanding of a Condo is a unit that’s owned individually, with the common areas of the complex owned equally among all condo owners under the umbrella of an association, meaning everyone chips in with the way the building is operated. In contrast, typically an apartment building is completely owned by a single owner, often a corporation, with the individual units leased to various occupants. If you would like to find out more information please visit Toronto condos