Types of Condos
A Condo can be More than a “Condo”
Different Types Of Condos In Toronto
What do you think of when you hear the word “condo”? Probably a building filled with suites or a suite itself that you own and either live in or rent out. But what if I told you that isn’t always the case. A condo can be so much more than what the typical definition says it is. Sound confusing? Don’t worry – I’ll clear it all up for you! Today, we’re going to go over the different types of condos that exist and what makes each of them a great space to consider for an investment purchase.
A Condo can be a Building with Multiple Suites
Let’s start by examining what the “usual” condo is. This type of condo is a residential suite that is owned (not rented from the building’s property management, like an apartment). A condo, however, has spaces that all residents share, such as a pool or workout room, which are maintained by the building through condo fees that are charged to all owners. Condo residents don’t have to worry about cutting the grass, shovelling snow, or replacing tennis nets at the court because the condo board will take care of it all with the funds gathered. This type of condo can be a great investment, especially in the GTA, because many people are willing to pay a little extra in rent for a nice looking space and luxurious amenities that don’t come with an apartment.
A Condo can be a Townhouse
While not all townhomes are condos, there are some that are! What classifies as a “condo townhouse?” Well, just like a condo, you own the residential space inside. However, outdoor space, such as a front lawn, parking lot, and playground are communal and taken care of by the condo association. Of course, you’ll have to pay condo fees to make this possible – just as if you were in a “traditional condo” – but it’s all worth it for the advantages of having no yard work or maintenance.
A Condo can be a Detached Home
Yes, you read that correctly; a condo can be a detached home! How is this possible? Well, to put it simply, a detached condo is a single-family home that is legally listed as a condominium. Also commonly referred to as “planned communities” or “ground condos,” a detached condo comes with the benefit of having your exterior maintenance being taken care of by a homeowners’ association that you pay monthly fees to. They often look similar on the outside (although interior decorating is up to you), and they are also typically less expensive to buy than traditional single-family homes of the same size.
A Condo can be an Office
You’ve probably heard of office condos if you live near Toronto – maybe you even work in one! An office condo can be one of two things:
- A condo building filled with offices, rather than residential suites, that are bought by businesses to use as their place of operations, or
- A suite that has been created as office space in a dedicated “commercial section” of a mostly-residential condo.
Office condos are a great solution to the rising rent costs and lack of traditional office space in the ever-growing City of Toronto. If you’re thinking of investing in an office condo suite, you’re in luck! They are typically cheaper than residential condo space and bring in more rent per square foot. For all these reasons and more, office condos are worth your consideration.
Ask Me More about the Different Types of Condos
I hope that this blog has been helpful in explaining the different types of condos available in the GTA market. If you have any further questions, however, don’ be afraid to ask! Shoot me an e-mail at email@example.com or call me at 647-519-5751 to chat. A condo can be a great purchase or investment, whether it’s a suite in a complex, a townhouse, a detached home, or an office!
If you would like to discuss more about the types of condos in Toronto and have any questions, please book an appointment with Arshad Hussain. A trusted name in Toronto pre-construction real estate.