Different Types of Mississauga Condos You Should Know
13/11/2020 08:25
The condo is one of the most popular real estate options available today. Their unique features make these houses ideal for certain individuals. When you are searching for a condominium, you may find several options on the market. Condominiums are mainly categorized into freehold and leasehold. Here are different types of Mississauga condos you should know.
Freehold Condos
The condo developer owns the land on which they are built. They are commonly found as high-rises, low-rises, and row condominiums. Freehold condos are further subcategorized into:
1. Standard condos
They comprise buildings divided into row-townhouses, condo units, or stand-alone townhouses. The buyer owns the walls, floor, ceiling, plumbing, electrical wiring within the condo, and often a parking zone. The rest of the space is known as a common area, which is jointly owned by the building’s residents. Common elements in standard condos are driveways, walkways, recreational facilities, elevators, and visitor parking.
2. Phased condos
These are standard condominiums that are being developed in phases awaiting the completion of the entire project. They allow large scale developers to sell individual units before the whole project is finished. The developer has about ten years to add to the condo project and modify the declaration as well as the description.
3. Vacant land condos
Basically, this is bare land sold to construct Mississauga condos. Corporations register and sell their land before any structure is built. The owners of vacant landpossess both the units and the land on which they sit. As such, the maintenance fee for this kind of condominium is much lower.
Leasehold Condos
The leasehold condominium corporation does not own the land on which the condos are built. The landowners lease out the land to developers for a period of between 40 and 99 years. The buyers only have leasehold interests and not ownership rights. The right to occupy is automatically terminated upon the expiry of the ground lease.
Each type of condo comes with its pros and cons. For this reason, you must do proper research and evaluate the different Mississauga condos available to determine the ideal one for you. Be sure to understand your rights and responsibility before buying a condominium.