As opposed to buildings, the term condominium essentially means a kind of legal property ownership instead of a specific style of architecture. Although condos sold in Toronto and other places in Canada generally refer to any given unit of high-rise residential buildings, they may also be any of the other types of structures listed below.
- Low-rise residential housings that are not more than three stories
- Rowhouse or townhome complexes
- Side-by-side or stacked townhouses
- Single-family residences
- Vacant land for future constructions
While condos sold in Toronto that are either commercial or residential have already remained an ideal choice for potential purchasers and prospective property investors, mixed-application condominiums are also on the rise these days across the country. To suffice, the present generation of condominiums is widely available in varied sizes with diverse amenities and there is one for every budget. Today’s condominiums primarily come under three major categories, namely, conversion condominium, resale condominium, and new condominium.
Condominium units that do not have any previous owners are essentially new condominiums. You can purchase one or more of them from a real estate developer when they may be in the planning stages, being developed, or just completed. Many purchasers find them to be an appealing choice because of their vibrant, new appearance along with the contemporary appliances, fixtures, and worktops that they include. The condominium owners have complete liberty to customize their units.
Condominiums apartments that have previous owners and are now available for sale necessarily refer to resale condominiums. Among the various benefits of the purchase of a newly constructed condominium is that it allows you to explore the unit, the surrounding grounds, and the building. You will also come across many opportunities to network with other unit owners along with discussing your concerns with a representative of the association of condominium owners.