Different Types of Stratford Condos You Should Know

 


Condominiums are some of the most popular real estate options available today. The unique features of these homes make them ideal for different individuals. If you are in the market for Stratford Condos, there are several options available. Here are different types of condominiums you should know.


Condos are mainly categorized into freehold and leasehold. Each has certain unique features that make it ideal for certain people. The right choice will depend on your individual needs and preference.

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 standard, phased, and vacant land condos.


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. 


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 finishing the whole project. The developer has about ten years to add to the condo project and modify the declaration as well as the description.


Vacant land condos

Essentially, this is bare land sold to construct condos. Corporations register and sell their land before any structure is built. The owners of vacant land Stratford Condos possess 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

In leasehold condominiums, the corporation does not own the land on which the houses are built. The landowners lease out the land to developers for a period of between 40 and 99 years. 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 into the Stratford Condos available to determine the ideal one for you. Be sure to understand your rights and responsibility before buying a condominium.

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