Condo Ownership What You Need To Know
- What are Condo Fees?
- How much are Condo Fees?
- What is a Condo Reserve Fund?
- How is the money in a Reserve Fund spent?
- What are Common Elements?
- What is a Capitol Improvement?
- What is a Special Assessment?
- How is money collected for a Special Assessment?
- What is the Role of the Condo Corporation?
- What is a Status Certificate?
- What do you insure in a Condo?
What is the Difference Between a Condo and an Apartment
- Ownership is the main difference.
- A Tenant has no ownership or equity.
- The Condo Owner has equity and it will increase over time.
- A Tenant’s rent expense increases annually.
Advantages of Condo Ownership
- Ownership and increased equity.
- Security- most condo buildings are very secure with locked entrances to their foyers along with a phone or video intercom system.
- Freedom- No more exterior maintenance such as grass cutting and snow removal.
- Travel- if you like to travel then just lock the door behind you and enjoy your trip. Hassle and worry free.
- Socializing Opportunities- many condo buildings have a social convenor who organizes card games or other fun activities .
Are Condos A Good Investment?
Investing in condos can be a means to having a second home or a means of generating extra income. Often you pay less for a condo in a desirable location than you would pay for a home in the same area.With lower purchase prices and more desirable locations, condos can certainly be a profitable investment.
Purchasing a condo allows you to build equity in the home that you would not get if you were renting an apartment.
Location,! Location,! Location!
Whether you are a boater or would prefer to live in our vibrant downtown on our spectacular waterfront, The Admiralty,The Royal George, The Landmark, Harbour Place and Frontenac Village are all worth your consideration.
If you are an avid golfer The Barriefield and The Deerfield are beautiful buildings situated next to Garrison Golf Course. 1000 King Street West is a Kingston landmark building located across from Kingston’s prestigious Cataraqui Golf and Country Club. If you prefer to live mid town near the Kingston Centre you might want to consider a unit at Champlain Towers or Crescent Towers.
If your preference is to live in the west end of Kingston near the Riocan Centre and the Cataraqui Centre, you might want to consider The Valleyview, The Kings Gate, or Augusta Glen. With over 45 condominium buildings in Kingston, there is a condo waiting for you!
