During the past 30 years condominium development in the Halifax-Dartmouth area has really grown. Today there are many condominiums available, ranging from your basic apartment to your million dollar luxury waterfront oasis. With land at such a premium on the Halifax penninsula, condos make homeownership a reality for those individuals wishing to live downtown. They're a great solution for people who are looking to downsize after owning a house, and condos make homeownership a financial possibilty for first-time buyers.
Definition of a Condominium
A condominium is a type of housing tenure. Portions of the property are owned jointly and portions are owned individually. People commonly refer to the apartment unit itself as a 'condo' so as to infer ownership.
Types of Condominiums
Attached Condominiums: This is the most common type of condominium. The building is a multi-unit dwelling in which there are a number of individually owned apartment units (or condo) and commonly owned public areas such as hallways, grounds and recreational areas.
Detached Condominiums: These are single-family dwellings with separate entrances. What differentiates these from houses is the exteriour and grounds are not maintained by the homeowners.
Site Condominiums: These are like detached condominiums but the homeowners have greater control over the exterior appearance.
Life in a Condominium
All condo owners have a say in how the condominium is managed. They partake in a condominium association which is governed by a board of directors and are represented by elected members. Each condominium has its of set of rules and regulations by which it must be governed. All condo owners are subject to these rules, some of which include paying a monthly fee to care for the condominium's common areas.
Renting a Condominium
Condo owners are within their rights to rent their condo to tenants. |