Tips For Ottawa Condo Buyers: Condo, Co-Op Or Townhouse?
Surface Developments contributes to Ottawa real estate with a variety of projects in the form of single family dwellings, condominiums and townhouses. The unique qualities of each type of property presents opportunities and challenges for owners. When we think of buying a home, the first thing that comes to mind for many is a detached, single-family home (complete with grassy yard and dog). But for many, especially those looking to buy in an urban area, a condo, a townhouse or an apartment could be a more likely scenario.
The type of home you choose can affect the types of changes you can (or cannot) make to your home, the number of rules and restrictions you must comply with, and the amount of money you’ll need to pay in monthly fees. Here’s how to keep these terms straight so you can understand the type of home you are considering buying without wading through heaps of legalese.
CONDO
What you own: Condo owners do not own the land or the exterior of the building, only the inside of the unit itself. Because only the interior of the unit is owned, you could potentially share walls with neighbors above, below and on both sides — although there are also freestanding condos. Any stairways, entries, gardens and common areas outside your unit are owned collectively by all unit owners.
Fees and rules: If you own a condo, you pay a monthly fee to a condominium board or homeowner’s association for all costs associated with maintaining the property. These will generally included things like the insurance for the building, the cleaning of the common areas, maintaining the grounds during the summer and removing the snow during the winter, and will most often also include your water bill. Check careful as not all condo fees cover the same things and some are significantly higher than others.
Since you do not own the building, you may not choose paint colors for or make changes to the exterior or common areas, but you are free to do whatever you want to customize the interior of your home. Your conduct and use of the common areas is also governed by the condominium bylaws which are a set of rules created by the condo owners.
TOWNHOUSE
What you own: When you purchase a townhouse, you own both the structure itself and the land it is on. Unlike a condo, a townhouse has its own roof and may have a garage and private yard, which you also own. Because you own the property, you would never have upstairs or downstairs neighbors in a townhouse, though you may have neighbors on either side.
Fees and rules: Just as with a condo, if you own a townhouse, you must pay a monthly fee to the homeowner’s association, which goes toward maintenance costs of the property. Unlike with a condo, you can make changes to the exterior and yard of your townhouse as well as the interior. However, the homeowner’s association may have rules you are required to follow concerning exterior paint colors, landscaping and more — be sure to ask about this in advance of purchasing if this is important to you.
CO-OP
What you own: In a housing co-op, you are actually purchasing stock in a privately held corporation — the corporation owns the building, and your share buys you the right to lease an apartment from the company where you are part owner. Unlike condos, townhouses or TICs (described next), a co-op is actually considered personal property rather than real property.
Fees and rules: The co-op board vets all potential new member owners, and boards are notoriously picky — you will need to submit a great deal of information and sit through an interview. Once in (if you are selected), you will be required to comply with all of the board’s rules, which can include anything from paint colors to noise — and the rules can change at any time. You must also pay monthly fees to the co-op board.
A great example of a townhouse is The EastTowns – 5 innovative townhomes by Surface Developments located in Old Ottawa East. To see a condo project check out Surface Development`s Hampton Park Lofts – now under construction.
Looking to buy a condo? Register now for our latest condo project and Ottawa’s best new condo deal: EDGE Lebreton Flats!
