There is a common misconception that condos are simply high rise buildings. There is a wide variety of condos available such as; condo townhomes, condo stacked townhomes, condo apartments, live and work condo units etc.
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Differences between condo apartments and condo townhomes
In a highrise condo apartment, the maintenance fees typically covers utilities (excluding hydro and cable). Residents also get to enjoy the amenities offered, that can include; an indoor pool, sauna, hot tub, fitness room, weight room, guest suites, visitor parking, party rooms, lounge areas, terrace and more. These are just few of the reasons why the maintenance fee is higher in high rise condo apartments than a condo townhome.
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Condo townhomes have a lower maintenance fee, but the owners are typically responsible for utilities (hydro, heat, water, central air conditioning, hot water tank etc). For some condo townhomes (dependent on the Condominium Corporation) the roofs, windows, grass cutting and maintenance of the common elements are the responsibility of the Condominium Corporation.
The condominium corporation is governed by the Condominium Act and the condominium board is run by a list of board of directors that are selected by the condo owners. The condominium board manages the condominium corporation, with major decisions held on votes in an owners meeting. It is important to remember that the property is owned in common with other owners, for example; amenities, lawns, roofs, etc. The monthly maintenance fee that owners pay are required to maintain, repair and service the areas that are shared in common.
The status certificate is an important document which is given by the condominium corporation. This document lists the information and financial facts of the condominium. The status certificate documents also include information on the management, board of directors, insurance information , financial statements, declarations (rules, bylaws and regulations), detailed report of the reserve fund study, pending lawsuits against the condominium corporation and more. Each unit in the condominium will have their own status certificate which displays (maintenance fee amount, liens on the property, legal descriptions etc.)
Search Condos for Sale in Mississauga
HOMELIFE MAPLE LEAF REALTY LTD., BROKERAGE
2 Bed / 2 Bath $849,999 62 Preston Meadow Ave, Mississauga $4043/mo*
SUTTON GROUP - SUMMIT REALTY INC., BROKERAGE
2 Bed / 2 Bath $539,990 220 Forum Dr, Mississauga $2568/mo*
RIGHT AT HOME REALTY INC., BROKERAGE
2 Bed / 2 Bath $634,900 3880 Duke Of York Blvd, Mississauga $3020/mo*
ROYAL LEPAGE FLOWER CITY REALTY, BROKERAGE
1+1 Bed / 2 Bath $499,400 918 Hurontario Way S, Mississauga $2375/mo*
SUTTON GROUP REALTY SYSTEMS INC., BROKERAGE
1+1 Bed / 1 Bath $540,000 4011 Brickstone Mews, Mississauga $2568/mo*
INTERNATIONAL REALTY FIRM, INC., BROKERAGE
2 Bed / 2 Bath $618,000 50 Eglinton Ave W, Mississauga $2939/mo*
BAY STREET GROUP INC., BROKERAGE
1+1 Bed / 1 Bath $509,900 3504 Hurontario St, Mississauga $2425/mo*
ROYAL LEPAGE SIGNATURE REALTY, BROKERAGE
2 Bed / 1 Bath $549,900 310 Burnhamthorpe Rd, Mississauga $2615/mo*