What Ownership Type is Best for You?
We are the Sales Representatives for The Townes at Mount Carmel. Check out our website at https://www.thebteam.ca/ for a direct link to this new development. One of the questions we are asked most often is whether it is condo or not. Our answer is yes and no.
Vacant Land Condo…what is that?
Think of it as a hybrid between freehold and condominium. Condo fees are a common objection that people have to living in a condominium building or townhome environment. Quite often, condo fees do have good value. If you are in a 1,000 sq.ft. apartment with a $480/month condo fee that covers all of your expenses except telephone, that isn’t bad value. When you consider heating, cooling, lights, cable TV, water, building insurance, underground parking, pool or whatever amenities your building has, you are getting a return every month for that investment.
In a townhome, that can be a different story depending on who you ask. Some people see the value of paying $250 a month or so to cover the cost of all exterior maintenance, the exterior construction including the roof and maybe even the windows.
The vacant land condo however keeps the common element fee (in the case of The Townes at Mount Carmel it is $82/month) to keep the grass cut and snow shovelled. The building envelope would still be the responsibility of the owner so similar to a home, in 20 or 25 years when the roof needs to be replaced, the owners would plan and ideally talk to several roofing companies to get quotes. Some are skeptical of this but there are examples of vacant land condos all over the region where the shingles are replaced with no problem.
The integrity of the exterior is still protected as well. For example, you won’t come home to find your neighbour has painted his garage door fuscia for his wife’s 65th birthday. Of course, each developement is different so reviewing the documentation with the help of your lawyer is always recommended.
Bottom Line: There is a 3rd option other than freehold and condominium. To discuss this further or if you have any questions, please feel free to call anytime.
Thank-you for visiting.