The term “home” is usually referred to as a free-standing, single-family residence. Its defining characteristic is that the owner of the home will not only own the home, but the land as well. This puts them responsible for all upkeep associated with those areas including lawn maintenance, painting and repairs. On the other hand when you look at the term “condominium” you will find that they are associated with multi-unit living as they are generally attached to one another. Its defining characteristic is that the condo owner only owns the unit itself and shares common areas of the community with its other residents. Although these two common living choices differ in those categories they are often much a like. This guide is provided to give you information regarding homes and Toronto condos and how they share similarities regarding the homeowners’ association.
As far as maintenance goes for a home or condo goes, you as the owner will be required to maintain. This can be an abundance of things including maintenance of doors and windows. In the situation of a condo though the homeowners’ association will typically be responsible for maintaining all common areas and exterior of buildings as they are not solely owned by you.
If you are an owner of a home or condo you can expect homeowner’s fees to be increased at anytime. Your homeowners’ fees will go towards expenses of your development in both cases. These fees go towards insurance premiums, property taxes and management fees. As these expenses go up, owners of homes and condos generally will receive increased dues and assessments. So prior to signing a contract to purchase a home or Toronto condos, you should be careful to examine the governing documents to determine in the future whether or not you’re obligated to pay the fees and assessments that may be presented to you. Being prepared by reading all of this information thoroughly will be less of a shock in the long run on you.