There are many condos you may purchase for resale, commercial use or residential use. Most of them have extra storage space like Toronto lofts for sale. Here are types of condos you can consider buying depending on your preferences and needs.
1. Leasehold condos
Some institutions such as hospitals and universities are not able to buy their land. Therefore, they can opt for a leasehold condo to save on the cost of buying land. The land’s owner leases it to the institution, which establishes the condos. However, the lease period cannot be less than 40 years or more than 99 years. However, this type is rare.
2. Standard condos
Standard condos comprise of buildings that have been divided into common elements and units. The land that surrounds the building is designated as common elements. Some of these elements such as driveways, recreational facilities, walkways, and visitor parking are used for common usage. The unit owners have a shared interest in the common elements, which means they are obliged to maintain and repair the elements.
3. Phased condos
They are standard condos that are developed in phases until the project is completed. It allows large condo owners to sell individual units as the other units are being developed. The owner should add to the condo project and make changes to the declaration and description in not more than ten years. Each phase of the project must have the necessary amenities to be self-sufficient so that tenants can live comfortably in case the developer decides not to complete the other bit of the project.
4. Vacant land condos
It comprises of one bear land when it is being registered. The owner then sells pieces of the land as units, which can be developed depending on what the buyer wants to do with the units. However, the condos have declarations that set restrictions and rules for the type of development or structures to be constructed. Such condos are mostly used for condo projects that are similar in design. Besides, the projects ought to have a regular subdivision plan.
5. Common elements condominium
With this type, you only find common elements rather than units. The common interest found in the joint elements gets attached to the already existing parcels of land referred to as parcels of tied land. The owners of the parcels of tied land are required to maintain the common elements through shared expenses. However, the condominium corporation does not have the mandates to make restrictions and rules concerning the parcels of tied land. A common element condominium is used where owners want to share responsibilities and use of a service or facility. For instance, a group of owners can come together to create a community parking for residents in the neighborhood, and they can accomplish that through these types of condos.