Condominiums or condos for short, are buildings or clusters of buildings containing a number of individually owned apartments or houses.
These types of homes have become increasingly popular in larger metropolitan cities such as the GTA and London Ontario. The reason for this is due to condo’s allowing for more people to live in smaller condensed areas. Typically in downtown cores, however in London Ontario condo’s are spread throughout the entire city. Affordability is also an attractive feature for home buyers considering a condo purchase. Due to their size, condos tend to have a smaller price tag as well as a smaller foot print leading to less property tax as well.
Condo’s for sale in London Ontario can range anywhere from $70,000 – $1,000,000 depending on amenities, location, size and features.
Some types of condo’s that you find in London are:
These are the large cluster buildings that can be high or low rise. Typically like your standard apartment in a postage stamp like configuration within a building. These types of condos are spread throughout London Ontario. There are many buildings reaching out to every corner right from the downtown core. A huge selling feature for this type of condo is amenities. A lot of apartment condo buildings offer swimming pools, gyms and even shopping right on site. These features can affect the condo fees, which will in turn affect affordability. For the most part, condo fees in these types of condo’s will include exterior maintenance, most interior maintenance such as; lobby and common area care as well as hallways and elevators when applicable.
Town or Garden House Condos
These are homes built within a complex that are either attached or very close together. These are a very common type of condo in London Ontario, in practically every single neighbourhood around the entire city. Price ranges can vary greatly although for the most part townhouse condo’s tend to be an entry level home purchase choice due to their affordability. Town house condo’s are different then apartment condos in that their layout and design styles mirror that of a detached home. You can find them from one-floor bungalow style, to two and three storeys as well as side or bi-level splits and more. Most of these type of condo’s are managed and controlled by a condo corporation and condo fees range from low to high depending upon the inclusions, which will also vary depending on location, amenities and inclusions. A common misconception about town house condos is that the owner would not be responsible for anything on the exterior. For example; roof, windows and doors. In a great number of complexes in the City of London, townhouse condo owners are responsible for the care and replacement of the windows, doors and other exterior features. It’s best to confirm this through a lawyers review of the status certificate documents in a conditional offer to purchase.
Free Hold Condos
The biggest difference between a freehold condo and a apartment or townhouse condominium is what is included as part of the unit. With a free hold condo, you own the plot of land and any structure on that land such as a house or townhouse. There is usually a condo fee associated with this type of condo although low and doesn’t include much. They are typically just road access or clearing fees. Owners have the freedom to build, change and do pretty much anything to the exterior of their properties and land. Whereas with other types of condos this is unlikely.
London Ontario has seen substantial population growth over the last decade and is predicted to see more and more in the coming one. This type of rapid growth does lean towards more cluster home development. This is the real reason, rather then the suspicion that they are more affordable then single family residential homes. As you can see, when condo fees and additional maintenance costs are considered the cost of a condo can be the same or even succeed that of a single family home.
If you are considering a home or condo purchase, contact a representative at The Agency Real Estate Brokerage and we can help you learn more and weigh your options for your budget and lifestyle.