A recent study indicates that condo and single-family homeowners enjoyed a 34.7 % ROI when selling their property during 2023.
This alone is enough to perk up prospective buyers’ ears when considering their housing options. Condos come with many convenient benefits that place them above single-family homes, especially for young families and retirees.
Does condo living sound like a good idea for you? Find out more about the main types of condos, and their sub-categories here.
This category of condos awards buyers leasehold interests in a property instead of ownership. The developer leases the land from an institution for a period of between 40 and 99 years and sells the right to occupy the condo for the specified time.
Freehold Types of Condos
In the case of freehold condos, the developer owns the land on which they build the condominiums. This means they can transfer the ownership of their condo-building efforts to buyers.
There are four subcategories of freehold condominiums:
- Standard condos comprising buildings divided into units with shared amenities
- Phased condos are standard condominiums developed in phases
- Vacant land condos, which developers sell before they’re built
- Common elements condos which have no units but only amenities
Of course, when you’re considering condo life, you’re interested in owning a unit that you can live in. These are the most common varieties you might consider:
When you buy a standard condo home, you only own the interior of the building. That means you don’t need to worry about exterior maintenance and repairs, but it does limit your options for individuality.
Timeshares are the most common types of condo shares. You only have the right to occupy these units for a specific time frame.
These condos offer the advantages of condo living, except you don’t need to share walls with your neighbors. Like condo homes, you only own the interior of your detached condo.
Private condos belong to a homeowner that leases them out to tenants. They differ from apartments in that you usually rent an apartment from a landlord that owns the entire building.
A condo building refers to a complex comprising individually owned units. Usually, an HOA controls the upkeep and some maintenance aspects of a condo building.
If you buy a condo in a condo development, you’re responsible for the upkeep and maintenance of your own unit. The HOA maintains the common areas, like roads and amenities, on behalf of the condo owners.
You can find out more about which type of condo suits your needs by consulting a condominium buying guide, or an expert realtor.
Maximizing Condo Living
Now that you’re familiar with the different types of condos available, it’s easy to see why there’s a condo to suit almost everybody. Take time to choose one that suits both your current and future needs.
Would you like extra tips on how to make great lifestyle decisions? Browse our blog for more tips on how to live your best life.