The purchase of a condo gives you easier access to property, on account of lower costs compared to a single family home. Young couples and tenants take advantage of this formula. An increasing number of them opt for condo life, which allows them at last to become owners.
In many Quebec urban centers, the sales of apartments in co-ownership are higher than those of detached houses. Co-ownership is not meant only for first buyers, it is also an interesting concept for older persons who, tired of home maintenance, choose co-ownership to free themselves of domestic chores.
More secure than the stock exchange
Generally, the purchase of a condo is an excellent real-estate investment, more particularly in the long term. It is common knowledge, investing in bricks and mortar is considered more secure than in the stock exchange. Money invested in an apartment in co-ownership is one of the means to diversify its capital. Furthermore, this lifestyle corresponds to the new sociodemographic trends, more and more people live alone, by choice, or following a divorce or separation. To this end, a purchase in a co-ownership has become a stable and safe investment and has become an option to protect oneself against life’s uncertainties.
However, you must be condo compatible, because you will have to live with close neighbours. In townhouses, closeness is relative but in multi-story buildings neighbours are all around you.
Individuality in a collectivity
Divided co-ownership proposes a regime at once individual and collective. You exercise your rights of ownership in a collective framework, which is to say that you will share a portion of the immovable with other co-owners. You will also be subject to rules. In a nutshell, your rights will be subject to more rules and regulations than in a traditional property. The declaration of co-ownership creates a legal framework to maintain the balance between individual and collective rights.
WHAT YOU SHOULD KNOW ! The regime designated as divided co-ownership, commonly known as "condo", is an inescapable reality for the purchase of an apartment. Unnecessarily restrictive for some, reassuring for others, this system of organization of real property has its own rules that you should be familiar with for your future wellbeing.
WARNING ! You must be careful before purchasing. The purchase of an apartment in co-ownership is often the result of love at first sight or the fulfilment of a dream, but it does happen that it may turn into a nightmare. To avoid a disaster, take your time. must be taken into consideration and analyzed before making a commitment.
CONSULT THE PUBLICATION : Purchase and sale of a condo: Everything you should know, at pages 41 and following.