What EXACTLY is a Condo?
Condo living is not your typical real estate transaction. Being a condo owner comes with many perks and benefits that owning your own house may not. When you buy a condo, you are actually buying into a form of legal ownership. You are essentially, buying a single unit that is part of a bigger community. You share many common features of the community, such as the elevator, surrounding yard, pool, common rooms, parking garage and so on.
As part of this community, you pay for the upkeep of features but are not responsible for it directly. All condos come with a condo fee that takes care of the necessary upkeep that any home offers, for instance snow removal, lawn maintenance, pool cleaning and so on.
Of course, being part of a community comes with certain rules and responsibilities. Every condominium complex has it own rules with regards to paint colors, pet regulations, etc and these rules are normally decided on by an owner based condo board. The board consists of people who live within the complex and are genuinely interested in the upkeep and running of the community, they contribute to the board on a strictly voluntary basis.
There are 4 main types of Condominium living: 
For those people out there who do not require a lot of space, lofts may be the way to go. They offer a new, modern housing alternative.
Many row or townhouses are connected by adjoining walls and although some within Calgary are freehold, many are turning into the more condominium based community.
A link home offers home owners a private space of their own that is attached to their neighbor via garage or basement wall. Each owner has a small yard area of their own which normally includes front and back space. Link homes can be freehold but many are taking advantage of all that the condo community can offer.
Many apartments are now offering condo living. You can find your new home in either a low or high rise building in the heart of the city or with views of the mountains.
Questions you will want answered before you purchase a condo:
- What are the monthly condo fees?
- What is included in the monthly fees?
- What are the specific rules and guidelines within this specific community
- Are there any restrictions within this community
- How often are rules and regulations reviewed?
- Is the insurance within the complex reasonable?
- What are the budgeting costs for living within this complex?
- When and how do the budgeting costs get reviewed?
Condominium Living and Insurance
When you choose to make your home within a condo complex, you need to consider the unique insurance needs. Condo insurance is different from that of a typical house. You have to consider separate insurances to cover the different areas within. For instance, the walls, floors, ceilings, etc should be covered by your personal insurance. You will need to purchase additional insurance for your personal contents in case of fire, theft, damage, etc. Your condo insurance fees will cover expenses such as roof repairs, siding, foundation and so on. It can seem quite complicated figuring out your condo insurance needs, so feel free to get in touch with me or your insurer for further explanation.