December 24, 2021

Condo for Sale: The Different Types of Condos Explained

More people are deciding to live in townhomes, condominiums and apartments because they offer greater convenience and a lower price. Condominiums, or “condos” for short, are privately-owned individual units within a community of other units. Owners of these units share amenities and common areas. Searching for condos for sale can take time, but it’s a lot quicker when you have the best real estate agent on your side, Scott Vanderspek. He searches through condo listings to find your perfect home and works with you to ensure you understand every step of the process. If you are debating whether to live outside of the city and look for houses for sale or stay and invest in a condo, keep reading and find out the different types of condos for sale on the market today. 

Freehold Condos

A freehold condo means that you own the property, either outright, or you have a mortgage. Freeholds can vary, but there are three main types of condos for sale. 

Standard Condominium Corporations

This is the most common type of freehold condo. You own a unit and perhaps a parking spot as well, but you have no ownership in shared amenities such as a pool or gym. You will have to pay monthly maintenance fees that go towards the upkeep of the building including landscaping. 

Common Elements Condominium Corporations

There are no units in this type of freehold condo, you own your property and land outright. The “common elements” refer to areas that are collectively owned by all property owners in the community such as a ski hill, golf course or community center. Essentially, their plots of land and homes are tied together and owners are responsible for the maintenance of the shared common elements. 
Vacant Land Condominiums 

Land that is sold to be used to build condos falls under the category of vacant land condos. You purchase a unit prior to construction and therefore you not only own your home, but the land it sits on. 

Benefits of vacant land condos include having the ability to customize the inside of your home and lower condo fees because you’re responsible for your own maintenance. 

Leasehold Condos 


A low dining table is set onlooking the living room and a big glass window.


For a leasehold condominium, you own the unit but not the land. The land is actually owned by a third-party owner, and you and the rest of the unit owners make rental payments to the landowner. 

This type of ownership tends to be less expensive and can be treated similarly to freehold ownership as you have the ability to sell or mortgage your unit freely. 

However, you may be affected when the condo’s lease on the land expires, a new lease agreement has to be negotiated. This can affect the resale value of your property and has some added risk. 

Pros of Buying a Condo 

Amenities 

Have you ever wished you had a gym in your home, or perhaps even a pool? Most condos come equipped with a gym for their residents, a common area and sometimes even a pool. 

These amenities are shared by all condo owners and your maintenance fees go towards their upkeep, which means you get to enjoy the space and not have to take care of it. 

Less Maintenance 

Condos are becoming increasingly popular because of their convenience. You aren’t burdened with any of the maintenance issues that come with owning a house such as repairing the roof, taking care of the garden, or shovelling snow. 

This makes condos a popular choice for small families or those who work many hours and do not have time for maintenance. 

Affordability 

Condos are a less expensive investment than a house and are great for first-time homebuyers. 

Cons of Buying a Condo 

Restrictions

Condos in British Columbia must adhere to the rules outlined by the Condominium Home Owners Association (CHOA). A non-profit organization that promotes the interest of strata property owners by providing necessary resources for its members.  

When you buy a condo, you may be faced with rental restrictions and pet limitations. You must also pay monthly maintenance fees and this fee can vary depending on location and the size of the condo. 

Smaller Home

Condos are smaller than free-standing homes and there may not be an outdoor space. A realtor like Scott Vanderspek can help you find the right condo by taking into account the kind of amenities you and your family will require, such as nearby parks and schools. 

Less Privacy 

Living in a condo building means that you have less privacy than you would if you lived in a house. You must share common areas and walls. But if you are concerned about noise levels you can contact the CHOA. 

Conclusion

Condos are a great investment for those looking to downsize, buy their first home, or move closer to the city. Finding a condo for sale that meets your criteria can be time-consuming and stressful. That’s why you need Scott Vanderspek by your side, the best real estate agent who specializes in Surrey real estate. 

Now that you know the difference between freehold and leasehold condos, we can get started finding your dream condo, and if you have any more questions you can browse the rest of Scott’s blog or send him a message.