Types of Condos in Burnaby
There are four types of freehold Burnaby Condos available depending on your choice and pocket depth. They include standard, phased, common elements, and vacant land. This article will provide a summary of available condo arrangements.
Freehold refers to a situation in which a developer who owns a land builds a condo on it, rather than leasing out the land(s). Since the land belongs to the developer, he can transfer the ownership of the condos to potential buyers. Example of freehold condos are high-rises, low-rises, and row condos. Freehold Burnaby condos are categorized into four as we shall see below.
- Standard Condominium
In this type of condo, the buildings are stratified into units and shared elements such as lobby, corridor, driveways, visitor carport and recreational amenities. In some cases, the common elements are only for the owners’ use, while they may be for general use in others. The unit landlords have interest in these common elements, and usually provide funds for their upkeep and repairs.
- Phased Condominium
In a phased condo, the condos are built in phases i.e. when one condo is completed, construction of the next condo starts. With this type of condo, a property developer can start selling out the completed ones, before the whole structures are completed. Within a 10 years period, the builder can add to the project or alter its design. If possible, the completed condos should have the required amenities to function properly, in case the other phases are not finished on time.
- Common Elements Condo
This type of condo concerns the addition of more common elements to existing condos. It is utilized when condo owners want to develop and distribute the utilization of and accountability for certain amenities. For instance if a group of condo owners wish to set up an amusement park for those living in that area, they can do so through a common elements condo.
- Vacant Land Condominium
In this type of condo, a virgin land is registered as a condo, and this is then sold out to individuals as units than condos can be built on. However, there are guidelines and limits as to the type of buildings that can be set up on these lands. It is used for constructions that have the same design.
While you looking for a Burnaby condo, this article can help you decide on which to buy depending on what you really want. However, you should know that there are pros and cons to each type of condo discussed above. Also, ask about the rights of each type of condo ownership, as well as the responsibilities.