Buying real estate is for most people the most important investment of their lives. Such a decision must necessarily be well planned and thoughtful. But when this purchase concerns a dwelling in divided co-ownership, the operation is even more delicate and requires additional prior checks. Despite all this type of housing is attractive, because it allows easier access to the property, due to a lower cost to buy, if we compare it to that of a single-family home. Young households and tenants benefit. As proof, more and more of them are opting for the"condo"formula, which allows them to finally be owners much faster.
Divided co-ownership in full progress
While the majority of Quebecers live in individual dwellings, the share of residents in co-ownership continues to increase over the years. Co-ownership represent 12% of all housing units in Quebec. The densification of cities as well as the increase in single-parent families contribute to this trend. 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.
Living well the co-ownership
In a collective-housing building, it is important to learn to live together. To live better together, it is necessary to know the life in co-ownership, the declaration of co-ownership, the legislation and the management. This is not the step of most co-owners who generally show little curiosity for the functioning of their co-ownership while the value of their asset and their comfort depend directly on it.
Buying Guide
Co-ownership represents a universe in itself. To be well prepared, it requires more in-depth research as well as the assistance of competent people, in order to put the odds on your side and avoid, as far as possible, pitfalls and unpleasant surprises.
Condolegal.com has prepared a buying guide that aims to provide you with tips to facilitate your steps and decision-making. It highlights various topics that you will need to address during the process but does not claim to cover all the situations that may arise during a co-ownership real estate transaction. It is essentially a basic tool and a source of inspiration, to facilitate your steps.
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.
WHAT TO KEEP IN MIND: The stock of divided co-ownerships is aging, the average age of the buildings is more than 30 years. Many maintenance, renovation and upgrading work are to be expected. This context represents a major challenge for both co-owners and buyers.
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.
