What are detached condos ?
Detached condos in London Ontario and area may look like single-family homes, they can be one floor bungalows or ranches or two story homes but with condo community rules and regulations.
There are technically 5 types of condos but most detached condos are vacant land condos, leasehold or freehold, this 4 minute explanation of the last 3 can be found here.
Detached condos give buyers the single-family homes they want and in some cases can eliminate exterior maintenance chores, just as with traditional condo townhouses.
In most detached condo communities each owner is responsible for their own interior maintenance. Exterior building maintenance, such as windows, roof and ground maintenance in a detached condominium community may or not be the responsibility of the condo association. However, some detached condo communities may require each condo owner to see to her own exterior maintenance issues. As with all condo corporations, detached condo require monthly fees as well and are usually less than traditional townhouses.
Many detached condo communities have individual units that appear identical on the outside, while a few allow different designs. Detached condos are also similar to traditional condominiums in that they’re less expensive compared to actual single-family homes.
Like all other types of housing, detached condominiums come with advantages and disadvantages. Beside their relative price advantages, detached condos usually offer the safety of gated or controlled communities and normal condo amenities such as recreational facilities or a clubhouse.
Detached condominiums are a way to buy relatively more home for less money than compared to single-family homes.
London Ontario has quite a few detached condo communities with some having a low fee of $50-$150 per month with the condo owner being responsible for the roof and windows while the rest of maintenance is covered by the condo corporation.
As is the norm, real estate prices in London are very attractive and detached condos in London start as low as $310,000 and as high as $1,150,000. At present there are 37 detached condos in London Ontario for sale including new and re-sale.
Buying or selling a detached condo will require more diligence from you, your lawyer and your Realtor, choose the last two carefully!