Condo Owners vs Freehold Owners-oh...they are different!

Can you compare these owners?
These owners may be different because of many lifestyle; budget; locational needs; transportation sources, etc.

But...make no mistake. At any stage a condo owner is different then a freehold dweller.

1. A condo owner is like the knowlegable investor. They typically have a RIP (not rest in peace but Regular Investment Plan). They pay monthly fees that for the most part don't change w/o a major reason that's voted on by the board. A freehold dweller often can't figure out how often they pay heat or hydro or better yet don't have a clue what company or what phone number to dial should they require service. So....they call me to find out!

2. A condo owner who wants to do upgrades, typically has most of what they need readily available. Floorplans, square footage, layout. A resale homeowner (freehold) hasn't a clue often enough how many sq ft are on their main living space when they buy the house and hence need it measured so they can calculate how much laying hardwood flooring for example will cost.

3. If a condo owner is short on cash and something happens...say a leak in the main lobby...the condo will go to the pool of monies (much like a mutual fund) and pull out the required amount to fix the problem. If the reserve fund is ample...the condo owner may not feel any pinch at all. "May not".

4. The condo owner never asks their agent..."How the hell do I read this survey"?!

5. A condo owner typically doesnt worry about where his/her parents will park when they come for a visit.

6. A condo owner can break down to the penny what a sq ftg of space costs. Not so in many older resale freehold properties. You start doing that kind of math and you're gonna get some funky numbers when you valuate property.

7. Condo owners may have to plan their entries and exits with savvy to avoid certain neighbors. Not as easy as looking out your front window of your detached house to see if their car is in the lot.

8. Condo owners know the city...I find. They don't have much greenspace so they go searching for it.

So much more. But just a few points when a freehold owner looks over at the condo owner and shakes their head.

Wishing you the best of the holiday season. Peace and Prosperity. Most importantly...good health.

Be in touch in 2011.

Michael Gruuenstein MBA CSC
http://www.TheSmithsBuyAHouse.com
http://www.PropertiesintheGTA.ca
mgruenstein@trebnet.com