What Is A Condo?
Condominiums, commonly known as condos, are properties that have individual housing units in a residential building or property. Each of the units is either separately owned or may be rented, and every condo has a common area like compound, parking, etc., that are jointly owned. It differs from an apartment style of living. Apartment buildings have a single owner while in a condo, there are different owners of each residential unit, an association with the Condominium properties exists as a society and not in an apartment residence, etc.
Condos are built in different structures. They can be like regular apartments or stand-alone houses in a housing society or in the form of townhouse complexes. In any case, the Condo is managed by the association which binds all the condo units.
How Can You Rent To Own A Condo?
The sale of a condo unit is just like the sale of any other residential property which involves a selling deed between the owner and the buyer. Rent to own Condo is a type of sale offer to acquire a Condo. People with little or no finance and who are in need of a residence like Condo can opt for a Rent to own Brampton Condo deal. By signing such a deal, the buyer gets to move into the condo by neither purchasing the place nor on rent. In it, the buyer agrees to take the Condo unit on lease and make a monthly payment towards the owner. At the end of a certain period after making all the payments decided as per the terms and conditions, the buyer gets to own the condo property. To explain further, in a rent to own Brampton condo purchase, the ownership of the property is transferred to the buyer only at the last payment of the instalment.
It is similar to a mortgage in the context of the periodical fixed payment feature but is better because rent to own condo do not require a down payment at the beginning of the contract and are easier to avail than bank mortgages. Other than that, rent to own a condo also is beneficial in tax deductions, less maintenance and full control of the residential space. Lastly, it’s also useful to people who are willing to make an investment but are shy of cash.