Recreational Condos
Recreational condominiums can take various forms, including mobile home parks where the “pad”? with utility hookups is owned in fee simple by the individual owner, with a share in the common elements of the rest of the park. Alternatively, it could be in a leasehold format. Another option is to create bare land condominiums in rural, wilderness, or waterfront areas. In these examples an owner could build a cabin with fee simple ownership to the land underneath and a partial interest in the common elements. The common elements could include a marina, beach, farm, or forest. Common recreational facilities could include a playground or community centre, and assets could include boats or farm animals.
Resort condos
The development in resort areas is extensive and condominiums are frequently built on lakeshores, sea coasts, or island resorts, or in ski country. There are two main types of resort condominiums: those developed for warmer climates and those developed for winter climates.
The warmer-climate type is generally built around a common recreational facility that can be enjoyed throughout the year by the owners, one that includes such facilities as a seashore, lake, marina, or golf course. The buildings tend to range from high-rise apartments to cluster housing.
Winter resort areas tend to be built near popular ski resort developments. Many tend to provide recreational facilities for the summer season as well, such as golf courses, tennis courts, and swimming pools, so that it is a year-round resort. The buildings tend to be in the form of cluster housing, modular housing, attached townhouses, or bare land detached homes.
People who purchase a recreational or resort condominium tend to:
- Own it outright and use it throughout the year for lifestyle enjoyment
- Own it outright and rent it when not in use by using the condominium corporation or property management company as an agent, using a real estate agent, or renting it independently and directly.
- Own a portion of the condominium and us it for personal use and/or rentals, with the time available commensurate with the percentage equity ownership.
Commercial/industrial condos
Ownership of a commercial or an industrial condominium is similar in concept to the ownership of a residential one. There are various reasons why condominiums for commercial purposes are an attractive alternative to renting space, buying land with a building on it, or buying land and building on it. Some of the benefits include:
