Owning a Regency condominium . . . it conjures up a vision of an easy life, one full of time to follow your dreams of travel or recreation.

Where once owning Halifax condos were perceived as the perfect solution for parents whose children had "left the nest", it is now recognized as a viable option for people of all ages... singles, couples and families alike.

At Regency, our Halifax condominiums beauty, stature and elegance gives rise to a feeling of at last, being at home. There are many standard features such as underground parking, indoor fitness center, seperate & secure storage area, and more.

Our Halifax condos have an open concept design. You will take great pleasure with entertaining guests or enjoying a peaceful evening at home. Elegance and comfort await you with abundant windows to maximize light while enjoying the beautiful surroundings.

Just What is A Condominium?

To appreciate the freedoms that the Halifax condominiums lifestyle can offer, it is important to understand that condominium refers to the method of ownership, not the type of building. In a condominium, you own the interior space of your home. You and all the other homeowners in your condominium community jointly own all the physical and mechanical structures, from the hallways and elevators, to the recreational facilities and even the outside grounds. These areas are for the shared use of all the owners. Owners may alter and decorate the interior of their condominium home to satisfy their own tastes. Owning a condominium is like owning a single-family home. You receive title insurance, a deed conveying fee simple title, and retain tax benefits from the payment of interest on your home mortgage and real estate property taxes. You receive tax advantages just as a single family homeowner and benefit through increased appreciation. Your balcony or patio is also considered a common element even though only you may use it. When you buy a condominium, you accept all three levels of ownership. The condominium concept can easily be applied to any form of multiple-unit. This includes not only suites in low-rise, mid-rise and high-rise buildings, but also townhouses.

Shared Ownership

To accommodate the concept of shared ownership, a Halifax condominium corporation is set up to manage the maintenance and repair of common areas. You may be "king of the castle" within your own home, but you are only one of the "knights of the roundtable" controlling the rest of the community. A Board of Directors is elected from among the owners to oversee the corporation's business, and bylaws are established to govern the safety, security and welfare of all residents in your development. You are part of a total community. You can choose to get involved as a director on the Board of leave the decision making to the others?it's your own personal choice. In selecting a condominium community, it may also be worth considering whether the other homeowners have similar lifestyles, financial circumstances and age groups.

Shared Responsibility

Just as you pay municipal taxes to pay for your share of city of Halifax services, you are responsible for contributing your share of the common expenses for your Halifax condominium. These costs are covered by your monthly maintenance fees and vary according to the size of the community, its facilities and the services required. The kinds of expenses can include: security, landscaping, snow and garbage removal, underground parking and interior roadway maintenance, possibly recreation and social complex, and common-area utilities, insurance and janitorial service. They may also include the services of a property management company. In addition to these regular maintenance costs, a percent of your monthly assessment is deposited into a reserve fund to pay for any major repairs or replacements that may be necessary later on.

The Added Benefits

The shared ownership can translate into additional benefits for condominium homeowners, ones that they may be able to afford otherwise. The most common "extras" attributed of the condominium lifestyle are security systems and special amenities for recreation and social functions. It's important to examine the features being offered in relation to your own personal lifestyle because, of course, their cost will be included in your maintenance fees.

So Where Does the "Freedom" Come In?

The freedom afforded by the Halifax condo lifestyle is perhaps the most alluring aspect of the concept. You can go away for as long as you want and know that your home is secure, the building is maintained and the lawns are being cut in your absence. Gone are the worries and difficulties of major home repairs. A professional management company is in place to handle every aspect of common-area maintenance and repair. You get the most mileage for your money, and you don't have to worry. You can also have access to a variety of recreational and social activities and fully equipped facilities, that as a regular homeowner, you may not otherwise be able to afford.

Buying a Condominium

Some specific things to remember:

• Size of the complex and size of the home
• Facilities offered - do you need or want them?
• Cost of operation, which impacts your maintenance fees
• The mix of residents expected to buy or that own in the development
• Read the bylaws. Are they too restrictive?
• Read the latest annual financial statements to satisfy yourself this is a fiscally sound operation.
• Location in Halifax is important
• Make sure your lifestyle isn't opposite to the majority of your co-owners
• If you are buying into an existing development you might want to ask current residents about such things as sound proofing, management, etc.
• Will you receive adequate parking space? Is parking space included in the purchase price