You’ve probably heard of divided vs. undivided co-ownership. Here in Mont-Tremblant, only divided co-ownership exists. So, we will elaborate on two entirely different types quite present in the Mont-Tremblant area: vertical and horizontal! We aim to show you the differences, advantages and disadvantages so you can decide which is best for you!
Vertical co-ownership
Vertical co-ownership is the best-known type. It’s usually the one you think of when you hear ‘’condo.” In this type of co-ownership, the co-owner owns only the property’s interior, down to the drywall, while the syndicate owns everything else*: the roof, windows, doors, exterior walls, corridors, balconies, swimming pool, gym, grounds, etc. The syndicate manages the building’s day-to-day expenses and maintenance. The syndicate manages the building’s ongoing costs and maintenance.
*There are exceptions; for example, in some projects, the windows are the individual responsibility of the co-owners.
Horizontal co-ownership
Horizontal co-ownership is defined by the fact that the syndicate owns only what is horizontal, not vertical. The co-owner, therefore, owns the interior, the property’s exterior, and sometimes even the land. He alone is responsible for building maintenance. If the owner even owns the land, what does the syndicate own? The syndicate owns the common areas, streets (often called alleys) and amenities (swimming pool, tennis courts, etc.). Condo fees will cover expenses related to the maintenance of these common areas, but often also grass cutting and snow removal.
*There are variations: streets, entrances, stairs to the door, etc.
What about you? Are you more of a horizontal or vertical type? To help you answer the question, ask yourself what gives you the greatest peace of mind by evaluating the costs associated with the type of co-ownership or the level of personal involvement required for its upkeep.
