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When considering the purchase, rental or renovation of a building downtown, another option to consider is a condominium. The word condominium simply describes the ownership arrangement of a building. Taking a three story building and separating each floor into its own condominium allows for each floor to have a different owner. One example would be that a retailer owns their space on the first floor, a service business owns their space on the second floor and a residential tenant owns their apartment on the third floor. This allows someone who would have just rented a space to own the portion of the building that they are occupying. It also eases renovation costs that can now be divided by three if it is in any common space or on the exterior of the building. The details of financial responsibility, maintenance and function of each owner can be laid out in the Condominium Association contract. Some key people to involve/contact during the process of converting a building into a condominium:
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