Are You In The Market To Buy A Condo in Ottawa?

Buy Smart With These 5 Tips

Ottawa’s condo market is growing fast. Condos are a great option for young professionals looking to take their first step into homeownership. Likewise, condos are also a good choice for people downsizing from a family home.

While the market for condos in Ottawa is booming, there are some significant differences between buying a home and buying a condo. Do you know how to properly prepare for buying a condo? Here are 5 tips to get you started.

Choose Professionals Who Know Condos

Anyone looking to buy a condo is going to need some professionals to help them along the way. Make sure you choose a realtor, lawyer, inspector, and mortgage broker who knows the ins and outs of buying a condo in the City of Ottawa. There are many questions regarding fees, legal and financial responsibilities, and resale value that you will want to factor into your decision to buy. Before you start looking for the right condo, look for the right people to help you buy.

A Perfect Location Today May Not Be A Perfect Location Tomorrow

“Location, location, location.” Every home (and condo) buyer knows that location is important. You will want to know about your neighborhood, schools, and local amenities, of course. However, when buying a condo, you are also going to want to know about what the plans are for the area you are buying into.

Does the city of Ottawa have plans to build or tear down buildings, parks, or roads? Will there be another development going in next to your condo building? These are important questions to ask. The last thing you want it to fall in love with the view from your unit only to be looking into a neighbouring unit in a few years.

Find Out As Much As Possible About Your Condo Fees

Buying a condo is different than buying a house. When you buy a condo, you end up owning your unit as well as being part owner of the common spaces in the building. Each condo owner is responsible for paying fees which cover ongoing maintenance costs for the building. A portion of the fees may also be added to a “reserve fund” which is held in trust in case of major repairs or emergencies.

"How much your condo fees are" typically depends on the size of your unit and the amenities in the building. They can change annually or if significant work needs to be done to the building. Fees also vary widely: and average from $250 to $450 monthly for townhomes and stack units to $400 to $1000 for high rise buildings.

Make sure you find out what is included in your condo fees. If there is a reserve fund in place, find out how much is in it and what happens if it runs dry. Your condo fees will be part of your cost of living, so gather as much information about them as possible.

Meet Your Neighbours Before You Buy

When you buy a house, you always consider your neighbourhood. You want to feel comfortable and welcome. It is important to do the same when buying a condo.

An important thing to understand is that your condo building is a neighbourhood within a neighborhood. You are buying into an existing community of people. Make the effort to find out if it will be a good fit for you and your family.

Ask questions or knock on doors. Who lives in the building? Is it a social space or do people keep mostly to themselves? Are there expectations about noise levels, parties, and children? Your neighbours will only be a wall away, so try to meet a few of them before you buy.

Old Or New? Some Things To Think About Before You Buy

While people often associate condos with new developments, they come in a variety of shapes and sizes. From townhomes to highrises, there is a condo for everyone. An important factor to consider when buying your condo is it’s age.

If you are looking at a unit in an older building, there is a lot of information you can gather.

For example, you can find out how much money is in the reserve fund and if there are any upcoming renovations scheduled. You can also find out about repairs and renovations that have been completed in the past several years. Asking these questions will help you gauge your financial commitments and upcoming condo fees.

When you are looking at a unit in an older building, keep an eye open for repairs. If there is visible wear and tear on carpets, walls, or cabinetry, can it be fixed? Likewise, if the appliances are older, can they be replaced?

There are questions to ask when buying a new condo, too.

Make sure you look over the unit’s drawings and ask the developer what changes, if any, can be made to your unit’s floor plan. Find out about plans to control noise and smells in the building. Make sure to find out what will be included in your fees. Parking spaces, pools, and gyms are often included in your condo fees, but not always. Most importantly when buying a unit in a new development, ask about the timeline and what happens in the case of delays.

Are You Prepared To Buy A Condo?

Before you start your search for the perfect Ottawa condo, do your research. Be sure to connect with professionals who specialize in condo sales and ask lots of questions. Whether you are buying a new unit or moving into an established building, there truly is a condo for everyone. Being an informed buyer makes you a smart buyer.

Call Roch St-Georges now at 613-889-7732 to discuss purchasing a condo in Ottawa.