Factors to Consider When Buying a Condo

Factors to Consider When Buying a Condo

Before settling for a Condos in Ottawa, it is important to shop around. While shopping, there are a number of factors that you will need to consider. All condos come with different features but not all are suitable for everyone. However, there are key objectives you must look into. The following is a guide that will help you make the right decision when buying a condo.

Location

The aspect of buying a condo just like a house must put into consideration the aspect of location. It is important to ensure that the condo you opt to buy is located in an area where you can easily access the places that you frequently commute to such as your work place. Its surrounding is just as important as it indicates affects other factors such as security.

Association / condo fee

Condos tend to cater for maintenance and repairs. This is however requires one to pay a monthly fee as long as they reside within the condo. Condominiums in Ottawa determine the fee based on the size of the unit you occupy. It is advisable that as you shop around that you consider this fee. The objective is to find the most affordable monthly fee in reference to the unit you are seeking to buy. The objective here is to minimize on this recurring cost.

Age of the building

When inquiring about the age of the building, Ottawa Condos for Sale or Ottawa Condos for Rent will require more fees to maintain if the building is older. This is because it has served a longer period of time and the equipment and materials are more likely to wear off sooner as opposed to newer buildings. As you look for a condo, ensure that the building in which it is located is also in good condition.

Reserve fund

By looking at the reserve fund/ financial statement of the building you seek to buy a condo from, you will be able to tell a lot about its management. A well managed building provides for a healthy reserve which is capable of addressing repair and maintenance concerns. You may choose to look at this as an insurance policy in case of any concern arising in the near future.

Neighbors

It is evident that living in a condo brings you closer to your neighbor physically. It is therefore important that you visit the building regularly during different times to help you understand your neighbors better. This will help you weigh if the environment is suitable for you. While some neighbors will play loud music, it is up to you to either blend in or look for a quieter condo environment.

These are the key factors to consider when buying a condo in Ottawa. Whether you are looking for Condo Sales in Ottawa or CondoRent in Ottawa, do put these factors into consideration and consult with Condo613.ca for more information relating to your future condominium requirements. 

Contact Peter Sagos for more details at 613.276.0059 or peter@condo613.ca
http://www.condo613.ca