Does Condo Life In Ottawa Suit You?

Does Condo Life In Ottawa Suit You?

Many individuals look at the outlined benefits of owning a condo and think that it is the best possible option to meeting their housing preferences. While these advantages are generalized, it is important to consider yourself before looking at the general view. Before you pack your belongings and move into a condo in Ottawa, you need to know if the lifestyle adopted in a condominium in Ottawa is what you are willing to call your own. There are a number of aspects to look into to help you make this decision. The following will act as a guide in your decision making process.

Condo Costs

Unlike the purchase of a single unit home where once you purchase it the rest is up to you, Ottawa condos for sale are rather different. They come with lots of additional costs. After you have settled the purchasing bills either through a mortgage or personal funding, other costs such as monthly owner fees, homeowners insurance as well as condo association fees will still need to be paid. These are fees that are there to last in the long-term and not as a one-off so you need to be prepared.

These fees are provided to you together with the condo by-laws. Insurance is a sharp thorn in the flesh that anyone living in a condo has to deal with. Even those people occupying the Ottawa condos for rent have insurance fees to pay as long as they are renting. Before agreeing to anything, it is important that you identify what you as the owner will cover and what the association is responsible for.

The Social Setting

Looking at statistics, it is evident that condo sales in Ottawa are more affordable as compared to purchasing other types of property. While many appreciate this aspect, there is much more to consider before accepting a condo lifestyle. When it comes to the social setting, it is important to get to understand the surrounding and your potential neighbors.  Remember that not everyone makes a good neighbor. Other than affording it, take your time to find out if you are an ideal neighbor.

Addressing the Agreement

You will get to sign an agreement which seeks to govern the entire condominium. These laws aim at ensuring that everyone in the community remains happy. You will notice that not everything is determined by you despite having purchased the condo in your name. You will also get to identify various restrictions that come with the association. Basically, these laws will outline everything you need know to stay within the condominium. If you like things done your way, this may not be the lifestyle for you. Make sure to read through the agreement before rushing to move in only for you to realize your limitations when it is already too late. Even when you are seeking a commercial condo for sale in Ottawa, there are rules that govern how you will operate.

There are quite a number of benefits that come with a condo lifestyle in Ottawa but do not forget the aspect of individualism.

Contact Peter Sagos for more details at 613.276.0059 or peter@condo613.ca

Ottawa Condo Blog: Condo Rules, Regulations and Restrictions in Ottawa

Ottawa Condo Blog: Condo Rules, Regulations and Restrictions in Ottawa

Condo Rules, Regulations and Restrictions in Ottawa

Condo Rules, Regulations and Restrictions in Ottawa

For every condominium in Ottawa, there are rules and regulations that govern it. These rules and regulations will reflect on how your condo unit can be used. Though in many cases it helps manage the condo and its well being, it also looks into the well being of all the surrounding neighbors. Without rules to govern all residents, the entire neighborhood may turn out to be chaotic with everyone trying to implement their own ideas.

Condo rules are provided by the board to help govern activities on a daily basis. The key objective of providing rules is to ensure safety as well as security in condos in Ottawa. Some owners have pets and it is important to find out if you are allowed to have pets. If yes, it is also important to find out what kind is accepted and how many you can have.

The rules may also provide a limit to the amount of noise that is permitted within the condo. Other than the level of noise, even the permitted sound may be limited to certain hours of the day.

There are a number of restrictions that come with living in a condo. These are set out and outlined by the corporation of that condominium. They may differ from one condo to another but every condo has its own restrictions. These normally apply to the use of the common/ shared features. Even commercial condos for sale in Ottawa may determine what kind of business it takes and how large a business can be in order to maintain security levels in the condo. The restrictions may include:

·         The size, type or number of pets. Both indoor and outdoor pets.

·        Ottawa condos for rent may require that some documentation regarding the tenant be left with the condo corporation.

·         Some type of renovations may be prohibited.

·         The different color shades may be provided restricting owners to have other colors.

·         Time restriction is applied on common facilities like play parks and swimming pools.

There are quite a number of restrictions depending on the provided by-laws. It is also difficult to change the physical appearance of the condo's exterior such as changing doors. Ottawa condos for sale tend to be similar and this helps to enhance their general architectural image. Many of the restrictions are meant to curb activities that may jeopardize the safety of the condo or change its overall structure.

In addition to rules and restrictions, there are also regulations that govern condo sales in Ottawa and condo rent in Ottawa. There are standards to help maintain the value of a condo. Remember, not all condos are priced the same.

Before agreeing to move into a condo due to its physical appearance or how affordable it is, make sure that you go through the rules, regulations and restrictions carefully. The governing documents can be obtained from the property manager. Be keen to read them before you purchase your condo unit and not after in order to prevent wrangles.

Contact Peter Sagos for more details at 613.276.0059 or peter@condo613.ca

Condo Insurance in Ottawa

Condo Insurance in Ottawa

Condo insurance for home owners is a necessity in Ottawa. Not only will it get the home owners financing with lenders but it will also act as a protective measure in case of damage to the property. You need to make sure that the insurance coverage is ideal to cover all possible needs. Depending on the location of your condo, your insurance cover may vary. For example, those who have condos in areas that are prone to accidents or disasters such as earthquakes and floods will pay more for insurance coverage than those who don’t.

Insurance is one of the largest expenses when considering condominiums in Ottawa. However, the following is a guide that will help you minimize the cost of insurance for your condo in Ottawa. These tips will help you receive the expected coverage while at the same time providing you with the best compensation plan.

Install and maintain a security system and smoke alarm

In an attempt to lower your premiums, why not have fully monitored security systems. You may decide to have a link between the condo complex and the police station. This will indicate that the risk of burglary and loss of property is at its lowest. Smoke alarms also lower your premium prices due to the fact that risk of damage to the property by fire is lowered. In addition, it keeps the lives of the residents safe from fire hazards.

Increase your deductible

With insurance, the concept is that indicating higher deductibles will lead to lower annual premiums. However, with condo ownership, this will bring about spending too much on smaller projects such as sewer repairs.

 

Look at several policy discounts

Ottawa condos for sale need insurance coverage to gain popularity. While the key is to obtain insurance, you can receive a discount by using one company to look into your condo insurance as well as other insurance covers.  This way you will receive a discount for bulk buying and for your loyalty.

Plan ahead for the need of construction

Depending on what you use to construct your condo, the insurance coverage will also differ. Using wood provides a greater risk and it will also bring about a higher cost as it is highly flammable. This is as opposed to stone or steel which are more durable and have less risk.

 

Pay your mortgage

With the assumption that a home fully owned by the owner is cared for in the right manner will tend to lower premiums. By paying off your mortgage, you are working towards owning the condo. Condo sales in Ottawa are mostly funded by mortgage so this is very helpful.

Constantly review policies and compare them

With so many insurance providers in the market, it is important to identify a provider that is most affordable but at the same time will provide the best compensation plan for you. Whether you are looking at Ottawa condos for rent or a commercial condo for sale in Ottawa, shop around for a various offers even when you already have one. The market is competitive and you may actually find a better price.

Ensure that every aspect of the insurance coverage is documented and signed for. Keep several copies of the insurance document in case you lose the original.

Contact Peter Sagos for more details at 613.276.0059 or peter@condo613.ca

Condo Complications: The Issues behind Ownership

Condo Complications: The Issues behind Ownership

Before anyone can purchase a condo, there are a number of issues to consider. While you may think that buying any property is the same, the considerations are quite different. As a matter of fact, you will notice that there are differences between buying a condo and buying a home. There is so much more to consider when looking for Ottawa condos for sale or Ottawa condos for rent. The following outline the possible complications that come about with condo ownership.

Are you fit to own a condo?

Once you own a condo, there are a number of things and responsibilities that come with it. Unlike purchasing a home, you have to live by the rules and regulations of a condominiums in Ottawa. This may sound a bit off as you consider yourself the owner and it seizes to make sense why someone else will govern your belonging.

Another complication that comes with owning a condo is if your lifestyle does not match that offered by a condo community. A condo community when looking at condo sales in Ottawa comes with the sharing of some common features within the condo complex. Many individuals have differing options about a certain concern and they would like to address it as individuals. This is however not possible as condos in Ottawa come as a community base. The restrictions that come with condos can be complicated especially if you are a first time condo owner. Making the necessary adjustment can be complicated too because many first time owners find out that there are restrictions, rules and regulations after they have already purchased the property.

Loan Issues

Looking at the current market of Ottawa condos for sale or commercial condos for sale in Ottawa, it is evident that condos seem as a more affordable option to put a roof over your head. However, there is the aspect of getting a loan to fund the purchase. Lenders agreeing to provide loans to individuals who want to own or consider condo rent in Ottawa are very specific and strict on some aspects. One complication over loans is that your lender may only provide a loan for condominiums that have “owner occupied” despite that you are only purchasing one unit and not the entire complex. The lender will also apply strict loan-to-value ratio which reflects on the cost of owning a condo.

Avoiding condos with problems

Condos come in different types and it is important that you understand the underlying issues of the condos you put into consideration. Before settling for a given option, it is important to research on the condo and it’s condo fees. Make sure you find out as much as you can on the condo's management. In addition, find out about the history of the condo over the past few years. This may be your condo once you purchase it but it is evident that the past may catch up with you if the condo has a bad reputation as you will be forced to deal with these issues. Also, ensure that the investment is solid.

The only reason as to why some of these complications arise is because condo owners work as a community. There is much more to consider than just your personal ownership concerns.  

Contact Peter Sagos for more details at 613.276.0059 or peter@condo613.ca