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