Ottawa’s condo market is booming, with new developments seemingly around every corner. Buying a condo in Ottawa is the perfect option for working professionals looking to purchase their first property as well as for those looking to downsize from a family home. But do you know how to properly prepare for buying a condo?  While purchasing a free-standing home comes with its own considerations, so does buying a condo.

Here Are Our Tips For Buying A Condo in Ottawa

Before You Open Realtor.ca

• The first step to success in any real estate journey lies in consulting a real estate professional. A professional real estate team can provide you with the market knowledge and experience to ensure your success. Not to mention real estate teams have more resources and team members which equals a higher value for you.
• Hire a financial professional when it comes to your mortgage. A professional mortgage broker will help you find the mortgage you can afford ensuring you enter your search with a strong financial understanding.
• Take into account extra finances that may be needed. Ensure you know the complete ins and outs of your financial situation and consider how much the ‘extras’ are going to cost you. When moving, you’ll need money for services such as a moving company, lawyer fees, and possibly even utility hook up fees.

During The Condo Search

• Buy the extras if it’s within budget. Purchasing the unnecessary factors such as an extra bedroom or a gorgeous view can help during resale.
• One of the best tips for buying a condo that is a little older is to make sure to properly examine the manufacturing dates on all appliances, including the furnace and keep an eye out for general wear and tear so that you will have a better idea of what you’re buying.
• Research condo fees. The majority of condo buildings have condo fees they charge per month, do your research before you buy to make sure you’re overall monthly is still affordable.
• Get to know the building. Visit the building, or drive by, at different times during the day and the week to get an idea if the noise level or traffic is what you can handle. Also while visiting, talk with some of the current tenants about their own experiences in the building to get a better idea of what the living quality is like.

Before You Make an Offer on a Condo

• Definitely one of the best tips for buying a condo is to ensure that you see the property at least twice before making an offer.
• When you are ready to sign an offer, consult with your agent again on comparables for the area. They can help explain to you what offer would be too low or too high.
• Listen to your real estate professional. They are called a professional for a reason! An agent should have a proper understanding of the current market trends that they can relay to you in order to help create an offer price that you will be confident to go with.

We love the evolving condo market in Ottawa, and we’d love to help you find your dream condo. Start your home search today or ask us your questions about buying a condo in Ottawa by calling us at (613) 288-2455, emailing us here, or booking a buyer’s appointment.