With the boom in condominium construction in Ottawa, many buyers have been contacting me in recent years to ask about condo living and whether it might be a good choice for them.
As a Realtor, I have extensive experience in the condo market, going back long before the recent condo surge. I also lived in a Centre Town condo apartment for years and enjoyed the advantages of condo life. I can answer questions and explain how condos work and how they’re different from a traditional home, to help clients decide if a condo would work for them.
Condos can vary widely in monthly fees, amenities and rules for owners, so if you decide to look for one, we can compare how various condos operate to find the type of condo that suits your needs. For instance a townhouse-style condo with lower monthly fees and fewer amenities might suit you better than a high-rise condo apartment with a pool that you don’t think you will use.
Not everyone is suited to condo living. There are those who absolutely must have a house with a big lawn. Others might not like living with condo rules, which can cover things like how large a pet you can have, how many occupants can live in a unit or whether you are allowed to have a satellite dish. Some condos with carpeted units might not allow you to install hardwood flooring, to minimize noise to the unit below you.
When myself or one of my associates work with you to find a suitable property we will ask you for feedback on properties we visit, part of what we do is help you assess whether a condo is right for you.
To help make that decision, it is good to learn how condos operate and how they can offer a carefree life style for those who travel or do not wish to deal with maintenance issues like snow removal and grass cutting.
Here are some major factors that can make condo ownership appealing:
More affordable selling prices: Many young singles and couples buying their first place tell me they are drawn to condos because the average price is considerably lower than a detached house, allowing them to get into the real estate market if they cannot afford a big, traditional house.
The Ottawa Real Estate Board reports that the average sale price for a condominium-class property in June was $258, 135. The average sale price of a residential-class (non-condo) property was $389,198.
There are luxury condo units priced in the high six figures or more, but for buyers on a tight budget, the starting prices are appealing.
As most people know, the size of condo units is often smaller than what you’ll find with a traditional house, with many condo units under 1,000 square feet. But singles, couples and small families say the smaller size is surprisingly manageable when you pare down your possessions and choose furniture carefully.
Prime locations: The lower prices can allow you to live in popular central neighbourhoods like Centre Town, the Glebe or Westboro, where a detached house might be out of your price range. You can enjoy the restaurants and shops and the possibility of walking to work, which many central Ottawa residents find hugely appealing. Not having the stress of commuting in bumper-to-bumper traffic every day can make a big difference to your quality of life.
Turn-key living with no maintenance worries: A major appealing factor for many condo buyers, including busy young professionals and retirees who want to move from a house into something easier to maintain, is that with a condo they have no lawns to mow, no leaves to rake and no snow to shovel on bitter winter mornings.
If your building has a pool, you never have to worry about cleaning it or fixing the heater. The property manager and board handle those chores.
Though condos can vary, your monthly condo fees usually cover things like building insurance, water & sewer costs, maintenance of the grounds, washing windows and clearing snow from parking spots, sidewalks and entrances. The condo board and the management company handle things like repairing or replacing the roof or in most cases replacing windows.
Part of your monthly fees go toward the condo’s reserve fund, to pay for repairs. Expected repairs are predicted in reports by engineering firms, which condo boards are required to hire for regular evaluations of the building.
It’s not that different when you own a home, and set aside money each month to pay for maintenance and repairs. It’s just that many homeowners often don’t think of how those repair and maintenance costs add up in a year.
At a condo, as in a traditional house, unexpected repairs can arise. If there are not enough funds, the owners will be asked to pay a special assessment or increased condo fees to cover the costs. Again, though, that’s no different than what can happen with a traditional house, where you might suddenly have to replace an old furnace or a roof and you have to find the funds.
Some condo developments have higher monthly fees than others, so as part of the search, we can help you compare fees and what they cover. Some fees include utilities, and others do not.
When you find a place you like, your lawyer will also look carefully at the condo corporation’s finances, to see how healthy the reserve fund is and if any special assessments are planned in the near future. A lawyer (it’s best to find one with extensive experience with condos) can alert you to any red flags.
Amenities and Sense of Community
Though amenities vary, some buildings can give you the feeling of living in a hotel, with a pool, exercise room, whirlpools and saunas, a rooftop terrace, a concierge or maybe a party or games rooms that residents can use. If you don’t think you’d use these kinds of things, you can choose a building that doesn’t have them and might have lower monthly fees.
Some condo owners have told me they like the feeling of community they have with neighbours and fellow owners. Some condos have social committees that organize activities and parties to create a sense of community.
Security
If you choose an apartment-style condo project, they often offer excellent security, including locked front doors with buzzer entry systems and sometimes security cameras or front-entrance staff keeping an eye on who is entering the building.
If you’re interested in exploring the Ottawa condo market, you can contact me or one of my associates through nancybenson.com or by calling me at 613-747-4747.
More information: For more information on condos, the Canada Mortgage and Housing Corporation (CMHC) has a section of its website with details on condominium basics, governance and the pros and cons of condo ownership. You can read it at www.cmhc.ca/condoguide
Comments(0)