Shopping for a new
condominium in Ottawa is an exciting process. But, as with all substantial purchases, there are important considerations to be weighed before making your final decision. With this column, I hope to give you a framework for making a wise and informed purchase.
Firstly, if you don’t need to move into a new
home in Ottawa immediately, you should know that there are significant advantages to buying your condo during a development’s planning stages. In order for a builder to receive construction financing, that builder typically needs to show that 65 - 75 per cent of the suites have been sold. To reach this goal, it’s in the builder’s best interest to offer better prices earlier on in the sales process. Buying early can result in substantial savings, and offers the greatest equity growth potential. It also allows you a much wider selection of floor plans and locations within the building.
Consider where you want to live. While the most important factor influencing price in real estate is location, this doesn’t mean that the priciest section of town is necessarily the best for your personal lifestyle. Consider proximity to your workplace, and to the kinds of amenities you feel are important, whether that means shopping, restaurants, greenspace or recreational centres.
Once you’ve zeroed in on a particular condominium development, it’s equally important to consider the location of the unit itself within that development. Examine proximity to the elevator, street noise levels and the quality of the view; often, the higher the floor, the higher the price.
This raises the question: how much do you want to pay? Your personal budget may not allow you to buy the penthouse of your dreams; again, weigh what’s most important to you. Some factors to consider when selecting your suite include functionality of the layout; exposure to natural light; ceiling heights; and access to a balcony or other outdoor space. A development’s curb appeal will affect both your enjoyment of your home and its resale value. The same applies to density; the fewer people sharing your development’s facilities, the better.
All condos are not created equal. What’s behind the walls – mechanical systems, for example – is just as important as those things you can see, though admittedly more difficult for a homebuyer to judge. That’s why choosing a builder with a good reputation is crucial. Research builders by asking your realtor for information; by visiting previous developments; by speaking with current owners; and by researching the equity growth of their homes as compared to others. Be sure to check the builder’s Tarion Warranty Corporation Rating. Tarion is a government regulated organization which licenses all new home builders in Ontario, and provides safeguards to all new home purchasers. Finally, make sure that the builder has a strong customer service team with extended hours.
There’s no denying that buying a
home in Ottawa is an emotional process. Just be sure not to let your heart rule your head.
Contact
marniebennett@bennettpros.com for your free report on “10 Tips to Save You Time and Money: The Homebuyers' Guide to NEW HOMES”.
Marnie Bennett is a broker and the team leader of
Bennett Property Shop Realty, a full premium service five star real estate brokerage specializing in marketing and selling new and resale homes, condominiums and investment real estate. Marnie is the host of the weekly radio show the Real Estate Hour, a millionaire real estate investor and a real estate wealth management coach.
Visit
www.bennettpros.com for all your real estate needs
