Condo Lifestyle

There are many opportunities for an individual or couple to get into the real estate market. Whether you are looking for a permanent residence or a real estate investment home, Ottawa’s market provides numerous types of housing that will suit your lifestyle and requirements. The most urban type of real estate property on the market these days are definitely condominiums. Condos in Ottawa have seen an exponential increase in both the number of units being planned and built, but also in the interest from all types of buyers and investors. Living in a high-rise residential building has its perks including amazing views, luxury amenities, features and finishes that are comparable to a custom home and of course the community aspect. With condominiums, there are penthouse suites as well as loft residences available to the real estate investor or home buyer as well. (Ask Jeff for his detailed guide of where all the soon to be condos are located.) A recent phenomenon has been the emergence of pre-construction condominium sales by real estate developers. Noting the increased demand in home buyers as well as luxury real estate investors, pre-construction condos and apartments have become part of a developer's dream. With many pre-construction condo projects sold out from the plan, there are not many choices for young individuals and couples seeking their first home. In many cases, the home buyer will need to put down a deposit of 10%, depending on the real estate condo developments terms. The remaining balance of the condo is due upon completion, which is sometimes 6 months later and at other times, more than 5 years later depending on the size and magnitude of the community development. Another recent trend with Canada pre-construction condo sales is that by the time the condo high-rise building is completed, many home buyers have purchased elsewhere or have had a change in lifestyle, and therefore, opt to re-sell the property or condo home at a significant gain. There are many real estate investors who view pre-construction condos as the greatest potential for their portfolio growth as they do not have to carry a mortgage. **Significant gains are not without risk, ask Jeff for more info**

*****Ask Jeff for more information regarding Condo fees, Status certificates, and reserve fund studies. These pieces of information are crucial in choosing the perfect condominium. *****