Important Tips Before Buying a New Condo.

Important Tips Before Buying a New Condo.

Ottawa new condos are springing up all over the place and buying new condo is a great opportunity to work with a developer to design your dream home. However before you start choosing your kitchen backsplash, you want to make sure you are conducting the necessary research to make sure the condo and developer are right for you.

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First you need to research on the developer, to make sure they are known for putting a high quality product on the market. Many of the Ottawa new condos development firms can be looked up on the upgraded Ontario Builder Directory. While online reviews should often be taken with a grain of salt, a developer who only has negative reviews should be avoided.

Once you have vetted the developer and pick your condo, it is time to review the status certificate which you can request from the builder or your realtor. These documents are required by the Ontario Condominium Act and it is imperative that you review the information to make sure you are comfortable purchasing in that particular condo. The status certificate will contain information such as the building financials, reserve study and rules and regulation. When reviewing the financials, you want to make sure the condo is prepared to handle maintenance projects that can arise with a suitable reserve fund. In addition, you want to look at the rules for simple items that could impact you such as the rental policy and the pet policy. You have a ten day review period so take your time and make sure you understand the information being presented.

In addition, work with the builder to make sure you understand what you are buying. A good developer will make sure you understand what features come standard in the home and what features are considered upgrades. Any upgrades should be priced out and agreed to by both parties.

A good developer will also give you two opportunities to walk through the home for an inspection. The first one will be just prior to settlement were you will meet with the builder and come up with a “punch list” of items that need to be corrected and the builder will agree to have it done within a certain time frame. The second walk through will be within 30 days of the builder warranty expiring typically around the twelve month mark.

Buying a new condo in Ottawa is an exciting process that allows you to customize your home to your liking. If you conduct the necessary research and due diligence you will sure to be happy with your brand new home!

Categories: Home Improvement

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