With the slower start to the spring market and the May 2014 OREB news release stating that condominium sales dropped in comparision to last year, is now the time to pounce on your first opportunity at home ownership or to downsize? There are so many great options available. Whether you are looking for an apartment, a bungalow, a townhome or a life lease, Ottawa has plenty of great properties available.
Many first time buyer's don't quite understand the wonderful benefits which condo living can offer. Here are just a few factors that you may want to consider.
Location and Price: One may think going rural may seem to be the only option to accomodate mortgage budget. However, with beautiful condo's in the downtown core or from Orleans and Kanata, there are many great options that will offer you that great community feel and be budget conscious. These condo's are in close proximity to transit, amentities and have the security of being close to neighbours.
Layout options: Do you want something quaint and open concept? Or a garden home style condominium with 3 bedrooms? Really when it comes to condo's you can really create your perfect wish list. Basements, balconies, concierge service, underground parking. The wish list is so versatile.
Maintenance: One of the greatest perks for condominium living, is the small amount of time that it needs to be dedicated for your own personal upkeep of exterior features. In this busy day in age, finding time to plow snow or cut the lawn can be quite difficult. Or perhaps you like to travel and don't want to worry about taking care of your walkways and grass while you are away. In a condo, typically these items of maintenace are the responsibility of the caretaker. Roofs, windows, doors, elevators, parking lots usually fall under the responsibilty of the condo and are part of the monthly association fee's.
Equity: As with freehold home ownership, condo ownership also serves as a financial bonus as opposed to renting. You are building equity as soon as you move in. Not to mention you gain the opportunity to take advantage of tax deductions for mortgage interest and property taxes. Definetly something to consider when debating between renting and owning. Having your home act as a savings account as opposed to paying your landlords mortgage, only seems logical.
Life Lease vs.Seniors residence: A life lease condominium offers the occupant the right to occupy. The occupant purchases this right to occupy and is then able to sell the unit when they decide to move onto a full care facility. This saves the hefty monthly fee's of a seniors residence that sometimes cost thousands of dollars a month. In a life lease, there is monthly fee that is similiar to the cost of a typical condo fee which includes the utilities.
Amenities: Who doesn't want access to a pool or a health club? Some of these great units also offer recreation facilities. Imagine just walking down the hall to a full service gym. Or how about a guest suite located in your building for when guests arrive from out of town. These are just some of the amenities that can be offered.
These are just a few points to take into consideration when deciding what your next move in the property ladder will be. If you have any questions, need some real estate direction, or are curious to see what is out there, please feel free to contact me at any time.