Ottawa Condos – Buying – You are an Owner

Posted on August 31, 2009 
Filed Under Buying Your New Home, Valerie Zinger

When I go out with first time Buyers, they are often interested in condominiums.  The reality is that the price point for many condos is attractive to first time Buyers.  If they are leaving an apartment and moving into an apartment condo it is important to stress that, while it may seem like an apartment, the Buyer becomes an owner.  It might also seem like the maintenance people work for someone else – the property managemetn company – but they work for you, the Buyer,  through the management company or condo board. 

Now that you know that you are the owner, take care of your investment.  Would you take $150,000 and give it to a stranger to manage and hope that you will have something left at the end of a few years.  Would you also give that same company the liberty (without investigating why) to call you up and demand a few thousand extra dollars to maintain your investment?  Of course not.  So, if you are buying a condo because you think that you can turn over all the responsability to someone else, I strongly advise you to think again.  Get involved in the condo board.  Go to the meetings.  Read the by-laws and the minutes carefully.  Watch for maintenance issues.  Keep track of the sales in your building. 

Take care of your investment. 

 Photo credit:  Appetizing young condos for sale @ http://www.flickr.com/photos/allaboutgeorge/2526632797/

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