Steps in buying a condo

Purchasing a home is a significant financial investment and as a result, can be a highly stressful experience. At the Ottawa Condo Guide we recognize that fact and want to help reduce whatever stress you might feel wherever we can. Travis and Bob, are licensed Realtors® with over 30 years experience between them. They are well trained and extremely knowledgeable of the home buying process. They are always ready to answer any questions or discuss any concerns you might have.

A buyer client recently said: "I would like to take this opportunity to thank you for the professionalism you showed while representing me as my real estate agent. Your "no pressure" manner, coupled with your genuine interest in ensuring that you provided information specific to the real estate needs I required, was exceptional."

Here are some simple questions to ask yourself when buying a condo.

(Don't worry if you don't have all the answers to these questions. Just thinking about them will help you get ready to start your search.)

  1. Where do you want to live?
    What part of the city best suits your lifestyle? How will you get to work? Are there schools nearby? Where can you shop? The answer to these questions is also the answer to the first question of home buying — which is "Where"?

    1. Throughout our years of experience, we have created a system that gives you to all things condo, including all condos listed with other agents through our MLS® system, information on unlisted properties, exclusive "pocket listings" and private sales, which means that you can work with professionals like us, to show you all of the options available, whether they are for sale with our brokerage or another company, and get proper client representation by someone who knows the condo market and understands the different complexes, locations and is up to date on current market value and where the best deals are! Use our Interactive Map to see all Condo locations. Contact us today to find out availabilities in these buildings.
  2. What type of home do you want to live in?
    After location, the next decision you'll have to make is about the kind of space you want to live in. There is a world of options to choose from, including high rise, low rise and town homes. You'll also need to think about the combination of rooms and living spaces that would best suit your needs. Do you need 1 bedroom, 2 or more? What is the best type of layout for you? What direction do you want to face and how high up would you like to be? What types of amenities are you most interested in?

    Bob and Travis understand the process of helping you decide what type of home is best for you! With a wealth of experience, and hundreds of buyer clients helped in the past, Travis and Bob know which questions to ask and how to get you asking yourself the right questions, in order to ensure that you are making the right move, as real estate is one of your largest financial investments, and a mistake can be extremely costly.
  3. How much do I want to pay?
    To answer this question, you will first need to determine how much you can afford based on the location and the type of home you want to live in. You will have to decide on an appropriate down payment as well as your mortgage carrying ability. You will need to add these numbers to all other loan expenses you might have as well as your total average monthly expenses. The sum of these numbers needs to be an amount that you can comfortably cover within your available financial resources.

    For more information please see our What can I afford page.
  4. Do the research
    Although there are many great condominium developments in Ottawa, you will need to take some time to determine which condo is best for you, and sometimes the choice can be very complex. Check out various buildings, drive by locations and visit some condos. Learn about the buildings amenities, features, and downfalls by researching, and also by talking to residents of the building. This can provide a wealth of knowledge in just a few short minutes.

    First and foremost, find a good real estate agent; find out about the level of experience they have with condominiums in Ottawa and make sure they know the market.
  5. Set up a buyer consultation with a knowledgeable real estate agent
    In a buyer consultation session, your Realtor will explain the buying process to you, put you in touch with any necessary contacts you may need to facilitate your transaction, and begin to share knowledge on Ottawa neighbourhoods, locations, and specific condo buildings. Most importantly, this is the step where they should be helping you figure out exactly what type of condo fits your requirements.

    To book a free, no obligation buyer consultation session, please fill out our looking to buy form. After the consultation, we will book appointments to view the available condos on the market that meet your criteria, to find you the right match.

How do I make my purchase?

Once you've made all the tough home buying choices, you will need to start the paper work. Buying a home is an emotional and exciting experience and it can be difficult to focus on contract details. We recommend that you work with a licensed real estate agent who specializes in condominiums to help you through this process.

Agreement of Purchase & Sale

The home purchasing process starts with signing the Agreement of Purchase and Sale (also known as "making an offer". You need to review this document carefully as it is a legally binding contract. Not only does it include the purchase price, it also includes terms and conditions that will apply to the transaction, a description of how the purchase will be financed; the closing date (date you would take possession of the property); a condominium inspection, and status certificate review condition and other contingencies.

Disclosure Statements & Condo documentation (by-laws, rules & budget of the condominium corporation): The disclosure statement and documentation encapsulates all the important information about the condo you are purchasing. You will need to make sure you read this document very carefully, and in most cases, buyers make the reviewing of this documentation, a condition of their offer.