Benefits of a Condo Living Lifestyle in Ottawa

House & Condo
Condominiums are becoming a majority's favorite in Ottawa. Many individuals are seeking to own a home by buying or renting a condo in Ottawa. There are a number of benefits that come with adopting a condo lifestyle. This is also the reason as to why they have been gaining popularity in the region over the recent years. The following benefits highlight why individuals prefer condos to detached homes.AffordableOpting to take on a condo living lifestyle comes with lower rates as compared to single unit housing. This is also allowing individuals who are on a tight budget to purchase a home. Condo Sales in Ottawa have gone up and the prices are currently reducing. This makes it a cheaper option for anyone looking to own a home. It allows first time home owners…
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Factors to Consider When Buying a Condo

House & Condo
Before settling for a Condos in Ottawa, it is important to shop around. While shopping, there are a number of factors that you will need to consider. All condos come with different features but not all are suitable for everyone. However, there are key objectives you must look into. The following is a guide that will help you make the right decision when buying a condo.LocationThe aspect of buying a condo just like a house must put into consideration the aspect of location. It is important to ensure that the condo you opt to buy is located in an area where you can easily access the places that you frequently commute to such as your work place. Its surrounding is just as important as it indicates affects other factors such as…
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Tips For Sell Your Condo

House & Condo
Are you attempting to sell a condo? If so, you should know that selling a condo is not the same as selling a home, and there are many different things that any condo owner should automatically mention in order to make a sale.This may seem obvious, but the first thing you should do is tidy up. Particularly when your real estate agent is taking pictures of your condo but also whenever you have a viewing. You would be amazed at how many potential buyers are turned off by an untidy home. Clear away your dishes, get rid of magazines or newspapers lying around, pack away excessive knick knacks and put away your family pictures. You want your unit to apart spacious, airy and uncluttered.Try to see your home in an…
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The Facts About Your Condo Association, Homeowners Insurance and You

House & Condo
Yes, most (if not all) condo associations have their own homeowners insurance policies to protect their properties. These investors have thousands, if not millions, of dollars tied up in their building, and they're not going to risk the complete loss of their investment if and when disaster strikes when they can prevent it by insuring their property. That coverage, unfortunately, doesn't extend to your individual unit and it definitely doesn't apply to your personal possessions, which means you're going to need to purchase additional coverage for your condo if you want to make sure you're prepared when the unthinkable occurs.What doesn't your condo association's homeowners insurance cover? The list of what it does cover is exponentially shorter. Your condo association's insurance protects the exterior of the building, the lobby and…
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Buying a condo in Philadelphia

House & Condo
If you are looking for buying a house for yourself in Philadelphia then going for a luxurious condo can be a very good option. They are fast becoming an attracting home ownership option for singles, young couples, families, retired people etc. By buying a condo, you need not to worry about the repairs, maintenance and dreaded chores like snow shoveling. They are usually located in well established, proven neighborhoods. In the last couple of years the popularity of the condos has increased manifold and a large number of people are opting for buying them. More and more people are considering purchasing a condo over a single family home. These homes offer its residents an alternative lifestyle especially for people who prefer to live independently and have their own place to…
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Recent Changes In The Rules When Buying Or Selling A Condo

House & Condo
You have finally decided to buy your own condo. After a lot of time spent searching, you have found your dream condo. Agreement in hand, deposit down and a couple days away from having the keys in your hand, the deal falls out from under you with no warning, and no hope. Effective March 1, 2011, alterations to the Fannie Mae Selling Guide are disrupting otherwise smooth sailing condo sales across the board. It's taking both condo buyers and sellers alike by a deeply disrupting surprise. There are two changes which can cause your condo deal to turn south costing you time, money and definitely your peace of mind. The first involves newly converted, non-gut rehabilitation condo projects, and the second has to do with the collateral damage of an…
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Buying a House, Condo, Townhouse, PUD or Co-Op?

Buying a House, Condo, Townhouse, PUD or Co-Op?

House & Condo
Before I get into this topic let me define PUD: PUD stands for Planned Unit Development. A PUD is essentially a single family residence and the legal ownership of the home is legally defined that way. The major difference is that a PUD is part of a neighborhood, part of a larger development similar to a condo complex. You will own your house and still pay an association fee per month to maintain community areas such as parks, pools and sometimes recreation rooms. The association regulates neighborhood improvements so if you want to make major changes to your house or want to paint your house you will need the homeowners' association's approval. Since a PUD is basically a single family home that is also part of a larger community you…
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Investing in a Condo in Ottawa

House & Condo
Condos in Ottawa have taken the market by storm over the years. However, this market has slowed down due to a surplus. Ottawa Condos for Rent as well as Ottawa Condos for Sale provide for a good investment opportunity especially if you are looking to avoid renovation and maintenance. Whether you are debating on Condo Rent in Ottawa or purchase, there are some factors to consider while identifying if you are making a solid investment in the real estate market.Investing in a condo will ease your worry over the condo's exterior. As an investor, your concern is maintaining your condos interior. Other features such as the roofing, components, parking areas etc. are looked into by the condo's association. In addition, you are not responsible for repairs for the above in…
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Building a Condo Association Reserve Fund or HOA Reserve Funds Requires Extreme Expertise

House & Condo
Building a condo association reserve fund or HOA reserve funds is an essential consideration for condominium and homeowners associations. However, getting the right start is the most important consideration - with a quality reserve study, an ideal fund can be built to accommodate maintenance and replacement needs into the future.Understanding Reserve StudiesWhether you represent a homeowners association or a condo association, it's important that you understand just how vital reserve studies are to building up the ideal reserve fund for your specific needs. It's also important to understand that no two HOA reserve funds will be identical. The Federal Housing Authority (FHA) has brought more scrutiny to homeowner associations reserve funds as a result of recent mortgage problems. The FHA typically requires a fund that is at least 10% of…
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Things to consider before buying a condo

House & Condo
Nowadays a large number of people prefer buying or renting condos because of the many benefits it offer as compared to conventional apartments. Most of them offer facilities like guarded parking space, 24 hour security, swimming pool, clubhouse etc. But there are a number of things you need to consider before making your decision regarding buying or renting a condo for yourself. * The reputation of the builders: It is one of the most important factor and you must put in some effort to gain knowledge about the builders who are in the business of selling or renting of condos in your area. Check out the properties they have developed earlier. What are the market opinions about these builders and always prefer to go to a builder who is having…
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