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Before buying a condo in Ottawa, it’s essential to conduct thorough due diligence to ensure you’re making a sound investment. Here’s a checklist to guide you through the process:
Review the Condo Corporation Documents
- Status Certificate: Obtain and review this document to understand the financial health of the condo corporation.
- Reserve Fund Study: Check the reserve fund to ensure it has enough funds for major repairs and replacements.
- Meeting Minutes: Look for any recurring issues or upcoming major projects discussed in recent board meeting minutes.
- Bylaws and Rules: Understand the condo’s bylaws, rules, and regulations to ensure they align with your lifestyle.
Financial Health
- Budget: Review the condo corporation’s budget to ensure it’s well-managed.
- Special Assessments: Check if there are any upcoming special assessments, which could result in unexpected costs.
Building Condition
- Inspection: Hire a professional inspector to assess the condition of the unit and common areas.
- Maintenance History: Review the maintenance history of the building to identify any potential issues.
Location and Neighborhood
- Amenities: Check the proximity to amenities like public transportation, grocery stores, schools, parks, etc.
- Future Developments: Investigate any planned developments in the area that might affect property values.
Legal Considerations
- Title Search: Ensure there are no legal issues with the property’s title.
- Insurance: Check the insurance coverage provided by the condo corporation and what additional insurance you might need.
Condo Fees
- Fee Breakdown: Understand what is covered by the monthly condo fees (e.g., utilities, maintenance, amenities).
- Fee History: Check the history of condo fee increases to anticipate future costs.
Lifestyle Fit
- Community: Assess the community to see if it matches your lifestyle preferences.
- Pet and Rental Policies: Ensure the condo’s policies on pets and rentals align with your plans.
Resale Value
- Market Trends: Research recent sales in the building and neighborhood to understand market trends.
- Unit Layout and Features: Consider the layout, view, and features of the unit, as these can impact resale value.
Legal Review
- Lawyer Consultation: Have a real estate lawyer review all documents and agreements to protect your interests.