Buying Condos

For the last couple of weeks, I have been looking at some of the newer condos in Ottawa. Right now, it seems like the hot thing to do, so I am researching as much as I can in each of the buildings. The first thing to do when you are looking for a condo is find someone that knows what they are doing. The reason you have to do this first is that condo builders will only offer a commission to those people if they walk into a building with you.

It's a silly rule, but its an important one. Even if you do not decide to use my services, it would be wise that you hire a professional to help walk you through the process. When you sign up with a buyer agent, they can look after your needs and it would not be the greatest move to not have an agent. It could mean that you pay out of pocket for your agent, and that may not be necessary.

Typically, to purchase a new condo, it takes a pretty large down payment. I'm not a mortgage professional, but it has been my experience that you can purchase a resale condo with a lower down payment than a new condo. New condos have been going for about 15% as a required down payment. It's not a number that is set in stone, but it's a number that you should be prepared for.

Over the next few posts, I'm going to try to talk more and more about condos. I'm getting a lot of good information on them, so I would like to share some of it. All I ask in return is to be able to have a chance to help you or someone you know when there is a chance of doing a real estate transaction.