Property Talk: Be open to possibilities when choosing a home

Here is an excerpt from Marnie Bennett’s column “Property Talk” from the Ottawa Citizen:

Property Talk: Be open to possibilities when choosing a home

By Marnie Bennett, Ottawa Citizen July 29, 2011

Buying a new home can be a very exciting process with a happy end result. But let’s be honest: it can also be quite the roller-coaster ride. In reality, few of us are able to delve into our bottomless pockets, find our dream home and then move in the following day — no matter how much we would love to.

Over the years, I’ve come to notice certain patterns in home-buying behaviour. While most buyers begin the search with a firm idea of the type of home they are looking for, it’s surprisingly common for them to change their minds mid-search.

Some buyers may realize they are no longer eager to mow a large lawn, while others may discover the detached home they have dreamed of is actually beyond their reach.

Buyers should be encouraged to become familiar with the different types of properties on the market, and to keep an open mind as possibilities can be found around every street corner.

Condominiums

Condos are a type of property most often purchased by single people and couples without children, and with good reason. They offer a maintenance-free style of living that is ideal for those with busy work and social calendars.

In these buildings, owners pay a monthly maintenance fee, known as a condo fee. These monthly payments are collected for the maintenance of the building and common areas.

It should be known that condos tend to come with smaller — and sometimes no — outdoor spaces. However, they often offer an abundance of lifestyle amenities such as fitness studios, home theatres, hot tubs, rooftop terraces and party rooms — an important consideration for downsizes and active singles.

While we often associate condos with downtown high-rises, they have become increasingly popular in suburban areas. They may be townhouses, semis or even detached homes, and are common in adult-oriented gated communities.

It may come as a surprise that the term condominium is actually a legal definition referring to the method of ownership, not the type of building.

When you purchase a condo, you are actually purchasing the interior space of the unit. This space is completely yours. The “common elements” such as elevators, recreational facilities, parking and outside grounds are jointly owned by yourself and the other homeowners in your condominium community.

Marnie Bennett is a leading broker in Ottawa with more than 30 years' experience in real estate who has led her Bennett Real Estate Professionals team to the top spot internationally for Keller Williams. Contact her at marniebennett@bennettpros. com for a free report on 6 Things You Must Know Before You Buy.