What you need to know before, and after buying a condo

Condominium popularity is on the rise, especially in large urban centres like Vancouver and Toronto. This housing option appeals to a wide array of Canadians, for various reasons. If purchasing a condo is your home buying plan, what do you need to know before you sign on the dotted line?

• Find out what the maintenance fees will be, and if your complex will soon be facing a "special assessment", which can point to rising fees. To find out, you will need to obtain a copy of the status certificate and review with a real estate lawyer, if possible.
• Talk to current residents, and find out what their impressions are of the neighbourhood, the complex, and the management.
• Find out the name of the builder and check that they are a reputable company.
• Talk to your Ottawa Mortgage Broker, and obtain a pre-approval. Before starting your condo search, it is important to know your budget.

Click here for the full article from the Globe and Mail.