When looking to buy a home, there are many options. Last week, we took a look at condos as compared to freehold properties but what about a freehold home with a homeowner’s association? In many cases, a homeowner’s association can appear very similar to a condo but this is not actually the case. It is very important to understand these differences before buying into a home with a homeowner’s association.

Differences Between a Condo and Homeowner’s Association

If you purchase a condo, you are purchasing your unit along with a share of the common element(s). These could include green spaces, amenities, private roads, or services and they are jointly owned by all condo owners. In the case of a homeowner’s association, those common elements are owned by a third party and your monthly homeowner’s association fees are paid to cover their maintenance and to allow usage of these amenities. In a homeowner’s association, you own your home and property but pay to use these common elements. Payment for these common elements is not usually optional so it is important to consider the cost and whether or not you will actually take advantage of them.

Homeowner’s Association Fees

Just like condos, homeowner’s association fees can vary dramatically depending on the amenities. They are generally charged monthly and go to cover anything from a parking lot or green space, or an amenity like a pool, golf course, or tennis court. The more that is offered, the higher the homeowner’s association fee.

Restrictions

Like a condo, a homeowner’s association may impose restrictions  or bylaws. These restrictions can include exterior modifications, pets, or even people (some homeowner’s associations will not allow children to stay for long periods if the community is geared towards adult living). These restrictions can be strict so it is important ensure that the homeowner’s association bylaws fit your lifestyle.

Perks of Buying a Home in a Home Owner’s Association

• Amenities – Some home owner’s associations offer great amenities.
• Ongoing Maintenance – Depending on what your homeowner’s association covers, it may mean that certain aspects of your property, or the property around your home is maintained. This can include snow removal and landscaping.

Before You Buy

As a buyer, you will need to sign a “Joint Use Agreement” and it is important to review this carefully to ensure that you fully understand the details of the homeowner’s association. By signing this agreement, you are agreeing to pay all monthly fees and abide by any bylaws that have been put into place.

With all real estate transactions, it is important to work with a Realtor. A Realtor will be able to guide you through the decision making process to ensure that you know what you are buying.

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Spring Clean-Up Time in the Capital

As spring speckles and the snow begins to melt, it’s time to get busy cleaning up our capital after Jack Frost’s long hold over us. Littered across this beautiful city, left out in the winter’s cold we’ll find discarded coffee cups, old cigarette butts, stray plastic bags and papers – the list could continue ad infinitum. Something about winter’s frozen grip seems to allow this build up of trash, so it’s only natural that the sun’s welcomed melt brings along with it a much needed clean up.

The Capital region has a month-long challenge called Cleaning the Capital, sponsored by GLAD, which runs from mid-April to mid-May. By registering your clean-up project, cleaning supplies will be provided to your group. The official Capital Cleanup Weekend is April 27,2018 to April 29,2018 but your project does not have to take place during this weekend to be counted. The deadline to register for GLAD’s Cleanup project is May 15^th, with May 31^st being the deadline to submit your online cleanup report.

Although the above is a wonderful initiative to get involved within your community, it is not the only way to be a part of this year’s Spring Cleaning season. Keeping your community clean, and helping your neighbourhood shine is not always a sanctioned event, that must be done in a certain way. Every single individual could unofficially participate in helping the community sparkle once again. Simply make the effort to pick up litter when you see it, grab that floating plastic bag on your morning walk and take it home with you. Bring an extra plastic bag when you take the kids to the park and pick up garbage along the way, throw that empty coffee cup into the recycling bin, or empty that car ashtray into a garbage bag at home.

Community clean ups don’t often require largely sanctioned events, although they are extremely helpful. Every individual can help do their part, just one piece of trash at a time. Take care of your neighbourhood, so the light and beauty it provides, can take care of you.

 

When it comes time to buy a home, more and more people are making the decision to buy condos instead of a freehold home. Condos can be a great option if they match up with a buyer’s lifestyle, but it is important to do your research and know the differences between a freehold home and condo before you make the final decision of which to purchase.

There are many different types of condos but they all have one thing in common: shared ownership of at least one common element. This element could be the building itself, in the case of an apartment building, or it could be a green space, private street, or an amenity like a pool. It is important that you do your research before buying a condo to understand exactly what you are buying.

Condo Fees

 When you purchase a condo, you will be required to pay a monthly condo fee to pay for the shared element along with the fees associated with managing the condo. Condo fees can vary dramatically between different condos depending on the shared elements. As a general rule, the more amenities and services a condo provides, the higher the condo fee.

Condo Restrictions

 Condos generally have their own set of bylaws which govern the entire condo. Some can be incredibly restrictive while others are very minimal. A person who has exclusive ownership of a home can do anything they want with the house or surrounding grounds, within the limits of local by-laws of course. Condo owners, on the other hand, are sometimes limited in the changes they are allowed to make to their property. This can range from simple restrictions on renovations that affect the home’s outside, to limitations on exterior decorations and even decorations that can be seen from the front windows, depending on how strict the rules are for an individual condo. These rules are set out by the condo association that oversees the condo, and are heavily dependent on the individual condo location. As shared owner of the condo and all that goes with it, each individual owner has a vote in decisions that affect all condos, but this rarely includes altering rules that have already been established.

 

Perks of Buying a Condo

• Amenities – Some condos offer exciting amenities such as pools, fitness rooms, and party rooms.
• Insurance – Most condo fees cover some form of insurance on your unit, whether an apartment or detached home. This will reduce your monthly personal insurance costs.
• Restrictions can be good – Depending on what you are looking for, restrictions can be a good thing as it keeps the neighbourhood looking cohesive and can restrict the likelihood of an “eye sore” appearing.
• Major Maintenance – Some condo fees include the maintenance of all exterior components of your unit including the roof, windows, siding, and bricks. These can be major expenses for home owners.
• Ongoing Maintenance – Some condo fees cover ongoing maintenance fees such as snow removal, lawn mowing and landscaping. This could leave you with more free time if you don’t have to take care of these things on a regular basis.

 

Before You Buy

Have you lawyer thoroughly examine the Status Certificate of the condo association. Make sure that they go over the following information with you:

• The financial status of the condo, including the reserve fund. Some condos are managed better than others. You want to ensure that the association has money in the bank to pay for repairs and incidentals because if they don’t, your fees may go up.
• The history of the condo fees. Have they been steady or been increasing rapidly?
• What your condo fees cover exactly. Have your lawyer review with you what the condo fees cover and what they do not. Do not make assumptions as all condos are different.
• Restrictions and condo bylaws.

Condos come with advantages and limitations, just as owning a freehold home does. The important thing is to do careful research and decide which option best fits your needs and lifestyle. When researching condos, be sure to look around at multiple locations, as the rules, fees, facilities and size of condos can vary greatly from one area to another. And don’t forget, a Realtor will be there to guide you through every step of the process.

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Buyers Get a Jump on the Spring Market taken from the Ottawa Real Estate Board 
April 5, 2018

Members of the Ottawa Real Estate Board sold 1,660 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,478 in March 2017, an increase of 12.3 per cent. The five-year average for March sales is 1,339. March’s sales included 358 in the condominium property class and 1,302 in the residential property class.

“Inventory continues to fall below normal average, but we are still seeing more sales than last year because listings are not staying on the market,” states Ralph Shaw, President of the Ottawa Real Estate Board. “Properties that are priced well are selling quickly with days on market dropping to an average of 43 days from an average of 54 days on market in March 2017.”

The average sale price of a residential-class property sold in March in the Ottawa area was $447,561, an increase of 8 per cent over March 2017. The average sale price for a condominium-class property was $275,592, an increase of 0.7 per cent from March 2017. The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

“The most active price point in the residential market continues to be the $300,000 to $449,999 range, accounting for 46 per cent of the market. In addition, the $500,000 to $750,000 market is a price point that is showing robust growth representing 21 per cent of the residential homes sold in March,” Shaw acknowledges.

“In the condominium market, between $175,000 and $274,999 is the most buoyant price point, accounting for 51 per cent of the market. We continue to believe it is due to low interest rates and the lack of supply of rental inventory pushing renters into the market,” he adds.

“Overall, as a result of the stable pricing in the condominium market and reasonable increases of 8 per cent in the residential market, Ottawa continues to be a healthy and vibrant real estate market,” Shaw concludes.

In addition to residential and condominium sales, OREB Members assisted clients with renting 551 properties since the beginning of the year.

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Wishing you and yours a safe and fun Easter Weekend!

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