Thinking about purchasing a condominium in Calgary? We just released a blog discussing 10 condominium misconceptions most buyers have! We'll today we're here to talk about two things!
- Why in a down economy, with a slower housing market, are we still seeing massive amounts of condominium developments going up? Check out this video from our top agent Slav Loban!
- 20 Questions YOU NEED TO ASK WHEN BUYING A CONDO!
Are you considering the purchase of a Calgary condominium? It's important that you take the time to research the community, talk to residents, review the condominium documents and study other data, and work hand in hand with your Real Estate Partner REALTOR® to answer these questions!
Calgary Condo Questions
- Condition: What's the condition of the unit you're considering? Does the layout work with your needs? Can you make it what you want?
- Common Areas: Are common areas well maintained? Is there pride in ownership in the building?
- How many listings: How many condos are for sale? (A large percentage could be sign of problems.) Ask your Real Estate Partner Agent to check out how many active listings there are, find out how many have sold in recent months, and compare those stats with similar / neighboring buildings.
- Owner Occupied: What percentage of the units are owner-occupied vs rented? A building with a high number of renters may result in more issues with neighbors, noise, etc.
- Condo Fees: How much are the condominium / association fees and what do they cover? Not all condominiums fees are created equally, you'll pay more for bigger units (sq ft) and some fees will include various utilities and services, while others will not. This is a very important distinction for clients to look into and discuss with your REALTOR®
- Reserves: Does the condominium association have adequate reserves for emergencies and renovations? If not, you could face a special assessment in certain situations.
- Board Temperament: What's the temperament of the condo board? Reviewing the board minutes could reveal controversies, issues, or poor management of a building.
- Lawsuits: Are there pending lawsuits against the association or judgments you might have to help pay? Liens?
- Insurance: What does the association's insurance cover? You may need supplemental insurance to protect upgrades, special assessments, etc. You will also need to obtain insurance for your contents, as well as insurance for liability (personal)
- Debt: How much outstanding debt does the association have? Typically we recommend our buyers to obtain a professional condominium document review to ensure no details like major debts are missed.
- Arrears: What percentage of the unit owners are in arrears on their dues? It would be quite the cause for concern if a lot of owners are behind in their dues.
- Assessments: Does the condominium seller owe back fees or assessments?
- Neighborhood: What's the neighborhood like? Ask your agent what their experience and thoughts on the community are, check out listings in other Calgary Communities Ask neighbors and walk the area at night and on weekends to check when residents are home and to obtain a feeling for the area.
- Parking: Does the unit come with reserved parking? Titled Parking? If you purchase a unit at market value (or below) thinking you've done well, and come to find out that you have no parking, it will not only hurt your resale value, but will become a huge burden (depending on the area) in your life.
- Guest Parking: Is there adequate additional parking for guests? Imagine having your friends or family over and they have to park 5 blocks away!
- Storage: Will you have extra storage space for bikes, paddle boards and the like? Depending on the building, you could have titled or assigned storage spaces, or unfortunately none at all.
- Management: Is the association managed by a qualified professional company?
- Complaints: Does management handle owners' requests and complaints quickly? Do they have a good track record?
- Rent: Some builders will attempt to limit rental units on new developments, a detail you should know whether you're buying to live there, or as an income property.
- Restrictions: Will there be any restrictions that conflict with your plans? This could be anything from design / renovations, to patio use, front door color, and whether pets are allowed.
When buying a condominium in Calgary, it's important that you pick an agent with experience, and a thorough understanding of the condominium market and all the details that matter to you as a buyer!
Newly listed Calgary Condominiums
- 3 Beds
- 3 Baths
- 1,782 SqFt