20 Tips for Smart Buying Calgary Condos
Tips for smart Calgary Condo Buying!
As Calgary real estate prices soar, many Calgarians are rediscovering the joys of Calgary Condo living and buying Calgary condos. Before you leap, take a look at 20 Tips for Smart Calgary Condo Buying
Calgary Condo sales are at an all-time high. people are rediscovering the joys of condo living again, along with the low-maintenance, easy lifestyle that goes with having your very own castle in the clouds. And with housing real estate prices at high levels, a condo is an affordable way into the market, especially for first-time homebuyers.
Before You Start
1. Hire a professional Calgary REALTOR® to assist you in the buying process. It doesn't cost you anything as commissions are typically paid by the seller, and you have the advantage of the experience working in your favour.
2. Make sure you have a good lawyer that is experienced in Calgary and Condo sales.
3. Get a pre-qualified mortgage to determine how much mortgage you can afford. There may be additional costs to consider such as home inspection, legal fees, appraisal fees, condo document review. Consider moving costs and possible property taxes.
4. Make a list of all the things you need for your new home such as (number of bedrooms, parking, etc) Identify wants vs. needs.
On the Hunt
5. See a variety of properties from high-rise, low-rise, town-homes. Some condos have additional amenities such as concierge service, party rooms, pools, or gym facilities.
6. Purchase the largest suite you can buy for your $$$ - Consider one-bedroom and studios might be harder to resell in the future.
7. Visit the neighborhood at different times of the day, does it meet your needs for your lifestyle?
8. Location is very important, don't buy a condo with a view of the garbage bin, or overlooking the parking garage. A view is always a nice resale feature as well as a unit that offers natural light.
9. Buying a parking space is essential in Calgary, everyone seems to still drive, and having one is important for resale, even if you don't use it yourself, you can rent it to someone else in the building in the meantime.
10. Buying a unit with a storage locker or cage is a great feature
11. Look for Calgary condo listings that have their own laundry inside your condo.
Home Suite Home
12. Do a home inspection to examine the wear and tear on the condo to establish what additional expenses you might have after you move in.
13. Hire a condo document review company. If you are not comfortable with reading the documents yourself, hire a pro.
14. Ask about the occupants and demographics.
15. Find out the condo fees and what they do and don't include.
16. What are the property taxes?
17. Is there visitor parking?
Make me an offer
18. Visit the suite twice if you can before making your offer.
19. Know what other suites in the building have recently sold for. Discuss your offer price with your Realtor!
20. When you are ready to make an offer on your new to your condo, make sure your offer contains conditions The main conditions should include a condo document review, financing, and home inspection.
Great tips for buying a Calgary Condo, do you have any for Calgary Homes?
I will work on some home buyers tips and post them on my blog shortly. Thanks for the request.
What is your opinion in buying new, yet to be built, condos? Any tips for that?
New condos are a very risky purchase in my opinion. The problem with new condos is that they are no there yet to see the problems that can and may arise. For instance when buying a resale condo you get to review the minutes for a year as part of your condition period, so in those documents you will likely be able to determine if there are any water leaks or large issues that will likely end in a cash call in the future. With a new condo you won't know if it's going to have a water leak yet. I have seen some buildings go through millions in repair only to see many buyers lose any savings they had in cash calls. With new condos there is also limited disclosure documents because its so new. I prefer to have my clients buy in buildings that are a few years old so some of these issues may have been addressed already.
Thanks for your comment and please feel free to contact me with more questions!
Anyone in the market for a Calgary condo needs to read these great tips before jumping into the buyer’s game. Some great questions to remember to ask.
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