Tips for Buying a Condo

Tips for Buying a Condo 

Often condo buyers who are looking for Calgary condos for sale are not looking at the bigger picture when they fall in love with their condo. When buying a condo it is important to know what you are getting into. Often buyers are not thinking about the potential pit falls and how that may financially hurt them in the future. Here are a few things to consider when you are looking for a condo

Condominium Documents

The documents are more than a set of rules they may include many different documents from financial reports, by-laws, occupancy letters, insurance certificates and meeting minutes to name some of the most popular. This is where you will see any potential issues with the building from construction issues to financial issues that could cause Special Assessments in your future. It is wise to have these documents professional reviewed by a professional that is familiar with the documents and can advise you of the findings. 

Dangers of New Condos

Sure it is nice to walk into a new building, but there is some risk in buying a new build vs a build that has been around for several years. Sometimes issues with the building quality might arise years later after warranty  expiration or after a company folds. This can leave condo owners in a very bad spot financially when there are large cash calls to fix a potential construction issue. See what happened with owners at the Bella Vista condo project in Calgary with cash calls in the thousands of dollars ranging from $80k all the way up to a record breaking $180k

Buying in an Older Building

After reading about new buildings you might be considering an older building where you know what you are getting. Sometimes an older building will need repair this is also an important consideration for condo buying. Each building of course is different and on a case by case but the ideal building will have some age so that you are aware of potential issues but not be so old that it needs constant repair.

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#1 By Todd Blair at 7/16/2014 3:17 PM

Crystal, also on older buildings there may be liens or suits against the HOA which buyers need to know and lenders may reject. These are great tips and those CC&Rs are such a huge part that most buyers don't realize they need to look over carefully and if they can't, have a lawyer do it for them. OR just ask.. Great post

#2 By Tina Droessler at 8/6/2014 2:44 PM

Letting buyers know all the differences in buying a condo can really help them make a decision. Knowing those CC&Rs or even just asking about a certain question can help. Great post!

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