Owning or renting out a condominium is a popular choice for most Canadians. In fact around one million Canadians live in or lease condominiums or condos. An appealing option for households, a recent survey conducted on Calgary Metro Apartment Condos showed a 17% increase in sales January 2017 as compared to 2016.
An incredible 151 condos were sold in January alone with 626 listings placed in Canadian newspapers. Not surprisingly, most newspapers dedicate an entire section to condominium listings given the recent invested interest in condos in Calgary.
Condos might check all the boxes for keen metropolitan households in terms of affordability, lifestyle, convenience, and security. However, it’s always good to cover all vulnerable zones before going in for the buy. Here are some key tips on buying a condo in Calgary.
Things to consider
Condo fee – Inquire about how the monthly maintenance fee is determined. Knowing which services and operating costs are included in your monthly payouts will help save on added costs if fixtures and utilities require fixing. At times you might be asked to pay certain fees in advance as well.
Several condos offer residents access to amenities and facilities like swimming pools, cleaners, fitness gyms, security, concierge, party rooms, and gardens.
Make it a point to inquire if all monthly utilities will be covered in the condo fees and if they’re likely to increase each year.
Reserve fund – A large portion of the monthly condo fee goes toward a reserve fund kept aside for extensive repairs like fixing building exteriors, repairing the roof or terrace, maintaining the electrical, heating, plumbing, and other such vital elements of the complex.
Gaining a good idea of the amount in the reserve fund will give you a look into the heart of the unit, it tells you how financially healthy the condo is which reflects in the condo fee.
Look out for
Owner restrictions like pets, sound restrictions, and so on.
If a locker or a parking space is included within your buyers agreement.
Make certain the corporation that runs the condo isn’t entangled in any lawsuits before you sign on the dotted line.