In Calgary, condos come in a variety of styles, dimensions, and price ranges. You may find a variety of condo listings for sale on the real estate market at any one moment, from the deep suburbs of places like Evanston to the urban area of Eau Claire.
Living in a condominium has a number of advantages over single-family homes, including a low-maintenance, lock-and-leave lifestyle and affordability. Find out more information on the advantages of condo living right now.
Whether you are a seasoned real estate investor or a first-time home buyer, it is imperative that you receive only the best guidance when making a purchase in a market that is as volatile as the condominium market.
1. Choosing the Right Realtor in Calgary
A smart place to start is by working with a real estate agent who has experience and is familiar with the condo market. The ideal real estate agent will look out for your best interests, guide you in making decisions, and handle every aspect of the transaction to make it as easy as possible for you.
2. Adhere to your standards
Try your best to choose a condo that satisfies the majority of your requirements while keeping resale potential in mind. It's crucial to establish a list of these qualities because, occasionally, the glitzy appearance of show apartments and staged resale homes can cause you to overlook that crucial den feature you wanted for an office space at home.
3. Consider different perspectives
Within the complex, look for a condo with an average to above-average view. Avoid anything that could have an adverse effect on your view lines, such as garage doors and dumpsters. A nice view can improve your quality of life and boost the value of your condo when it comes time to sell. A future development that would obstruct a unit's current view should be brought up with your real estate agent.
4. Make more than one visit.
Visit the condo at various points during the day. For instance, the light levels and traffic patterns vary depending on the time of day—morning, afternoon, evening, and night. By returning more than once, you can certain that you are purchasing the ideal item.
5. Talk about supplemental services
To ensure that the transaction is handled by professionals who have your best interests in mind, discuss your alternatives for mortgage specialists, real estate lawyers, and professionals who analyse condominium documents. For your convenience, your real estate agent will often suggest their own contacts to you.
6. Pre-approval for a mortgage
Obtaining a mortgage pre-approval will help you determine your spending capacity and comfort level. This can help you make financially responsible judgements and give you a general sense of the price range in which to start your search.
7. Take into account additional charges
Consider the additional expenses, such as condo paperwork reviews, house inspections, moving fees, legal costs, and closing costs. Your transaction will go as smoothly as possible without any stressful shocks if you are meticulous with your finances.
8. Start looking for condos.Web-based Home Search
To identify the qualities you want in your future home, think about seeing different condominiums. There are numerous floor plans, locations, and building dates for you to choose from within your price range. These range from low rise to high rise, townhome types, and walk-ups.
9. Public areas
Examine the condition of the condo's lobby, common rooms, rooftop terraces, hallways, etc. Do they exhibit ownership pride? Are they kept up properly? In that case, why not?
10. Visitors' choices
Are there any available guest parking spaces, and if so, how many? Is there a special guest suite you may reserve in advance for out-of-town guests like family or friends? Consider the accommodations you will make for your loved ones when they stop by for a visit. If you intend to host guests frequently, this can be more crucial for you.
11. Calgary condo interior exposureEvolution
Take into account how the condo unit's major living spaces are exposed. If there is no air conditioning, the glass balcony doors facing east could be quite hot and uncomfortable in the summer. However, if the building does not have air conditioning, you could always spend a few hundred dollars on a portable air conditioner.
12. Floor location
Locate a condo that is set back from the lifts and parking garage entrances on the floor. These doors are constantly being opened and closed, thus it can be annoying if you can hear it. Another issue to think about when picking the in-building location of your condo is the fact that individuals can be extremely loud while getting into and out of the lift.
13. Floor Location
If the elevators are ever broken down or in need of maintenance (elevators need frequent service), you will have to walk up to your floor, so keep that in mind! Given that most condo buildings have multiple lifts, this may seem insignificant. But it's not, especially if you're returning home with eight bags of groceries and live on the 20th floor.
14. Request a competitive market analysis from your agent.
Make sure your agent gives you information on past sales, comparable sales in other buildings, neighbourhood activity, and more when you find the ideal unit.Ask your real estate agent to elucidate if you're unclear about how these factors might influence you in the present or the future. Remember that every condominium is unique in some way, so always be sure to inquire.
15. Experts in condos
If you haven't already, contact a REALTOR® with experience in condominiums to guide you through these 20 stages so you may get the best deal possible, make an informed choice, and find the condo that best suits your needs, wants, and lifestyle.
16. Storage and parking
Parking space and a storage facility are both essential in Calgary. A parking space is essential for resale value even if you don't own a car, and the storage container will make life that much more organised. If a building lacks storage, you can come up with some innovative storage solutions.
17. Consult present occupantsQuery and Response
What do current condo owners think of the structure and their experience living there? A resident will usually let you know whether they are upset with the condominium board, a particular feature of the building, or their neighbours!
18. Security in buildings
A secure condo gives its owners more peace of mind and keeps the building's worth high for all. Discover the responses to inquiries like:
- What security features does the aforementioned condominium complex have?
- Is there security in the lobby every day of the week, 24/7?
- Can residents on lower floors use their key fobs to access higher floors through the lift?
- Where are security cameras positioned, if any?
One of the biggest advantages of living in a condominium is the lock-and-leave lifestyle. What's the point if your structure lacks the appropriate security measures?
19. Review of condo documents: New Calgary Condo Guide Condo Documents, number
Obtain an expert examination of your condominium documents. Ask inquiries like:
- How many tenants reside in the structure?
- What is included in condo fees and how much are they per square foot?
- How much money is in the reserve fund for the condo?
- What experience do the developers have with condos?
- When thinking about buying a condo, you should never overlook any information.
Keep in mind that the price of a condo document review might range from $300 to $600, depending on the specifics.
20. No document review, no deal
Never purchase a property without a condition requiring a reading of the condominium documents! This is crucial to ensure your safety and that you are investing in a solid, well-run building.