7 Tips for Buying a Condo in Calgary
When it comes to buying a condo in Calgary, there are so many options available. While price should certainly be taken into consideration, many in the market get so caught up in budgeting that they forget to figure in other important factors. Once you’ve signed on the dotted line, you are committed. Before you find yourself in a contract you won’t find desirable in the long-run, here are seven tips for buying a condo you should take the time to consider.Â
1. Keep Tabs On Your Surroundings
All too often, people find a condo that meets all their requirements, but, after moving in, they discover aspects that slipped their radar, such as noise. For example, a condo located in close proximity to a nightclub could make it difficult to get a good night’s sleep. Furthermore, you should take the time to analyze the neighbours you will be living next to. If you’re considering buying a condo on the first floor, for example, and the upstairs neighbours have small children, opting for one on an upper-level floor will provide you with a quieter living space.
2. Securing Financing
The purchase of a condo is a large one, and it is not unlikely that you will need to secure financing. If this is the case, take the time to find out your current credit score. If it is low, you may want to hold off on the purchase until you’ve had the chance to build it up to save you money during the term of your loan. You should also shop around with financial institutions to find out the size of down payment you should expect to pay for the condo you have in mind.
3. Abiding By the Rules
You have likely been considering the purchase of a condo for some time, so you understand you will be living in a close proximity to others. This being the case, condo managers must establish rules to keep the peace in the community. Before making a purchase, make sure there are no rules that will interfere with your personal preferences. Common rules include:
- no pets
- quiet hours
- no exterior changes without consent of the condo board
- restrictions on renting your unit in the future
4. Pitching In
As a member of the condo community, there are amenities you will likely have access to, which will make your life easier. However, nothing of value is free. There are often fees associated with these additional perks. As you meet with a prospective condo manager, ask them not only what fees are charged, but also where those funds are allocated. Nothing is worse than moving in only to find out that poor management of funds doesn’t allow for immediate repairs for urgent issues.
5. Getting the Details
Some Calgary condo associations take minutes during their meetings. Before making a purchase, ask if this is the case. If minutes are available, you have the right to review them, and you should definitely ask for that opportunity. By doing this, you will get a better idea of how the management team deals with tenant issues as well as any relevant news about the building, such as lawsuits. Even a dream condo can become a nightmare if tenants are forced to deal with an association that is unorganized and poorly led.
6. Meet the Staff
Aesthetics is important to anyone making the investment in a condo. Set aside time to meet with the maintenance staff. These individuals will be the ones who you rely on when things go wrong. Ask the manager if they hire someone to take care of these things or if you’ll be expected to do your part in keeping the community looking good and functioning optimally. This will also be your chance to find out if you will be responsible for repairs such as leaky pipes.
7. Research Online
With the power of the Internet, you can also search for reviews of a potential condo complex. Learning from the mistakes of others can save you time and hassle. To further ensure you know what you’re getting into, you can ask if the condo is a member of the Canadian Home Builders’ Association – Calgary Region. Members of this organization are held to high ethical standards, giving you peace-of-mind in knowing there are strict regulations in place to protect you.
A New Chapter
This is the start of a new chapter in your life, and the purchase of your condo is a decision you want to be happy with for many years to come. Don’t find yourself in a position where you regret the ultimate choice you made. When you invest some time to employ these seven helpful tips during your condo search in the Calgary area, you increase the chance of finding the one you can best call your home.
