Thinking of a Calgary Condo
– 10 Things to consider
- 1.HOW MUCH STORAGE IS AVAILABLE?
Some properties include storage lockers, but there may not be attics or basements to hold extra storage.
- 2.CAN I BRING MY DOG
Most Condo complex’s require you to request bringing your dog, most require the dog to be under a certain size/weight. Some don’t take pets – check with your realtor who will find out.
- 3.HOW’S THE OUTDOOR SPACE?
Your yard may be smaller than you’d find in a traditional single-family home, so if you like to garden or entertain friends outdoors it may not work – but if you hate snow removal and gardening it might be perfect.
- 4.ARE AMENITIES IMPORTANT?
Some Condo complexes offer swimming pools, fitness centers, and other facilities that would cost much more in if you were to join one.
- 5.WHO HANDLES MAINTENANCE AND SECURITY?
The Condo property managers often hire professionals to care for common areas and perform in-unit repairs. Doormen may regulate access and keyed access is needed – which could be a plus if you travel a lot.
- 6.ARE THERE CONDO FEES & HOW MUCH ARE THEY?
Although fees generally help pay for amenities and provide savings for future repairs, the Condo board determines your fees, based on your unit factors (size of unit)
- 7.WHAT ARE THE ASSOCIATION RULES?
Although you have a vote on future changes, association rules can dictate how you use your Condo. Some prohibit home-based businesses; others prohibit pets or don’t allow owners to rent out their – UNDERSTAND THE RESTRICTIONS & BYLAWS BEFORE YOU MAKE YOUR OFFER.
- 8.WHAT’S THE AVERAGE VACANCY RATE?
It’s never too early to be thinking about resale. The ease of selling your unit may depend on what else is for sale in your building- keep an eye on similar sized units that list or sell.
- 9.HOW MANY UNITS ARE OWNED BY INVESTORS?
Some lenders require a certain percentage of the building to be owner-occupied and may not be able to offer you financing, if the ratio is too low.
- 10.CAN I MEET OTHER RESIDENTS BEFORE MAKING AN OFFER?
You will share space and decision-making duties, so if possible, try to meet your closest
prospective neighbors before you decide on a place.
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