Tuesday, July 07, 2015

Solid Advice for Condo buyers

Alberta's young population's first step into home ownership is often a condo. Condos are stylish, well located and a reasonable price. 

There is a lot to know about buying a condo because there are monthly fees and assessments that could (will) be looming in the future.

"Find out exactly how much you’ll be paying in condo fees and evaluate whether you’re getting good value for your money. Dig into the health of the reserve fund, because that’s a good predictor of whether you’ll be levied any special assessments if you buy. Ask if there are any claims or actions aimed at, or prompted by, the condo corporation. How much are your utilities? Who pays them?" Real Estate Matters Jump Here 

If you're in your condo for the long term there will be repairs and as the condo ages the cost of repairs increases. That's why the reserve fund is so important. Even new condos can have huge repairs and assessments like the one in Calgary

Your money will be well spent getting a condo document review to make sure there are no red flags in the finances of the complex you are buying into.

Some horror stories about assessments (Ontario) Here

Service Alberta Condo Tip sheet Here

Really good assessment information Here

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