Get the Facts: “THE JR ADVANTAGE: YOUR CONDOMINIUM SPECIALIST”
There are some common sense safeguards that you can use to minimize the risk when looking for Calgary condos for sale.
The secret is to get a thorough document package. Firstly, review the budget closely to see if any expenses seem low. This is most important with newly constructed or newly strata titled units. With new units developers tend to report the fees unrealistically low, this makes the project more attractive people looking for Calgary MLS condos for sale. Secondly, with the new condominium legislation it is required that most condominium corporations have a reserve fund study and report. This is another source of critical information to review with your Calgary condo specialist. Check the reserve fund carefully to ensure there is a surplus for future maintenance.
Another item to review is to have the seller acknowledge if there are any special assessments planned for the complex (but don’t take his/her word for it) be sure to get copies of the minutes from at least the previous two board meetings. The current Alberta Real Estate form that Calgary Realtors use asks for a full twelve months of board minutes.
A healthy Condominium Corporation should be run like a financially healthy home with money set aside for rainy-day expenses. A reasonable rule of thumb is that there should be about $1,500 per unit in the reserve and fees should be in the 12 cents per square foot range. New units need less maintenance and therefore require less of a reserve. Conversely apartment condominiums have higher expenses because of amenities that are included (i.e. swimming pools, heating, parking, elevators etc.).
If you are moving to Calgary or buying your first Calgary home be sure to find a Calgary real estate agent that is experienced with condominium sales. Not all Realtors that can show you homes for sale in Calgary MLS are condo specialists. Rest assured if you’re looking for a condo, you have contacted the right realtor to do the job. I look forwad to working with you!
ADDING VALUE TO MOVE YOU!