If you live in a city and you’re thinking about buying property, the idea of purchasing a condo has probably crossed your mind. Maybe you can’t afford a single-family home in your area, or you’d just rather not have to shovel snow from your walkway all winter (or deal with fronds that have fallen off palm trees, if you live in a warmer climate).
A condominium can be the perfect compromise between wanting to invest in your own place and not wanting to have to manage the responsibilities of property maintenance on your own. Check out a list of luxury condos in Calgary.
What is a condo?
Condominiums — or condos, for short — are large property complexes or buildings divided into units and sold off individually. They’re often similar in layout to apartments, but residents of the building own their units, and the building’s needs are managed by a homeowners association (HOA) often with the help of a property management company.
And unlike apartment renters, condo owners pay regular fees to maintain common areas.
How do condos work?
Many condominium complexes come with amenities to sweeten the pot for prospective buyers. These amenities might include swimming pools, tennis courts, gyms, party rooms and even dog-washing stations.
In addition to covering cleaning, repair and renovation costs for the common areas of the building and development, the monthly condo fees residents pay help offset the costs of these amenities.
Condo buying checklist
Before you ask your real estate agent to make an offer on a unit, there are a few things you’ll need to think through first.
1. Is a condo right for you?
If you’re the type who likes to bounce out of bed on a Saturday morning to mow the lawn or clear your gutters while balancing on a ladder, a condo might not be the right place for you. In fact, condominiums are ideal for the opposite kind of person: someone who would rather pay to have those maintenance tasks addressed for them.
They’re also a great option if you want to avoid the possibility of big capital expenditures like needing to buy a new furnace or air conditioner, or having to replace the roof.
However, there is a trade off when it comes to space. Condo complexes are most common in cities and downtown cores, where space is a hot commodity. Unless you’re looking at high-end luxury condo communities, the options for square footage may seem a little concerning for someone with claustrophobic tendencies.
2. Talk to a real estate agent
But if the limited space doesn’t put you off, or maybe if it makes condos seem even more appealing, then find yourself a real estate agent to help you in your search. Ideally, you’ll want to work with someone who has experience with condos.
Your agent should have helpful insights into the condo development companies of the buildings you’re looking in, resale rates, and whether there have been financial or structural issues with the building. An agent also can help you navigate the application process with the condo association.
While you’re looking at the building, also consider the neighborhood where you’d like to live. This is another great conversation to have with your real estate agent; be clear about what you’re looking for in a neighborhood, so the agent can narrow down the condos that you’ll see.
3. Make sure your options cover your preferred amenities
An important factor in choosing a condo is the type of amenities you need or want from your building.
A dog-washing station may sound silly — unless you own a pet with a tendency to lay down in mud puddles and then track the mud into your home. If you like to hold dinner parties but can only afford a studio or one-bedroom condo, you’ll want to find a space with a party room or entertainment units.
Let your real estate agent know what’s important to you, amenities-wise, so the two of you won’t strike out in your search.
And keep in mind that the more amenities your building has, the more you’re likely to pay in monthly association fees. If budget is a factor for you, it might be helpful to provide your agent with a list of your “need to haves” and a “nice to haves.”
