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View all of the Apartment Style Condos for Sale in Calgary SW. Let our team Help you find a great home to Live in or for investment. We will teach you about reviewing all of the important Documentation (Condo Documents) necessary when you purchase a condo. Please drop us a line and tell us what you are looking for, or which home you would like to view. Click to link down to – Buying a Condominium – General Consideration

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Real Estate Tips

Buying a Condominium – General Consideration

When considering the purchase of a condominium you need to know how the complex is run and financed in order to make an informed decision. Understand what you will own before you make an offer to purchase a specific unit and what is considered to be common property that you will own jointly with other unit owners.

A condominium unit is financed the same way you would finance any other property purchase. You will probably get a mortgage through a financial institution and make a monthly payment of principal and interest.

BUYING A CONDOMINIUM

Condo interior condos for sale in Calgary SWWhen considering the purchase of a condominium you need to know how the complex is run and financed in order to make an informed decision. Understand what you will own before you make an offer to purchase a specific unit and what is considered to be common property that you will own jointly with other unit owners.

A condominium unit is financed the same way you would finance any other property purchase. You will probably get a mortgage through a financial institution and make a monthly payment of principal and interest.
• Are there extra parking stalls for owners? Is there enough visitor parking? Are there restrictions on visitor or owner parking?

• Is there a place to park a recreational vehicle?

• Are there any bylaw restrictions governing your use of your unit? (e.g. Can you have pets? Is there an age restriction on occupants in the complex? Can you operate your home-based business from your unit? Can you put up your satellite dish? Can you put in a hot tub?)

• How much money is in the reserve fund?
• How do the owners and board get along? Is this the kind of community you want to live in?
In addition to asking how much money is in the reserve fund you should know:
• How much of your condominium contribution (fees) goes to the reserve fund?

• When the last reserve fund study, report, and plan was completed?

• What major expenses, if any, are being considered in the reserve fund plan?

• How much money will be needed to establish and or maintain the fund to offset future replacement costs?

• How does the board plan to raise those funds (increased condominium contributions, special assessments)?

Ask for a copy of the reserve fund plan and the annual report. If you wish, you can also ask for a copy of the reserve fund study report (you may have to pay a fee to obtain these documents).

Financial Statements condos for sale in Calgary SWReview the year-end financial statement, the current financial statement, the current budget, the previous year’s board and general meeting minutes and check for evidence of adequate insurance coverage.

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