From dining, shopping, to its world-class entertainment scene, downtown Calgary is a hub of the most exciting events and activities. Its stunning towers and gleaming skyscrapers make it a modern, attractive place for trendsetters and businessmen to live in. This, coupled with the government’s latest efforts to develop downtown living, further ensures that a boom in the area’s real estate industry is just around the corner.
Condominiums or apartments rule downtown Calgary’s housing market. In fact, 99.7% of the area’s buildings are used as residential living spaces. With the amount of options available, it might be difficult for a first-time buyer to choose among the variety of condos in downtown Calgary.
A condominium’s price shouldn’t be the sole deciding factor whether you should acquire the property or not. There are plenty of other things to consider when purchasing a condo, and due diligence before investing in one should be common practice for future home buyers. While it’s tempting to buy the most affordable condominiums available, it’s still vitally important to make informed choices based on proper research.
Find out if the building is insured
Some condominium associations cut costs by minimizing the community’s insurance coverage. Buying a condo with inadequate insurance coverage makes a terrible financial investment. Potential buyers should try to obtain a copy of the insurance policy to check if the coverage is sufficient enough.
Take other financial matters into consideration
There are other financial concerns to take into account apart from the condo’s initial sale price. Association dues, taxes, monthly fees, and cost of living are important factors that home buyers should consider. To know more about the additional expenses that comes with living in that building, it would be best to consult with the condominium’s realtors and residents.
Take note of the condominium’s interior
The design and layout of the condo should suit the buyers’ needs and preferences. Aside from checking the unit itself, it would also be wise to inspect the building’s safety features and overall appearance.
Purchasing the right condominium will bring you plenty of social and financial rewards, but unfortunately, navigating Calgary’s real estate market on your own can be a bit tricky. Choosing to deal with a reliable Calgary realtor like Christine Ordze can help ease the buying process by having someone with long experience in the business to assist you in finding the condominium that’s most suitable to your budget, needs and lifestyle.
(Source: What to know before you buy a condo, Bankrate)