As the red-hot Calgary real estate market continues to push home prices to record highs, more and more homebuyers are embracing urban living and buying condos. Praised for their no-maintenance style of living, friendly price points attract a range of buyers from first-time homebuyers to retirees looking to downsize.
Not all condos are created equal however. There are a number of things to consider before making your Calgary condo purchase. We provide you with some insider tips to help you make the best investment decision.
Having a prime condo location can make all the difference when it comes to putting it on the re-sale market. Buy into a popular or an up and coming neighbourhood with a good walk score and located next to amenities, parks, public transit, and entertainment. The more desirable the location, the easier it will be to sell in the future.
When shopping for a Calgary condo for sale, buy the largest suite your budget can afford. While a nice studio apartment may seem ideal right now, you'll have a tougher time finding a buyer when it comes time to sell. Opt for 2 or more bedrooms when serching for your unit to maximize your condo's re-sale appeal.
Be Mindful of the View
One of the benefits of buying into a high-rise condo building is the spectacular views that can come with some of these sprawling buildings. Having a water, skyline, park or mountain views can really add re-sale value to your Calgary condominium. On the other hand, a suite overlooking a garage entrance or a dark back alley may deter buyers.
Parking is a Plus
Buying a Calgary condo with an assigned parking spot is definitely recommended. It will save you money in parking, and also help you avoid the hassle of having to find a place to store your vehicle when it's not in use. Even if you don't own a vehicle, you can always rent it out.
Another thing worth looking into is visitor parking as many buildings do not have designated spots for guests.
Condo Maintenance Fees
There are many added costs to consider when buying a Calgary condo for sale. Monthly maintenance fees are often overlooked and vary with every building. What do your condo fees cover, and what exactly do they include? What are property taxes like? Fees cover building amenities like a pool, fitness centre, a doorman or a rooftop balcony.
Know Thy Building
Doing a little legwork before you make an offer on a condo can make all the difference. Inspect the suite for damage, and potential problems down the line.
It's also very helpful to know in advance what similar units in the building or in the neighbourhood have sold for, when it comes time to placing an offer.
Know Thy Neighbours
If you can, visit the unit a couple of times at different times of the day to get an accurate feel for the area. Talk to some of your potential neighbours, and ask about their experiences in the building. Who lives in your building?; families, renters, or retirees? A little conversation can provide a wealth of insight into the building, and the neighbours you are buying into.
Are you looking for a Calgary condo for sale? There are a lot of great buildings to choose from. We would love to introduce you to your perfect fit. Call 403-253-7774 to get started today!
Krista Kehoe, Calgary real estate agent & REALTOR®