CONDO or NOT CONDO …????

Buying a Condo in Calgary is very exciting BUT buy with caution

A “Condo” or condominium is an umbrella that governs and regulates your investment and is shared with other owners

  • An Apartment condo where you share hallways, stairwell or elevators – you may/may not have a parking stall/underground parking
  •  A Townhouse is a condo which surprises some – here you have a small yard, either private or shared with the common are – you  may/may not have a parking stall/garage

This is the most affordable starter investment journey for the 1st time buyer – but fees seem to be an issue for some

A SINGLE FAMILY HOME OWNER has to look after all their maintenance expenses – roofs, siding, fences, decking, landscaping both summer/winter and some owners  have a maintenance kitty for these expenses and some don’t.

MONTHLY CONDO FEES contribute to the VERY thing that a single family home owner is responsible for but your fees are being proactive.

Some concerns arise from owning a condo –

  1. You may have limitations of what you can do on your patio/balcony (flower pots, lights, air conditioners)
  2. Pets may be restricted
  3. There may be an age restriction
  4. Storage may be limited
  5. Amenities may not be used (pool, tennis courts, guest rooms)
  6. Hallway Smells in apartments
  7. Elevators may breakdown

BUT …….

  1. If maintained correctly by your elected Board – your investment will increase in value because of proper management
  2. Exterior of the property and surrounding area is kept well, and uniform
  3. the building is insured – i.e. hail, winds
  4. Major exterior problems will be looked after
  5. Utilities are regulated (if covered) because they are in your fee
  6. There is a mediator in the event of any problem neighbours
  7. Secure if you are in an apartment
  8. Opportunity to be a voice of decision making
  9. Sense of Community involvement

You MUST contribute to the Board or to attending General Meetings so you know exactly what is happening with YOUR INVESTMENT.

I am currently living in a Townhouse, so Call me for more clarity ….

Until next time! … Keep Smiling

Comments

  1. Thanks for this blog Sue! Some great info. on the pros and cons of condo living (including townhomes)!

  2. This is one informative post! Thanks Sue! I guess you are right, nothing will be better in time unless you take time to take care and manage it properly. Thanks a lot! http://www.columbusdowntowncondos.blogspot.com

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