Top 3 Things To Know Before Purchasing a Condominium
Purchasing a condominium in Edmonton can seem over whelming. Below is some helpful advise to make buying an Edmonton condominium a little less stressful.
1. Research The Neighbourhood
There are no guarentees, your condo fees will be the same when it is time to sell. Odds are, your condominium fess will increase. Purchasing a condo in a sought after Edmonton neighborhood, such as downtown Edmonton, University Area and Westmount can off set future condo fee increases.
2. Less Amenities Doesn't mean Lower Condo Fees
Everyone thinks that if you're in a building with more amenities you’re going to pay higher condo fees, but this isn't necessarily true. Larger highrise condominimus with gyms, pools, guestrooms etc. are able to spread the cost among the higher population of tenants. Trendy boutique or smaller walk up buildings can have fees that are just as high or higher without any amenities. One of the main factors of condo fee increases is how the building is managed. As a condominium owner, having a say on what needs to be done to help budget your complex can avoid any future levies or special assessments.
3. Does Your Building have a Reputation?
Yes, buildings have reputations! Ask your agent to give you an idea of the building's desireability in the market. Some questions to ask include: how long does it take for units to sell in the building you're considering vs. others in your area? If it's priced below market value, find out why, and be okay with those reasons before going forward.