Pre-owned condos can be a great investment but differ from conventional real estate transactions and require the expert advice of a knowledgeable realtor who brings the right kind of experience.

Just a few of the factors to consider when buying a pre-owned condo:

  • have your realtor verify the square footage
  • hire a home inspector with condo experience to inspect both the unit and the building 
  • consider hiring a specialist to review all condo documents (reserve fund, technical audit, operating annual budget, financial statements, etc) 
  • condo fees and what they cover
  • any special assessments forecasted, anticipated costs and timelines
  • ensure there are no legal actions against the corporation

The Mel Star Team has the experience to negotiate and would be happy to guide and educate you on all the nuances related to buying or selling a condo in Calgary.

Frequently Asked Questions

Does it make financial sense to buy a condo?

The answer to this question obviously depends on your personal situation. With rental property prices being high it makes more sense to pay toward the ownership of a condo than to pay towards your landlord's mortgage. Give us a call, we would be more than happy to discuss your situation and help you make the right decision.

How much work is involved in looking after a condo?

Maintenance-free living for the most part! One of the biggest benefits of owning a condo is that there is very little maintenance on the owner's part. A well-run condo board saves a portion of your monthly condo fees and puts them towards taking care of the building's general maintenance and common areas. It can be a great asset if you have a busy lifestyle and don't have the time to invest in looking after a property.

What can I expect for insurance costs?

The cost to insure a condo is taken out of your monthly condo fee and is managed by the condo board. The only thing that an owner would be responsible for themselves would be insuring the contents of their condo, which is typically a very low monthly fee for coverage.

Contact Us

We are here to help and we'd love to hear from you. Call us at 403-861-9944 and we will be in touch shortly!