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.
Is It Good To Buy A House In Foreclosure?
As home prices soar in many cities, buyers are looking towards foreclosures as an affordable option for landing their dream home. Typically, a foreclosure occurs when a homeowner can no longer make the mortgage payments and either the home becomes a bank-owned property or becomes a court-ordered judicial sale.
When the home becomes a bank-owned property, the home will be vacated, and then offered for sale. When the home becomes a judicial sale, in many cases the owner still has equity in the home and would still occupy the home until court proceedings end and an offer is accepted. Typically, the owner would then have 30-45 days to vacate the property.
Condos FAQs
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.
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.
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.
A Star Team Working For You
The Mel Star team combines experience, insight, influence, connections, and access to the most cutting-edge marketing technologies to deliver results to buyers and sellers in Calgary’s Real Estates market. Our award-winning team will guide you through the process of buying or selling with smart strategies, skilled negotiations, and a customer-focused approach. Connect with us today to begin your journey to a successful Real Estate close. Call us at 1-403-861-9944.
CONTACT US
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