Is buying a condominium very different from buying a single family home?

In a word – absolutely!

To help you to decide if condominium ownership is right for you, we have put together the following important considerations for you to review:

Play well with others – You are not only buying your exclusive use of your unit, you are also buying a shared ownership of the common areas. Because there is “Common Property”, co-operation is one of the keys to a happy ownership experience. An owner should always consider volunteering for a board position to have input in the management of the development.

It’s all about the money – The (usually) required monthly condo fee can be as low as $150.00, up to the sky’s the limit! The fee is used to pay for regular maintenance, like snow removal, lawn maintenance and cleaning of the common areas. Sometimes the condo fee pays for your heat. A portion is also held in reserve – the Reserve Fund – to be used for future larger maintenance items, such as roof or fence replacement. Occasionally if the condominium board has not assessed a high enough condo fee early in the life of the development to cover large future costs there can be a “Special Assessment”. This is why it is so important to review all of the condominium documents during the conditional period at the time of your purchase.

The name game – It could be a Bareland or a Conventional or a Barely Blended Condominium. How does this affect an owner? The type of condominium development is registered with Land Titles and dictates the registered size of your unit. In a Bareland Condominum, the lot itself is often the “Unit”, so you will need to review a Real Property Report or survey during the due diligence period. Sometimes the registered size includes a garage or parking stall.

Does size matter? Sometimes it does! The “Registered Size” according to the condominium plan is not necessarily the actual living area. There can also be different standards of measurement according to the local real estate board and/or the industry governing body. It’s important to always double check which measurement was used in establishing an advertised unit size.

Where do I park my ride?  Parking can be anything from an uncovered stall to an attached garage. It can be “Assigned”, “Leased” or “Titled”. Older apartment style condominiums often have “Assigned” parking. This means you are not guaranteed that the stall offered when you purchased your condo will always be your stall because it could be re-assigned. In most newer developments you will receive a separate “Title” for your parking stall.

Who makes the rules?  The “Bylaws” are the rules that the owners must follow. They cover everything from allowing pets to whether exterior door and window replacement is the responsibility of the owner or the condominium corporation. Bylaws can be changed from time to time but only if the majority of the owners agree to do so.

The benefits on the condominium lifestyle include little to no maintenance responsibility, and developments often include attractive lifestyle amenities. So for those who don’t want to mow the lawn or worry about replacing the roof, condominiums offer a terrific style of ownership.

Knowledge is power! Consider working with a condominium specialist who has the knowledge to help you navigate through all of the considerations so that you will know before you buy.

If you have any questions about purchasing a condominium, or any other kind of property, we’d love to help! Call us now at 403-686-1455 or email: info@cbcalgary.ca!