If you're shopping for a condo apartment or townhouse home in a marketplace that offers lots of choice, it can be a challenge to sort out what to buy, where, and at what price: New or resale? Inner city or suburban? One bedroom or two? Indoor parking or outdoor? It can be helpful to follow guidelines that apply some logic to this process, making a good housing and investment choice virtually certain.
The starting point for everything in real estate is what we can afford. Check with Mom, Dad and grandma for any possible help with a down payment; then consult your bank or a mortgage broker. You need to know your exact purchase-price ceiling, and you also need to be comfortable with the resulting payments per month. Keep in mind that you can self impose a lower purchase price than a lender might approve. If you'll need to have a co-owner or a co-signer for your mortgage, line that up in advance. If a cash gift will make the purchase possible, have that money given to your lawyer to hold in trust, so that you know it's waiting for you.
The second consideration is always location. Ponder where you'd like to live, keeping in mind your daily trip to work. You'll soon face an array of possible compromises, but I suggest that you give priority to location. The right suite in the wrong location will stay where it is, but a better-located suite that somehow later disappoints you could be redecorated or changed to make it suitable.
Third among your choices is whether to buy new or resale. Many people want just once in their lives to own a brand new home, and they're willing to pay the premium on cost that it carries. But if a new home is not a priority for you, or if you can't afford a new condo home in the best location, then the choice is obviously going to be for a resale condo apartment or townhouse home.
Next will come the choice of a condominium-specialist Realtor who can help you narrow your choices and give you a range of advice, ranging from which buildings, to avoid to which exposure is preferred, and from what terms and conditions in an offer will protect you, to understanding the condominium documents. A Realtor also brings errors and omissions insurance to cover your purchase, and some of us carry general business insurance to cover virtually any mishap that might occur while viewing homes. If you slip and are hurt while shopping, or damage something in a home you view, wouldn't it be nice to know there's a policy in place to address that?
Working with your Realtor, write a list of your housing needs in priority order. You might tweak this list as you go, but it's valuable to think about what you truly need as you home shop. The best
Realtors will help you analyse your priorities and help you understand yourself and what's truly important, and what is optional.
Sources of actual listings now become important, so you'll turn to the Condo Guide, the national www.Realtor.ca (formerly www.MLS.ca) marketing web site, and especially rely on the Realtor's access to our comprehensive MLS database. The Realtors' MLS database, by the way, goes beyond information about what's been listed in the last five minutes. It also tells us Realtors what has sold via the MLS system in any given building or townhouse development and for how much. You might also turn to the Calgary Real Estate News ("CREN") and to condo-specific real estate web sites. My own www.CondosInCalgary.com, for example, has featured listings, complete MLS access, a quick-search of five assembled inner-city areas, and also a unique condo-directory database of 350 Beltline buildings.
Shopping for a condominium home is not like buying a pair of shoes or even a car. The best decisions are made after some logical thinking and priority setting, followed by professional assistance for financing, and then in your selecting and buying processes.
Calgary Condominium Directory
