Things to Check Out While Buying Condos in Alberta
By : Jason Uvios | ID: 38271 | Views : 64 | Words: 426 | Rating : Not Rated It could be that you have contemplated buying condos in the hot Alberta real estate market of the day. You need to approach a Realtor for helping you out in your endeavor. However, regardless of whether the Realtor provides you with all the necessary help and guidance and informs you about the quintessential things about condominiums you can proceed to verify from the condo board the following important things-
- The percentage of units that are owner-occupied and tenant-occupied- Getting ascertained about the respective percentages of owner-occupied units and tenant-occupied units helps. Usually, the units will be more marketable if there are a greater percentage of owner-occupied units. However, the marketability is dependent on the purpose of the condo. In case of purchase of an investment property the condo board may be more sympathetic towards investor issues if there is a higher tenant ratio.
- The covenants, bylaws and restrictions governing the property and the grandfather clauses in place- There can be the legal provision that buyers who purchase a property after a certain date cannot rent out their units while those who have bought at some date prior to that can do so. It is important to seek a copy of the bylaws for determining whether you can live within them. The attorney can on your behalf review the property documents including the master deed.
- The amount that the association keeps in reserve and the manner in which that money is utilized and whether there is any reserve fund study carried out.
- Whether the associations assessments are keeping pace with the annual rate of inflation- The boards that are capable enough raise assessments by a certain percentage every year for building up reserves to fund future repairs. Now, for finding out whether the assessment is reasonable the rates are to be compared to others in the area.
- Whether the assessment covers common area maintenance, recreational facilities, trash collection, snow removal etc.
- The special assessments that have been mandated in the past five years and to what extent were each owner responsible for them.
- The amount of turnover occurring in the building
- Whether the project is in litigation and for what reason.
- The reputation of the developer.
- Whether multiple associations are involved in the property
By getting to know about these you will be in a position to determine how responsive and organized the board members are. You will be helped thus in taking a wise decision regarding the purchase of the condo.
- The percentage of units that are owner-occupied and tenant-occupied- Getting ascertained about the respective percentages of owner-occupied units and tenant-occupied units helps. Usually, the units will be more marketable if there are a greater percentage of owner-occupied units. However, the marketability is dependent on the purpose of the condo. In case of purchase of an investment property the condo board may be more sympathetic towards investor issues if there is a higher tenant ratio.
- The covenants, bylaws and restrictions governing the property and the grandfather clauses in place- There can be the legal provision that buyers who purchase a property after a certain date cannot rent out their units while those who have bought at some date prior to that can do so. It is important to seek a copy of the bylaws for determining whether you can live within them. The attorney can on your behalf review the property documents including the master deed.
- The amount that the association keeps in reserve and the manner in which that money is utilized and whether there is any reserve fund study carried out.
- Whether the associations assessments are keeping pace with the annual rate of inflation- The boards that are capable enough raise assessments by a certain percentage every year for building up reserves to fund future repairs. Now, for finding out whether the assessment is reasonable the rates are to be compared to others in the area.
- Whether the assessment covers common area maintenance, recreational facilities, trash collection, snow removal etc.
- The special assessments that have been mandated in the past five years and to what extent were each owner responsible for them.
- The amount of turnover occurring in the building
- Whether the project is in litigation and for what reason.
- The reputation of the developer.
- Whether multiple associations are involved in the property
By getting to know about these you will be in a position to determine how responsive and organized the board members are. You will be helped thus in taking a wise decision regarding the purchase of the condo.
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