Calgary’s condo market is sitting with a new and unique opportunity for buyers. For one, there is a huge influx of condo inventory as a handful of brand new condo projects are nearing completion. Secondly, prices are down due to this inventory and the economy, it makes for great conditions for buyers.
The primary multi-family buyer is purchasing their first home. An economic slowdown can be an opportunity for buyers, as they get a good interest rate and are likely to see better home prices, which results in a significant cost savings. [Calgary Sun]
Buying a condo pre-construction comes with a great set of benefits, such as little money upfront, and looking forward to a brand new home with warranties. But purchasing a condo before you can even step inside it can be a little risky, by doing your due diligence, you can protect your investment.
Get some guidance: speak to experienced buyers or a professional who specializes in purchasing new builds. Word-of-mouth advice will go a long way in getting you prepared.
Do your research: this is the most important piece of advice we can give you. Research the builders, see what other developments they’ve had in the past, and what the reception was to those builds. Also do your research on the location of the condo building as well.
Know your unit: inspect the floor plans thoroughly, and ask any and all questions about construction and materials, etc.
Know your fees: understand what condo fees will be involved and look into the property management company.
Most importantly, just do your research and be aware of the risks. You can never ask too many questions in these situations. Having said that, Calgary has a lot of new condo developments going up (or in the construction phase), so there’s lots of opportunity in this arena.
If you’re interested in finding out about new condo developments coming up, feel free to contact us or Tweet us.
