The Home Tribe Real Estate Blog

Are you ready to purchase a new home and are considering the Edmonton condo lifestyle? There are different requirements that must be considered when choosing to buy a condo compared to a standard single family house? Furthermore, there are different things you need to know about when buying an Edmonton condo.  These are all important items to consider and are something that you real estate agent can walk you through in more depth. However, there are several answers that you can find via this article.

How to Choose an Edmonton Condo

When it comes to condos, you are going to find that there are several that are available that are going to fit the style that you have, the budget that you want, and the type of lifestyle that you want. It is important to note that when you purchase a condo, you are purchasing the unit that you want, along with shared ownership of the common property that is in the area. Your unit is going to be like your own little house, thus you are responsible for its upkeep just as you would be if you had purchased a house that sat on its own.

There are basically two types of condos that are out there:

Conventional condo: This is the most common and refers to a condo that is located within a large building. Those who purchase here have ownership of everything inside their unit and shared ownership of the common property that may include air conditioning, plumbing, fitness centres, pools and the like.

Bare Land Condos:  Unlike a conventional condo, where the boundaries of unit are wall to wall, a bareland condo is defined by a parcel of land in which the units boundaries are defined by reference to survey markers. Often times, a bareland condo will contain a structure (home) on it such as a townhouse, duplex or detached home. Depending on the corporations bylaws, an owner will typically have greater responsibility for their unit such as landscaping, exterior repairs etc.  In some complexes, bare land condos will feature enhanced shared amenities such as pools, fitness centres etc. 

Should You Buy New?

When condo shopping, one of the biggest questions that you will be asked is whether you want a brand-new unit that no one has lived in or in buying one that is used and has been lived in? Buying new is often a dream of many people, however, they need to truly understand what they are going to be gaining and losing in buying new. The drawbacks of buying new include:

• You may have to wait for months for the condo to be complete
• You may be relying on drawings and 3-D constructions of what you are buying rather than seeing it in person
• Move in dates are flexible with a new condo
• When buying new you are responsible for paying gst.

The pros of buying new include:

• It is move in ready once it has been complete
• You may be able to customize features when buying
• You get access to a new home warranty coverage (10 years)
• You may find something that is more modern compared to buying one already on the market

A resale Edmonton condo can be a great option for those who are not interested in a new condo. However, this also has pros and cons as well. The pros for buying a resale condo include:

• You usually get to move in sooner since you are not having to wait for construction to be complete
• You can physically see the unit and know what you are getting
• You can talk with others to see if the complex is something that you are going to be interested in

The cons of buying a resale include:

• The unit may need renovations since it may be older
• The amenities of the condo may be limited if it is older

Documents Needed for Purchasing am Edmonton Condo

There are several documents that you are going to need in order to purchase a condo. These documents will differ based on whether you are buying new or buying resale. However, some documents that may be required include:

• A purchase agreement
• By-laws of the condo
• Home warranty insurance contract
• Annual General Meeting of the condo board
• Management agreement of the condo board
• Certificate of Title
• Condo Minutes 
• Insurance coverage
• Real property report
• Reserve Fund Study

At TruHome, we understand the in’s and outs of buying an Edmonton condo and would be happy to walk you through the process, including what you will need based on your personal situation and what type of condo you are interested in buying.

Tips for Buying a Condo

For those who are ready to buy an Edmonton condo, here are a few tips that can make this process easier and allow you to find the condo that is going to be a great fit for you in the future.

• Be sure that you fully look at the property if you are buying a resale. What do you like about the area? Are there things that you dislike? Do you think you can live with these dislikes?
• Be sure to talk to current condo owners in the area when buying resale. You need to know whether you are going to like living here due to the neighbours. Those who live here already can be a great source of what the feel of the area is.
• When buying new, be sure that you study the blueprints and proposed outlines of what the condo is going to be like.
• Consider whether you like the actual land location of a new condo before committing to buying this.
• Be sure to work with a real estate agent in either case, whether you are planning on buying a new condo or reselling one. You will find that the knowledge of a real estate agent can help save you from a potentially huge costly mistake in the future.

Buying an Edmonton condo is not very different from buying any other home on the market. You simply have to find the one condo that you love and can picture yourself in for years to come.

Explore all Edmonton Condos here. Have an Edmonton Condo question? Let’s Chat!

There is a lot to consider when going through the home buying process. The process can be intimidating for anyone, and that is especially true if you are getting ready to make your first purchase. With so much money on the line, it is easy to get overwhelmed at one point or another. However, if you are going to cross the finish line successfully – that is, with the keys to a great home in your hand – you need to keep a cool head and take it step by step.

Looking for more insight: Download Our Edmonton Home Buyers Guide: First Time Home Buyers

In this post, we are going to talk about the benefits of getting a home inspection before you complete your purchase. This is an important topic because some buyers – especially first-time buyers – consider skipping this step to streamline the process. Often times, this would be a mistake. Sure, you could save a little bit of time and money if you skip the inspection, but those savings will not be worth it in the long run. Working with an experienced home inspector is a wise decision, as it will allow you to eventually buy a home you love with total confidence.

Know What You Are Getting

The main reason that you will want to go through with a home inspection is so you can know exactly what you are getting into when you buy a house. No home is perfect, so something is likely to come up during any inspection process. The key is to pay attention to the details. Are these small points that can be easily rectified, or are these major issues that will impact the long-term health and stability of the structure? Once you have a completed home inspection in hand, you can read it carefully and decide if you are still interested in pursuing the property.

Adjusting Your Offer

Once you have settled on a home that you would like to purchase, the next step is usually to make an offer. There will be a listing price attached to the home, of course, but that doesn’t mean you need to offer that exact number. Typically, you will work together with your agent to come up with a competitive offer, based on things like other sales in the area, the perceived competition for the home, and more. It’s always a tricky process to come up with the right offer, as you don’t want to go too high or too low. Offering too low may mean the home goes to another buyer, while coming in too high will cost you more money. The value of an experienced real estate agent really comes into play here.

If your offer is contingent on a home inspection, which it should be, you will have the opportunity to bring in an inspector after the offer has been accepted. When the inspection is complete, you can go over the report with your agent to discuss potential changes to your offer. If the inspection went well and there were no major issues to deal with, you may decide to just leave your offer as-is. Or, if there are some problems that need to be addressed, you can decide how you would like to move forward.

In most cases, you will pick between one of two options. First, you may decide to ask the seller to make the necessary improvements to the property before closing the sale. In this case, your offer won’t necessarily change, as you will simply request that the seller pays for the work that needs to be done. On the other hand, you could tell the seller that they don’t need to worry about the work, but you are going to lower your offer by an appropriate amount instead. Then, after you take ownership of the home, you can have the work completed. Both of these approaches can work, so you’ll need to pick the right one based on the details of your situation.

Don’t Be Distracted

When you first walk through a home that is for sale on the Edmonton real estate market, you might be impressed with its appearance. Everything has been cared for nicely, the surfaces are clean and tidy, and the landscaping around the home is kept up as well. All in all, the home looks to be in great shape. Unfortunately, this first impression does not necessarily reflect the actual condition of the home.

Many homebuyers have made the mistake of thinking that a home which looks great to the naked eye doesn’t need to be inspected. Nothing could be further from the truth. It is possible that issues are developing behind the scenes, without the homeowners knowing about any problems. Or, it is possible that the homeowners do know about some issues, and they are hoping to sell the home to someone who won’t bother with an inspection. Either way, you don’t want to find yourself in a position where you buy a home based on its appearance only to discover later that the structure has serious problems which will be expensive to correct.

The Other Side of the Coin

So far, we have been talking about home inspections from the perspective of a buyer. But what if you are the seller? Does it make sense to pay for an inspection of your own home before you sell it? Believe it or not, this might be a good idea, depending on your circumstances.

The main benefit here is avoiding those adjustments to an offer that we discussed earlier. If you have already had an inspection performed, and you have taken care of the issues that come up, it is likely that a buyer’s inspection will come up clean. That means you won’t have to accept any reductions to the offers you receive, and you may wind up making more money in the end.

When a home is going to change hands, an inspection should not be seen as an optional part of the process. There are huge benefits attached to having an inspection performed, and the cost of bringing in a professional to do the job are relatively low. With so much money at stake for both parties, opting for an inspection is an easy choice.

Looking for more advice on buying an Edmonton home and where to find a great home inspector? The TruHome Real Estate team can assist you with this and more! Let’s chat.