5 Considerations Before Buying a New Calgary Condo
Are you thinking about making a move in Calgary’s new condo market sometime soon? If so, there are some definite considerations you’ll want to make before signing on any dotted line with a developer – or lender for that matter.
Buying a new condo may just be one of the biggest purchases you’ll go through with in your lifetime. Don’t rush, take your time and consider these five important things before going ahead with any decision.
#1. Price per square foot
Price per square foot is one of the most forgotten attributes of a condo that buyers look past as nowadays it seems that the square footage and listing price is all that matters. However, understanding what the true price per square foot is in a new condo is essential not only for your satisfaction, but also for resale value down the road.
For example, a new condo listing may or may not include the balcony space in the square footage, or might have two parking stalls instead of one. Taxes and upgrades are additional considerations to factor into the price per square foot.
Do the math while considering the unique features of one new condo versus the other (i.e. two parking stalls, not one, etc.) and you’ll see just how much the price per square foot is.
- Learn more at our New Calgary Condo Guide: Price Per Square Foot
#2. Current view & future view
It’s important you consider the potential for other future developments nearby and how it relates to the current view from a new condo. Views can have considerable influence on the asking price and is an investment you want to protect as a buyer.
Answer these questions:
- Are there developmental parcels nearby? If so, who owns the land and what kind of zoning is it?
- Would construction of a new mid-to-high rise condo tower impede the views of the unit you’re interested in?
- Is the view quality enough to be of concern?
Sometimes it’s hard to predict the construction of a new condo tower three to five years into the future. Just be aware that developmental parcel across the street could very well turn into a tower that obstructs your views if buying a unit on the adjacent side.
#3. Project sales cycle
New condos have a project sales cycle where they typically will be sold at varying prices. For example, pre-construction condos are sometimes sold at a discounted price for a variety of reasons, one of them being inflow of revenue for the developer.
On the other hand, a new condo that was listed in a ‘sellers’ residential market may see an increase on the listing price in accordance with the favourable market conditions. Sometimes units may not sell over a long period of time, so the developer will discount the price looking to make a sale.
Where is your potential new condo in its project sales cycle?
- Also see these Smart-Tips for Buying a New Condominium in Calgary
#4. Have you got all the facts?
One of the most important considerations is making fully-educated and informed decisions on a new condo after obtaining all the details, not only on the condo building itself, but also that of the developer.
Obtain a copy of the condo documents and get a professional review. Important details about things such as:
- Building bylaws
- Developer finances
- Construction schedule
…should be in the documents. Remember, if there’s a fact or detail you want to know about just ask. This is where having professional third-party representation is key in getting the best value out of a new condo purchase and accomplishing your real estate goals.
- Also see these 4 Keys to Getting the Best Deal on a New Condo Purchase
#5. Is your criteria met?
The bottom line is: has your criteria – your wants and needs from a new condo – been met with flying colours? If they haven’t, chances are there’s a new condo building and developer out there somewhere that will meet them.
Currently there are several new condo buildings underway in the downtown and inner city area of Calgary. Current inventory levels sit high above the long-term trend for the city, meaning you have lots of choice when buying a new condominium.
Take your time, slow it down and make sure that each and every decision you make is in your best interests, not only now, but also in 3 to 5 to 10 years when you decide to sell.
- See our step-by-step guide at 15 Tips for Buying a New Calgary Condo
Considering a Move in Calgary’s New Condo Market?
As a highly-experienced new condo specialist and REALTOR® in Calgary, I guarantee only the best level of service and advice possible while guiding you step-by-step throughout your new condo transaction.
Call me anytime at 403-370-4180 or message me below for a prompt response. I am looking forward to helping you accomplish your new condo goals!