How to Choose the Right New Condo Developer for Your Goals

5 Tips to Choosing the Right New Condo Developer

So, you have visited the flashy show suite for that new condo development you've seen in advertisements and are interested in. The building doesn't just look good, it also happens to be in your favourite location -- you're now convinced its love at first sight.

Not to put a damper on the excitement, but before you let this newly found love sway you any further, take a step back and breathe for a second -- or a few days, or even a few weeks. It’s in your best interests to slow the process down and evaluate several key components of the project to ensure you’re choosing the right new condo developer and building overall.

• Top Pre-Construction Condos in Calgary

Buying a new condo is a huge commitment

As with any real estate deal, a lot of money is involved; your money that is, in large sums, and you should proceed with caution before getting too excited with a pen in hand and a contract on the table.

If a condo you're interested in hasn’t been built yet, you will want to buy with one of the best developers around who:

• are trustworthy
• have a good reputation
• are accountable to customers
• have reputable owners
• have experience in the type of build

This couldn't be any truer when it comes to understanding and making an informed decision on which developer you're going to put your trust in. Remember, when you buy a condo you're essentially investing into the corporation or company that built it.

If they have a record of special assessments, BBB complaints, or a general reputation of not being the most exceptional company around, for example, you may want to think twice about your decision.

Hire a new condo expert REALTOR®

Comparing each new condo unit you’re interest in for the value, location, finishings and developer’s record is a good place to start.

This is why it's critical to contact a new condo expert in Calgary. Your REALTOR® of choice should look out for your best interests while giving you an unbiased and independent expert opinion so that you can make fully informed decisions.

Tip #1 – Thoroughly research the developer

Thoroughly scan the internet for information on the developer as well as for any buyer reviews. Negative feedback from previous buyers or a developer with a financial crisis are both two huge red flags.

Where to check online:

• Better Business Bureau
• Home Stars - Calgary
• Google

Ask the developer questions, lots of them

You also have the liberty of calling the developer and asking them some upfront questions. Do your due diligence! Some that you should ask:

1. How long have you been in business for?
2. What is your experience in the type of development I'm interested in?
3. How many condo units have you completed?
4. How many condo units do you have under development?
5. Who is the general contractor you're using for construction?
6. Have you had any special assessments on previous developments of yours, and if so, why?
7. What is your company’s claims history, if any?

If the developer doesn’t provide a satisfactory answer to any of your questions, consider it a red flag. Or, if you need help comprehending what they said, ask your REALTOR® of choice who will assist you in finding any or all answers to these questions. the developer questions

Tip #2 - Utilize Your REALTOR®’s Experience

REALTORS® typically will have built a list of "good" and "bad" developers throughout the years, and their in-depth knowledge of the condo market should steer you in the right direction.

Professional REALTORS® like the Calgaryism Real Estate Team spend lots of time helping clients buy and sell condominiums and have developed a good grasp of which buildings/developers are good, and those to stay far away from.

Don’t hesitate to ask your REALTOR® about what they think. They may have some valuable insights into various new condo developers in Calgary that will help guide you toward accomplishing your real estate goals (if they haven’t shared already, that is).

Tip #3 – Developer’s word-of-mouth reputation

One of the best ways to determine if a developer and their beautiful new condo project are worthy of your hard-earned cash is by word-of-mouth.

Find a past project the developer has done and stop by for a visit. See if you can connect with any residents and ask for their opinions about the building, the condo board, the area, and anything else relevant that comes to mind. You can also contact the condo board for more information on the development, assuming that the information you’re asking for isn’t for owners only.

More often than not, you will find that residents are very happy to share their experiences with you. It never hurts to hear it straight from a resident who has already been involved with the developer throughout the buying process and living experience.

People don’t usually hold back on sharing their experience living in a particular condominium, good or bad. If it’s good, they will probably recommend buying at the place and tell you a few things they love. If it goes the other way, let’s just say they usually aren’t shy of letting you know exactly what’s wrong. The more information, the better!

Some people may view this as extra work, but every little bit of research helps. If asking current residents isn’t for you, your real estate agent should already be well-versed with the reputation of most developers in Calgary.

Tip #4 – Read the fine print, get a condo document review

Read the details of every contract and condo document you come across, including:

• condo bylaws
• disclosure statement
• reserve fund information

Keep in mind that when buying a new condo, it is law in Alberta the developer must provide you with a complete set of condo documents and you have 10 days to review them in which you can decide not to proceed with the purchase and receive all of your deposit back at no cost.

It is crucial to get a professional review of these documents done by a reputable reviewing organization. The review will let you know if there are any red flags with respect to past special assessments, current pending special assessments, legal troubles, condo board and reserve fund information, and much more.

Tip #5 – Are you satisfied?

• Is the developer providing you with the level of service you deserve?
• Have your dealings with them been smooth and professional?
• Do they provide you with complete information about any requested topics you have asked about?
• Are there any special offers to incentivize you to buy with them?
• Has all the information you’ve collected up to this been satisfactory, without red flags?

The bottom line is, if you find that your dealings with the developer haven't been up to snuff with the standards of service acceptable to you, it probably isn’t going to change anytime soon, especially after you give them your hard-earned money. This is another huge red flag when considering buying with any developer in Calgary.

You deserve the best when buying a condo in Calgary, so don’t settle for less than and get the best third-party representation possible!

Get the Best Third-Party Representation

When you buy a new condo you must have your own representation and expert advice to help you get the best value in the best condo project. We have helped countless new condo buyers with their purchases:

• Pamela - New Calgary Condo Buyer Testimonial
• Anthony & Jeanette - First-Time Condo Buyer Testimonial
• Amy - First-Time Condo Buyer Review

Questions about Buying a Condo in Calgary?

Contact our team of pre-construction condo specialists anytime at 403.519.0495 or message us using the live chat for the best advice on your new condo search.

We would love the opportunity to help you get the best value and make the best decisions!