New Condo Guide: 15 Tips for New Condo Buyers

Looking to Buy a New Condo?

You have options when browsing new condos for sale. With so many choices out there on the MLS® , it's extremely important you get only the best advice and rely on a new condo guide to help you find a unit that fits your wants, needs and lifestyle best.

There are many steps to buying a new condominium, no matter where you live. Below, we share our step-by-step guide to buying a new condo below to help you feel confident and informed throughout your new condo-buying experience!

Buying a New Condo: 15-Step Guide

 #1 – Hire a new condo expert as third-party representation

Hiring a professional real estate agent and REALTOR® who has extensive experience in helping people buy new condominiums is the best way to begin your search. As a condo expert, he or she will be able to provide you with a list of pre-construction developments that fit your criteria to help get you started.

Furthermore, this professional should be willing to protect your best interests and guide you every step of the way throughout your transaction while making sure that you get the most value for your dollar in negotiations – by negotiating for you, of course. You won't have to sweat the details because you'll have an expert dealing with the developer’s sales team or sellers on your behalf.

Another reason why it makes sense to hire a REALTOR® when buying a new condo is the cost – commission which in almost all cases is paid by the developer! Why not have expert advice by your side in negotiations and just a phone call away at any time to help you if that's the case?

#2 – Take advantage of your REALTOR®'s industry connections

Talk to your new condo specialist about their industry connections when it comes to other professionals required as part of the purchasing process. This includes a mortgage specialist, real estate lawyer, condo document review specialist, and home inspector to name a few.

If you don’t have connections already, your new condo guide will refer these professionals to you, of whom, through association, should also work to protect your best interests throughout the process.

Hence, when hiring a condo specialist, their industry connections streamline your purchase by giving you access to exclusive opportunities, trusted professionals, and crucial market insights, simplifying the process while improving your chances of a successful transaction.

#3 - Get mortgage pre-approval before shopping around

Getting pre-approved for a mortgage is a crucial first step in your new condo buying journey. Pre-approval provides a clear understanding of your exact budget and purchasing power, preventing the heartbreak of falling in love with properties outside your price range. Most importantly, it shows the developer or seller you’re a serious buyer.

A mortgage pre-approval involves a detailed review of your financial health, including income, debts, credit score, and assets. This thorough evaluation helps identify and address any potential financial issues early in the process, saving you time and potential stress from a deal falling through later on. It also allows you to lock in an interest rate for a given timeframe, protecting you from rate increases while you search for your perfect condo.

In today's fast-moving real estate market, having a pre-approval letter is often essential for making successful offers. Sellers are more likely to consider offers from pre-approved buyers because it demonstrates you have the financial backing to complete the purchase. Additionally, pre-approval speeds up the final mortgage process since much of the financial verification and document sourcing is already completed, helping you close on a new condo more quickly.

#4 - Take your time when browsing new condos on the market

Finding the perfect condo requires careful consideration and thorough research. A rushed decision could lead to buyer's remorse or missing important details that could affect your living experience and overall investment.

The new condo market offers diverse options across different neighbourhoods, building types, and price points. From downtown high-rises to suburban low-rises, each development has unique features and amenities that require careful evaluation to ensure they align with your wants, needs, and perhaps most importantly, your budget.

When viewing properties, create a detailed checklist of must-have features and deal-breakers. Consider factors like unit orientation, floor level, noise exposure, and proximity to amenities. Take time to visit multiple properties and compare what each has to offer before making a final decision. Make sure to ask your new condo guide specialist about timelines, in case you’re in a situation (like a seller’s market) where you may have to make a decision quicker if you want a chance at making a deal.

#5 - Think long and hard about condo resale potential

Resale value should be a primary consideration when purchasing a new condo. The developer's reputation, quality of construction and finishings, and building location significantly impact future marketability. A well-chosen condominium with appealing features for all the above typically increases in value over time under stable market conditions.

Another very important consideration is future developments. If, for example, you buy a condo with a spectacular view of the mountains but then have this view impeded by a new residential tower a few years later, that value from your initial purchase is immediately erased. So, make sure to thoroughly research upcoming infrastructure projects, neighbourhood improvements, and potential competitive developments that could affect your property's future value.

Larger, multi-bedroom floor plans with parking are usually best for resale value as they can accommodate a larger variety of buyers such as single professionals or families. Apartments with functional layouts, adequate storage, titled parking, and desirable features like updated appliances and attractive in-house amenities tend to sell more quickly and at better prices.

#6 – Consider pros and cons of the condo's building location

Any new condo guide specialist and REALTOR® will tell you it’s very important to think about where an apartment is in a building. Units located away from high-traffic areas like elevators, garbage chutes, and mechanical rooms typically offer better privacy and less noise disturbance.

Corner units often provide better natural light and larger wrap-around balconies, while higher floors may offer superior views and reduced street noise. However, consider that higher floors might mean longer elevator wait times and a physically challenging trip if the lifts are shut down for whatever reason.

The orientation of your unit affects natural light exposure and energy efficiency. South-facing units typically receive the most sunlight throughout the day, while north-facing units might be cooler in summer but darker overall. Consider your preferences for natural light and temperature when selecting unit position – especially as the way that your unit faces can significantly affect its internal temperature if there’s no air conditioning.

#7 – Visit the new condo at different times of day if possible

Visiting any potential new condo property during various times helps you understand the building's dynamics throughout the day. Morning visits reveal sunrise effects, traffic patterns during rush hour, and how natural light enters the unit. Evening visits show community atmosphere, parking availability, and building security measures.

Weekend visits provide insights into resident activities, amenity usage, and general atmosphere when most people are home. Pay attention to noise levels, sun exposure, shadow effects from nearby buildings, and traffic patterns that might affect your daily routine. Consider seasonal changes as well. What seems like a perfectly lit unit in summer might be darker in winter months. Ask about sun patterns throughout the year and how they might affect your unit's temperature and lighting.

If you’re buying a new condo from a floorplan, ask the developer if they have any virtual renderings that could help explain how it feels at different times of day.

#8 – Determine the all-in price, including every cost

Understanding the true cost of your new condo investment goes beyond the basic purchase price. Calculate all associated costs including property taxes, condo fees, parking fees, storage fees, and mortgage interest. This comprehensive approach prevents budget surprises later. Don’t forget about upgrade costs for parking, GST, and any additional features you may buy when moving in.

This “all-in” cost will provide you with a total price for each potential condo on your list. Weighing out these costs are essential to making sure you’re financially secure to afford any condo you may purchase.

You may also want to consider additional costs associated for moving, utilities, and other “hidden costs” that have the potential to push you out of your comfort zone. Do your due diligence, and be rewarded with long-term peace of mind and no buyer’s remorse!

#9 – On titled, leased, or assigned parking, and storage

Parking type can significantly impacts your condo's value and overall comfort/convenience. Titled parking, which you own outright, typically offers the best long-term value and flexibility. Leased or assigned parking might have lower upfront costs but could present future challenges or additional monthly expenses.

Also, don’t forget about storage, solutions of which are increasingly important in condo living. A dedicated storage unit adds significant value and practical benefit to your purchase. Consider the size and location of available storage options, as basement units might be less convenient but offer more space.

Also, make sure to evaluate the parking layout and accessibility. Consider factors like stall size, proximity to elevators, security features, and whether the spot is exposed to potential water or debris falling from above in open parkades. Underground parking lots, especially in older buildings, may be susceptible to flooding, which can cause a whole world of problems for owners. Make sure to clarify with the condo developer and/or board before signing on the dotted line what flood prevention systems are in place for any underground parking set up.

#10 – Ask as many questions as you need to feel comfortable

Never hesitate to ask detailed questions about construction quality, building systems, warranty coverage, and completion timelines for any potential new condo. A reputable developer or seller should provide clear, comprehensive answers about all aspects of the property.

Request specifics about finishes, appliances, and any customization options. Understanding what's included in the base price versus upgrade costs helps you budget effectively and avoid misunderstandings during your transaction.

Document all conversations and get important answers in writing. This creates a clear record of promised features, timelines, and specifications that you can reference later if needed.

#11 – If you want to host friends and family, visitor parking is important

Adequate visitor parking is a crucial amenity that affects both convenience and property value. The number of visitor stalls relative to total units indicates how easily your guests can access the building, especially if you’re located on a busy downtown street.

Understanding visitor parking rules and restrictions is essential. Some buildings require advance registration, have time limits, or charge fees. These policies can significantly impact your ability to host guests or have any visitors at all.

Also, consider the location and security of visitor parking areas. Well-lit, easily accessible, and monitored visitor parking adds value to the building and provides peace of mind for both residents and guests.

#12 – Are the condo security features enough?

Modern condo security should include multiple layers of protection, from secure entry systems to surveillance cameras. Evaluate the building's access control systems, including fob systems, intercom features, and package delivery protocols.

Security in common areas like parking garages, storage rooms, and amenity spaces is particularly important. Look for well-lit areas, security cameras, and clear emergency protocols. The presence of on-site security staff or concierge services can provide additional safety benefits.

Consider technological security features like smartphone-compatible entry systems, camera monitoring apps, or real-time notification systems. These modern amenities can enhance both security and convenience.

#13 - Get a professional condo document review

A professional document review is crucial for understanding your rights, responsibilities, and potential risks as a condo owner. The 10-day review period in Alberta provides essential time to thoroughly examine bylaws, financial statements, reserve fund studies, and building maintenance plans.

A qualified condo document reviewer can identify red flags such as inadequate reserve funds, pending special assessments, or problematic bylaws. This professional analysis helps prevent future surprises and ensures you're making an informed investment decision. If there are red flags, like a special assessment, for example, then you may want to question the quality and integrity of the build.

The review should examine meeting minutes, insurance coverage, and any ongoing or planned litigation. Understanding these elements helps assess the building's financial health and management quality, crucial factors in your long-term investment.

#14 – Do more extra homework to add peace of mind

If you haven’t already, do further research on the developer and/or condo corporation’s track record including completed projects, build quality, and after-sale service reputation. Check online reviews, visit their other properties, and speak with current residents if possible.

Analyze the neighbourhood's development plans and market trends. Understanding planned infrastructure improvements, upcoming developments, and demographic shifts helps predict future property value trends.

Investigate comparable sales in the area and building. This research helps confirm fair market value and potential appreciation. Consider factors like price per square foot, recent sale prices, and how long units typically stay on the market.

If you need help with any of these steps, make sure to ask your new condo guide specialist!

#15 – Thoroughly read the condo purchase agreement

Carefully review all purchase agreements, warranties, and disclosure statements. Pay special attention to deposit structures, completion timelines (for pre-construction builds), and any conditions that could affect your purchase.

Understand the warranty coverage provided by both the developer and Alberta New Home Warranty Program. Know what's covered, for how long, and what maintenance responsibilities fall to you as the owner. This is particularly important for multi-family projects where what the condo board’s responsibilities are with respect to “inside the walls” can sometimes be in a grey area.

Review all specifications and included features in detail. Get written confirmation of any verbal promises or agreements made during the sales process. This documentation protects your interests and ensures clear expectations for all parties.

Finding the right condo specialist and REALTOR® for your transaction.

Having a certified condo specialist on your team may just be the most important step in pursuing a new condo purchase. In many cases, this professional will likely take care of many of the steps to buying a new condo for you and help you along the way.

Follow These Tips to Make Your Transaction a Success!

Whether you're a first-time buyer or seasoned investor, purchasing a new condo is a significant decision that requires careful consideration of multiple factors. By following these 15 essential steps and working with an experienced condo specialist, you'll be well-equipped to make an informed decision that aligns with your lifestyle, budget, and long-term investment goals.

Remember that thorough research, professional guidance, and attention to detail during the buying process will help ensure you find the perfect apartment that you'll be happy to call home for years to come.

If you have any questions about buying a new condo or would like professional guidance through the process, don't hesitate to reach out to an experienced condo specialist who can help you navigate this exciting journey.