Both are doctors and surgeons but they deal with specific parts of the body at different ends none the less. If you wouldn't get a surgery done without a specialist why would you buy a home from someone who doesn't specialize in that area? The anatomy of a condominium is different than a house. You are not only buying a property, you are buying a piece of a corporation with all of the assets and liabilities that corporation may incur. So you can see that it may be important to use someone that understands how the insides work. It is easier to sell a house than a condominium. You have the contract and the property inspection to worry about, but you do not have to worry about the financial health as a whole of all the units in a corporation comprised together.
Buying a condominium is more complex. There are a lot of things that you have to look at. You need to hire representation that knows the in's and out's of condos. We recently received an offer on a townhouse condominium in my office and the other agent requested a Real Property Report on the unit in his offer. You require a real property report when buying a residential property but not when buying a condo. Condominiums have condo plans as their surveys. If the other agent didn't know this from the start what else didn't he know about condos?
When buying a condo you have to look at all the pieces before making a decision. Just because the interior of the unit seems like the perfect one does not mean that it is the perfect one to you. When buying a condominium for one you are agreeing to live harmoniously and follow the building's bylaws. Some common bylaws that might affect you and your life style are : age restrictions, pet restrictions (if you can have a dog and what size is a common one), weather you can have a satellite dish, what you can put on your balcony, the type of blinds you can have. Do you see that it may be important to hire someone that specializes in condos and who knows how to read the documents?
An important part of a condos anatomy is the financial statements. You need to make sure that all the financials are in order so that you don't get surprises such as special assessments. I'm sure that you have heard about them on the news. A special assessment happens when the condo corporation does not have enough money in their reserve fund to do required repairs/maintenance . You would not invest in a company without making sure that the company is sound. Why would you invest in a home without checking out all the aspects first?
Buying a Condo does not have to be this complex if you have someone working for you that is a specialist. A certified condominium specialist has taken further education to ensure that you are protected. To pass the course you have to be able to read condo plans, bylaws, reserve fund studies, budgets, meeting minuets, lease agreements and management agreements. When choosing a Realtor check out their education and credentials and make sure that they will be able to guide you in the buying process. Choose to work with a Certified Condominium Specialist.
-Rayna McKay
Rayna McKay is a Certified Condominium Specialist recognized by the Calgary Real Estate Board.
To Search Calgary Condos visit www.calgary-condomiums.ca
Rayna McKay
Certified Condominium Specialist
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