Buying Tips For Lake Bonavista Buyers

Buying a Condo in Lake Bonavista

Buying a Lake Bonavista Condominium isn’t quite the same as buying a home in Lake Bonavista. The difference is that an owner can only control what goes on inside their unit. You must rely on other parties such as the condominium board or your management company to provide some critical information that you will want to review before you make a final purchasing decision.

The condo corporation will establish rules as it relates to pet restrictions, alterations, acceptable noise levels, & usage of common areas. These are all important factors for a prospective buyer to consider.

Here is some advice as it relates to buying a condominium unit in Lake Bonavista.

You aren’t just buying your home. You are buying a financial obligation to the unit, because as an owner, you have a shared responsibility with other owners for common expenses in the development. Every condominium unit in Alberta is assigned a unit factor out of 10,000, which is the total unit factor for every building. For example, if the unit you want to purchase has a unit factor of 80, you are responsible for 8/1000 (80/10,000, .008) of common expenses, special assessments, insurance cost etc.  You are also buying a portion of the reserve fund, which the previous owner has been contributing to via the monthly condo fee. You are also buying your portion of any outstanding or levied special assessments, if there are any current ones.

Review the right documents before buying. When you buy, there are a number of documents that you need to review.  There are some documents that change on a monthly or yearly basis (financial documents, meeting minutes), and there are other documents such as the bylaws or the reserve fund study which are valid for a number of years. We can help you with what documents you will need review, and we can put you in touch with professionals who can review them for you.

You can only improve and change your own living space. When buying a home, you can move in and enhance the curb appeal by landscaping, painting, or touching up the exterior. You have to count on your condo corporation & management company to ensure that work that is outside or borders your unit is kept up, such as damaged carpets or exterior deficiencies.

Hire us, we have experience in the building you want to buy in. It’s critical that you work with a Realtor who has experience on buyer representation in the building you want to buy in, to ensure that you get the best value. We have worked with many sellers & buyers in the area, and have excellent expertise on the Lake Bonavista condo development you want to buy in.

Understand the tax implications.  If you are wanting to buy a condo as a rental property, there are certain tax implications that you will have to consider when you end up selling. It’s best to get in touch with your accountant to get the most informed position, and we can point you in the right direction if you need to speak to a professional.

Know the pricing. We can also help you with the right pricing by showing you a range of comparable properties that have sold in the building your are considering.  This ensures that you are making an informed purchase decision as it relates to what you want to or should pay. We have the most up to date information to help you make the most informed decision as you can on pricing. 

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