That Four Letter Word

Everyone hates that four letter word: FEES. With the onset of the huge condo industry in Calgary, a big concern has been rising Condo Fees.

With a new build, the contractor will usually estimate costs to be too low to attract more buyers. By taking a look at the budget, a buyer (along with a Realtor) can determine if these estimates are low and if higher fees can be expect ed. Legislation requires that a reserve fund study and report be done. This can be consulted for crucial information, and an experienced realtor will know what to look for. It is important that a condo have a surplus to start off with so if any major repairs come at the onset, they can be dealt with.

One can also request to look at past meeting minutes two to twelve months pervious to find out if any assessments are being done. But checking into the past minutes you can see if there have been any major structural concerns brought up by the board.

The most important thing is to find an experienced condo realtor for you. Interview several, if you need to, to find one that is right for you. Finding the right real estate agent can lead to years of enjoyable living in the condominium lifestyle.