Selling a condo in Red Deer Alberta
Selling a condo is far different from selling a house or a vacant lot. The contract that comes with purchasing a condo is different from those that come with other types of properties. There are various contingencies than the usual contingencies go with the residential sale and purchase contract.
When you are to buy a condo, most communities and management would mandate a contract in addition to the usual sales contract prior to sealing the deal. The contract, the community and management would make you sign would normally state you fully comprehend an agree to the association’s rules and regulation.
With that being said, it is advised to seek the help of a real estate agent who is well versed in selling condominiums. An experienced real estate agent would walk you through the process and make sure that the important files would not fall through the cracks.
Red Deer Condo Location Information
• Mayor: Tara Veer
• Governing body: Red Deer City Council
• City Manager: Craig Curtis
• MPs: Earl Dreeshen,Blaine Calkins
• MLAs: Barb Miller,Kim Schreiner
• Land: 104.73 km2 (40.44 sq mi)
• Urban: 62.91 km2 (24.29 sq mi)
• Elevation: 855 m (2,805 ft)
• City: 100,418
• Density: 958.8/km2 (2,483/sq mi)
• Urban: 99,718
• Urban density:1,585.2/km2 (4,106/sq mi)
• Municipal census: 99,832
What are the Condos prices in Red Deer?
Financing a condominium is not like a financing a family residence. However, like buying a family home, it is important to get pre-approved before you look at condominiums listings Red Deer, as well as identifying whether the property suits you. Getting a financing when it comes to buying condos could be a bit tricky since many loan products and lenders do not allow condominium purchases.
Condos are usually bought in cash because of the rules and regulations of lenders and programs. If you are looking to get an FHA Laon, you should first make sure that condo community is listed on their approved list. Usually, FHA mandates that 80% of the building’s units are occupied, so make sure to double check whether the community is on their list before committing to the purchase.
Buyers can still score a private mortgage. This, however, is a bit pricier since private lenders would need at least 20% down payment on the purchase. Buying a condominium may not be the best idea if you lack the financial capability to make the down payment.
What to look for in a Red Deer Condo Listing
This may sound strange, but it is vital for you to know exactly what your purchase would include. When you are to by your first condominium, be sure to know whether the it comes with a parking spot or extra storage. Does the community provide extra parking spaces for guests? Is the parking space covered? These little things could save you from a lot of stress. You wouldn’t want to know the you have no where to park your car a week prior to moving, would you?
Remember the Condo/Association Fees
Most condo communities have a monthly, quarterly, or annual fee that mandates each resident to pay. These association fees are going to be used on usual expenses like property maintenance and insurance.
An established condominium community would not hesitate showing financial statements to potential buyers. It is imperative to know that the community would have you covered in case you’d need some major repair like roof repair or replacement. Also, it is advised to ask how the association fees are being utilized and where they are being distributed to.
Association fees could also determine whether you could afford the condo or not. When a lender approves a buyer, association fees are included in the monthly payments of the buyer. If a condominium community has a very expensive monthly fee, high is the chance that you would struggle in making monthly payments.
Identify the Things Included in the Condo Fees
Aside from maintenance and insurance, Condo fees could also include lawn maintenance, landscaping, sewer services, road maintenance, water and garbage pickup. There are some cases where the association fees include electricity and heating.
If the condo community has amenities like fitness and sports center, pools, or a clubhouse, a portion of he association fees could be used for the upkeep of these facilities. If these amenities are not something you would regularly use, know that you are still paying for these just like the rest of the residents.
Go Over the Condo Rules
Knowing that most condo units are built close to each other, it is a must for the management to put some rules and regulations in place to maintain the peace and order among the residents. It is a must for you to be aware of the rules, because unlike owning a family home, you cannot make your own rules and do whatever you please. You may hire an attorney to review the rules and regulations on your behalf.
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There are communities that limit the type of pets allowed in the property, and there some that do not allow pets at all. You wouldn’t want to find out last minute that your fur baby is not allowed in the vicinity of the property you just bought. Other usual rules in a lot of condominium communities involve whether you can rent out the property or whether there are specified quiet hours. If you have had bad neighbour experiences before, you know very well why these rules should be put in place and are an important part of a condominium property.
Contact us today to start your search for the best Condos for sale in Red Deer AB. we will be happy to help you start your search, call us today at 403-505-0039