First time condo buyer in Calgary advice wanted

Dan856 · #1 03-02-2016, 07:38 PM

Hi Guys, First off just want to say I'm a big fan of the forum-always provides guidance and entertainment. So here goes another one!

I have a stable and good paying job downtown that luckily has not been affected by the downturn, am lucking to purchase my first home/Condo (am single, no dependants) within a close proximity of downtown or at least with access to public transport-the clincher for me particularly is that the company I work for and where I am based for the foreseeable future is literally right downtown so parking considering its exorborant rates is not an option.

All relevant advice and thoughts welcomed, looking forward to hearing what you guys & gals recommend!

Thanks in advance!

Dan

From The Hip · #2 03-02-2016, 08:03 PM

Buy a condo close to downtown and ditch your car/truck and a walk to work.Keep your car/truck and walk to work if you have a parking space.

Paying $300+ a month to drive to work if you plan to live close to the downtown area is just plain dumb.

FTH

winged1 · #3 03-02-2016, 08:17 PM

public transit gives you plenty of options. I bussed into the downtown, then up to SAIT on c train. Easy pleasy, and fun quite frankly to hang with a different crowd.

Domestique · #4 03-02-2016, 08:34 PM

Ride your bike to work. Save lotsa cash, save money, bike lanes now, get in great shape. Win, win, win, win.

And if you must drive use car2go as you are in the zone. Another bonus.

aulrich · #5 03-02-2016, 09:11 PM

Wait a year we have not hit bottom yet. But in the mean time identify the condos that meet your needs

schmedlap · #6 03-02-2016, 09:27 PM

Quote:

Originally Posted by aulrich

Wait a year we have not hit bottom yet. But in the mean time identify the condos that meet your needs

is good advice. If you want to buy a condo. They are going to go down in value more over the next few months.

My own advice is never buy a condo, period. Unless you are totally incapable and unwilling to take care of a property yourself, you will get way better long term value out of a non-condo residence, without the ridiculous condo fees and the hassle of common walls, neighbours at common walls, and the dictates of moronic condo boards.

justsomeguy · #7 03-02-2016, 09:30 PM

Rent....unless you work for the city Or have ZERO to do with oil I would not call any job downtown stable at this point in time, particularly if you're young with limited experience.

Red Bullets · #8 03-02-2016, 09:30 PM

Not sure of the Calgary market so just a tip.
A south facing condo will be harder to keep cool. East facing gets morning sun and shade in the afternoon. North facing is shaded and can be windy. West facing gets afternoon sun but is typically the windy side.
I know there are air conditioners but not all condos have them and they are an extra expense.

Overlooking the Bow river would be a nice view and a short walk for trout fishing.

Commander B · #9 03-02-2016, 09:50 PM

Be sure that you put as a condition of the sale to review the condos financials. With close attention to the " special assessments". For example calls for money for renovations or upgrades, can run into thousands. Get a look at the boiler room. Is it a disaster scene or does it show signs of maintenance. Concrete construction is quieter and has better fire proofing vs wood. Post tension buildings can also be trouble. I personally would avoid Point of View condos. Poorly built. A home inspector or someone familiar with condos could be beneficial to the process if you are not comfortable with it.

Best of luck

B.

Ps: Owner vs renter occupancy is also crucial!!!!

marlin1 · #10 03-02-2016, 11:24 PM

buy in a good area . we started with a condo in Silver Springs and it paved the way for a first home . Transit has improved and so has bike access .

Trochu · #11 03-03-2016, 09:34 AM

Quote:

Originally Posted by schmedlap

My own advice is never buy a condo, period. Unless you are totally incapable and unwilling to take care of a property yourself, you will get way better long term value out of a non-condo residence, without the ridiculous condo fees and the hassle of common walls, neighbors at common walls, and the dictates of moronic condo boards.

My advice would be similar to this. If you don't want to drive. Look for a house nearby (walk or bike) or close to transit. Sure are alot of condos for sale downtown at the moment though.

ak77 · #12 03-04-2016, 02:42 PM

imo most of the properties close to DT are old houses that either need repairing, or being used by rental properties. houses worth buying are waay too far from DT.

Nothing is wrong with buying condo, especially if you are young and alone. Working+commuting+shopping+cooking+going out = no time for house maintenance. Condo is cheaper to own as well.

Do however, do the homework, big time. My mom's condo board ran amok without control for a few years, and then when they found problems (mold, structural issues) - she had to shell out about 30G over a couple of years. Hurt a lot...

Besides, single standing house is a little too big for one person. My buddy lives in a 1500sqft house, all he's using is bedroom/bath, living room to watch the game sometimes, and the garage. 2 bedrooms, 1 bath, whole basement is just the dead weight.

winged1 · #13 03-04-2016, 03:02 PM

Quote:

Originally Posted by ak77

imo most of the properties close to DT are old houses that either need repairing, or being used by rental properties. houses worth buying are waay too far from DT.

Nothing is wrong with buying condo, especially if you are young and alone. Working+commuting+shopping+cooking+going out = no time for house maintenance. Condo is cheaper to own as well.

Do however, do the homework, big time. My mom's condo board ran amok without control for a few years, and then when they found problems (mold, structural issues) - she had to shell out about 30G over a couple of years. Hurt a lot...

Besides, single standing house is a little too big for one person. My buddy lives in a 1500sqft house, all he's using is bedroom/bath, living room to watch the game sometimes, and the garage. 2 bedrooms, 1 bath, whole basement is just the dead weight.

should read, rental income potential

Okotokian · #14 03-04-2016, 05:28 PM

Someone mentioned prices are dropping so might not be the time to get in. That's true, but sometimes you just want to buy what you want, and things will turn around in the long haul. What you do have the luxury of, however, is waiting and experimenting. Let me explain....

I have two sons in condo-type buildings right now. Older one bought a nice 400k+ two bedroom in Marda Loop, takes bus to job downtown. Likes his place and neighbourhood (trendy, friends nearby, one short bus ride to work)but room mate just moved out so now he is handling mortgage and steep condo fees on own. An he was hit with a $3000 assessment for additional repairs soon after moving in.

Son#2 renting a townhouse in southern Calgary. He sees a lot of drawbacks. Wants to buy his own place within a year but has said it won't be a condo/townhouse. Will be single detached. Can't stand condo board rules (can't put his motorcycle in back yard, can't use his smoker), has an ongoing dispute with neighbor on other side of wall, etc.

I'd RENT right now, just to try it out. You can decide to buy later knowing that prices haven't gone up, and in fact may have gone down.