Buying A Condo In Alberta
Condo fees, the reserve fund, and the documents worth reading before you firm up.
Condos and townhomes are a great way into the market in Red Deer and the surrounding towns. The catch is you're also buying into a corporation, so the paperwork matters.
What Condo Fees Cover
Condo fees usually cover things like building insurance, exterior maintenance, snow removal and contributions to the reserve fund. What's included varies a lot, so compare carefully between buildings.
The Reserve Fund
The reserve fund pays for big repairs like roofs, windows and parking lots. In Alberta, a condo corporation has to complete a reserve fund study at least every 5 years, looking 30 years ahead, and the board approves a plan based on it.
A low reserve fund can mean a special assessment, which is an extra bill for every owner. Ask how healthy the fund is.
Documents To Ask For
Ask for the bylaws, the latest reserve fund study and plan, the budget and financial statements, recent board meeting minutes, and the insurance certificate. Minutes are where you'll hear about leaks, lawsuits or upcoming projects.
Check the bylaws for anything that affects you directly, like pet rules or parking.
Keep Reading
First-Time Buyer Guide For Alberta
The federal programs that help with your first home, and how they fit together in Alberta.
Winterizing Your Central Alberta Home
A simple fall checklist for the furnace, outside taps, sump pump and roof, before the real cold sets in.
Selling And Buying At The Same Time
Bridge financing, sale conditions and timing your move without paying for two homes.