4 Things to Know Before Buying a Condo in Edmonton

Posted by Terry Paranych on Wednesday, September 6th, 2023 at 12:17pm.

What to Consider Before Buying an Edmonton Condo

Are you dreaming of owning a home in Edmonton, Alberta? Before taking the plunge and buying a condo, it's important to know that there are several points to consider. From amenities and location to fees and maintenance costs associated with Edmonton condos, ensure you have all the information before signing on the dotted line.

What are the Amenities Like?

When buying a condo in Edmonton, it's important to consider the amenities available and which ones are most important for you. 

Amenities can make a big difference in the quality of your living experience and the value of your property, and they’re a major part of Edmonton’s best condos. You should expect basic features such as heating and air conditioning, but also there may be additional amenities like swimming pools, clubhouses, and fitness centres. Wi-Fi access and wellness-centric facilities are becoming increasingly popular due to the rise of remote work and an increased emphasis on lifestyle balance.

Think about the amenities you want or need from your condo complex: Is having a pool or gym important? Would you benefit from having access to Wi-Fi? Maybe you'd prefer a quieter atmosphere with fewer communal spaces. 

Consider which amenities are most valuable to you when choosing between complexes; they could end up making all the difference in how happy you are with your new home.

How Good is the Location?

Make Sure You Like Your Condo's Location

Before investing in a condo, consider how well the location suits your lifestyle. Whether it's a condominium, duplex, or mansion you're looking for, the location of your future home will undeniably impact your quality of life. 

Edmonton’s best neighbourhoods are distinct and unique in their living experiences and amenities, so spend some time learning about the area before deciding which one is right for you. Consider whether public transportation or bike paths are available if you don't own a car—this can be especially important if you're moving from outside of Edmonton and not familiar with the city. 

Don't forget to factor in other aspects like nearby schools, parks, restaurants, and shopping centres too. All these elements will help ensure that your experience living in an Edmonton condo will be as enjoyable as possible.

Are you thinking about buying a condo in Edmonton? Browse all the latest listings of Edmonton condos for sale today.

Condo Fees Can Increase

Be aware that your monthly condo fees may increase due to additional maintenance or repairs. It's important to thoroughly review the condominium's policy regarding fee adjustments and examine the minutes of condo meetings for any coming expenses. 

These fees, known as strata fees, encompass building maintenance, repairs, and often utilities and amenities. The amount varies based on the complex but usually hovers around $0.35 per square foot in Edmonton. Residing in a condominium can be a great way to save time on home upkeep while still enjoying certain communal amenities.

However, older buildings may require more frequent maintenance or repairs, which could lead to increased costs for residents. It's wise to think ahead if buying a condo in Edmonton, as you don't want any surprise increases in your monthly payments down the line. 

Responsibility for Maintenance Costs

Even if you don't utilize the amenities of a condominium, you're still responsible for contributing to its maintenance costs. These are fees used to maintain and address unforeseen circumstances such as roof renovations, electrical concerns, elevator maintenance, or similar exigencies. Because of this, it's important to consider your responsibility for these expenses when considering purchasing a condo.

When looking at condos in Edmonton, make sure you understand what is included in the monthly condo fee. This will help ensure that there are no unpleasant surprises down the road. Check to see if the condo association has put any money aside in case of an emergency or if they are relying on special assessments from members like yourself should something unexpected arise.

It's also a good idea to find out when and how often maintenance fees increase and by how much before signing onto anything. This information lives in the condominium bylaws or through speaking with current owners within the building or complex. Find out how long it might take before an increase occurs and consider whether this could affect your budget.

Finally, research what types of insurance coverage come with owning a condo in Edmonton to understand what is covered should disaster strike.  Knowing these details ahead of time can save you from financial hardship later if something happens that requires costly repairs or replacements not covered by your insurance policy.

Buying a Condo: Final Considerations 

Before buying a condo in Edmonton, many important things must be considered. From the amenities and condo ownership perks to potential increases in condo fees and responsibility for maintenance costs, it's important to do your research beforehand.

So, if you're looking for a new place to call home, consider Edmonton condos with all the bells and whistles—after all, why settle for anything less?

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