People are ready to buy, and those same people are always looking to find value in the property they decide on. In Edmonton, one type of property is doing better than the rest, and it is why you should buy a condo over a house. For a variety of reasons, a condominium is a great option and choice when it comes to owning your own home. Here’s a look at some of the things to consider when making your decision.
Mortgage – Contrary to public belief, lenders are there to help you. When you look to buy into a complex, they will help you figure out what type of environment it is. They look into the HOA (home owners association) reserve fund. They also look at the percentage of units occupied by owners as opposed to tenants. If something seems off, they won’t lend to you. The denial may be disappointing at first, but it actually will help you. They want you to find an economically viable property and area just as much as you do.
Cost – In general, a condo costs less than single family home. This also means property taxes and the monthly mortgage is less. HOA fees also cover costs like maintenance and landscaping and bring your costs down as well.
Maintenance Free – You should always value living comfortably. If you hate having to worry about house projects, landscaping and general upkeep of a property, a condo works for you. Many times a condo also has amenities you may not otherwise be able to afford: pools, hot tubs, picnic areas, playgrounds, etc.
Right now, Edmonton continues to excel for selling condos. According to the Edmonton Business Journal, “Condominiums were the biggest price gainers in June for the Edmonton region.”
“Economic conditions in the Edmonton area are generally positive and this is reflected in our local housing market,” said Realtors Association of Edmonton president Darrell Cook. “Prices have risen slowly through the first six months and there is nothing in our local economic trends to indicate that this period of stability will change.”
Post by Alexis Hlady
