If you’re thinking about buying a condo in Edmonton, it is important to understand that you are not just buying an apartment, you are also buying into a corporation. Making an informed decision means going beyond the surface and doing the right checks before you finalize your purchase.
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A Condo is a Corporation
When buying a condo in Edmonton, you are purchasing a share in a corporation that is jointly owned by all the other unit owners. The financial health of this corporation directly impacts your future costs and the overall value of your investment.
Why a Condo Document Review Matters
Before committing to buying a condo in Edmonton, always make your offer conditional on a full condo document review. These documents provide insights into the reserve fund, bylaws, recent meeting minutes, and any upcoming maintenance or special assessments. A thorough review helps you spot red flags before they become expensive problems.
Risks of Skipping the Condo Review
Without a proper review, you risk getting hit with unexpected costs. Special assessments can run into tens of thousands of dollars, even up to $80,000 in some cases. These kinds of financial surprises can cause major financial strain, and they are often avoidable with careful due diligence.
Protect Yourself When Buying a Condo
A qualified condo document review company will help you assess whether the corporation is financially healthy and if upcoming costs have been properly planned for.
Whether you are preparing to buy your first home or thinking about making a move, if you’re looking to get pre-approved for a mortgage to buy a condo or other property in Edmonton, fill out my online application. I’m here to help you every step of the way.
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.
