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Elite Real Estate Blog

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Calgary Condos: What to Know Before Buying – Part 2

Condos in Calgary have an undeniable appeal for a lot of homebuyers. In addition to being a more affordable option than Calgary’s detached single-family dwellings and even townhouses, they also offer buyers a pretty low-maintenance lifestyle.

Imagine living in a community where weeding gardens, cutting grass, shoveling snow, and property repairs and maintenance are all taken care of for you… That’s condo life.

But what about a tangible ROI for your investment? Would a condo offer a similarly strong ROI as a house or townhouse?

Cartoon of a man putting a loony into a piggy bank

Both are good questions. Read on to find out their answers.

Property Assessments and Assessing Your Property Options

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(Estimated reading time: ~3 minutes)

Calgary Condos: What to Know Before Buying – Part 1

 

In our decades of experience, the good agents here at Elite Home Real Estate have learned that summer is the #1 season for first time buyers. In fact, the number of first-timers that we help is consistently the highest during this season than any other time of the year... And for a whole lot of first time buyers, condos are the property type of choice.

Thing is, we’ve also learned that very few buyers – first timers or not – are 100% aware of the many ways in which owning a condo differs from owning a house or even a townhouse. It’s with this in mind that we write this blog series, “Calgary Condos: What to Know Before Buying”… Because a little bit of

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(Estimated reading time: ~4 minutes)

Did you know that Calgary is a semi-arid region? This means that we typically get between 250–500 millimeters of precipitation each year (for our American friends, that’s 10-20 inches). As a result, we get to enjoy lots of dry, sunny summer days and cool, clear summer nights.

However, it definitely does not mean that we lack excellent water holes in which to enjoy these hot summer days!

Cartoon of a girl and boy playing with a beachball in water

From the Bow River to great community lakes and reservoirs – we have enough bodies of water to dip all your toes, feet, water wings, and canoes in. With this in mind, and picking up on our last blog post, we've got a wet & wild list of our 8 top outdoor Calgary water spots for maximum summer fun... So let's dive right in!

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One of the little-known perks of being a Calgary real estate  agent is that we have some fairly privileged “inside knowledge” on a whole lot of festivals and community events happening in this incredible city.

It makes sense, when you think about it. Our job is to provide clients with as much information as possible about Calgary’s real estate scene, including a full run-down of what benefits each of Calgary’s neighbourhoods and communities have to offer – such as community events and festivals!

Cartoon of happy realtor skipping through a field

In our decades of combined experience helping Calgarians buy and sell their homes, we have learned about more awesome community events and local festivals than you can shake a pancake flipper at… And then some.

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Imagine working with a realtor for months as you search for your next dream home, only to finally find this “dream” home and get swindled out of $20,000.

To make matters worse, the person who swindled you also convinced you to walk away from the one person who would have helped you save that $20,000... And were rewarded even more for it!

It’s a sad, frustrating situation for the victim and a heartbreaking tale of caution for the rest of us. It’s also the story for this next installment in our “True Tales of Calgary Real Estate” blog series.

Cartoon of home selling swindler throwing away ill-gotten cash 


How Mac got Knifed... Right in the Wallet.

Some years back, one of our awesome realtors was helping a nice young man find a house in Calgary’s deep southeast. For the sake of the story (and this

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(Estimated reading time: ~4 minutes)

Did you know that, here in Alberta:

1. There is no law or guideline that requires sellers to disclose if a property has been the scene of a crime (such as a murder, meth lab, or grow-op) if the property has been “materially remedied”?
2. Commissions for real estate are outlined in the initial listing contract between the seller and realtor?
3. It is a realtor’s professional obligation to perform due diligence in investigating the history of a property listing?
4. Homebuyers can take advantage of a real estate agent’s service for free?

The main characters in this installment of our “True Tales of Calgary Real Estate” didn’t know any of these things – and they ended up paying for it, literally and figuratively.

Cartoon of a man looking regretful as he sits on a lump of dirt beside an old fashioned mail box

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(Estimated reading time: ~4 minutes)

Picture this:

A nice young couple falls in love with an awesome character house. It's a “century home”, originally built at the start of the last century, in one of Calgary’s oldest neighbourhoods – a great little starter home for them. This century home has been “fully updated and renovated” by the current owner, who is selling the house himself.

Utterly smitten with this cute little house, they decide to buy it.

Then, shortly after moving in, they learn they’re expecting their first child… Times 2! (That’s right – twins!)

But guess what! They soon learn that the charming little century home they just bought has a very serious problem – the original dirt basement was never, ever properly renovated.

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Once upon a time, it was considered a desperate move to list a home for sale during the holiday season, both in the Calgary real estate market and anywhere else. The thinking was that only “truly motivated” sellers kept their homes on the market over the festive season. Likewise, only the most interested buyers would take time out to go and view a property.

And this made good sense, way back when. After all, who wants to trudge through the snow and cold to go view a property? On the flip side, why would you want strangers traipsing through your home at such a busy and stressful time of year?

But That, ‘twas Then…

Luckily, all that’s changed thanks to 21st century technology. No longer do prospective home buyers need to take time to go and

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Income Property in Calgary: What You Need to Know – Part 3

(Estimated reading time: ~6 minutes)

In our last blog post, we discussed 4 key considerations for income property investments in the Calgary real estate market. This blog post expands on one of those 4 key considerations – the ongoing costs that you need to consider before deciding to take the plunge and purchase a rental income property.

Cartoon character smiling while working on a calculator and crunching numbers.

With Reward Comes Responsibility

While property ownership has many advantages, it also has its fair share of responsibilities. Not only are you responsible for the obvious things like property taxes and maintenance/repairs, you’re also obliged to ensure that this income property is clean, safe, and ready for human residents!

You're also

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Income Property in Calgary: What You Need to Know – Part 2

(Estimated reading time: ~3 minutes)

While investing in Calgary real estate offers some of the strongest ROIs in the country, investing in rental property isn’t for everyone. It’s a huge commitment, and while you may see big financial rewards as the owner of a rental property, there are also a number of risks to keep in mind.

A sudden downturn in the economy, fluctuations in the local job market, or even natural disasters can impact how much of a return this investment can give you. Many times, these risks can’t be predicted – but sometimes they can. Luckily, a knowledgeable, experienced realtor will be able to help you navigate these risks and guide you on the right path to income

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