Condominiums offer alternatives for local buyers
For years, the word “condo” triggered visions of a second home at the golf resort. Or a cabana on the Caribbean.
But now they’ve become a preferred choice for many Canadians, offering all the comforts of home — without the weeding, the raking and the snow shovelling.
In Lethbridge, there’s a wide range of choices in condominium living in many areas of town.
Most are selling for significantly less than singlefamily homes in the same neighbourhoods. For today’s families who don’t want to assume a mortgage for a $400,000 home in Fairmont, for example, buying a condo for less than half that much may be the better option.
“There’s a whole range of prices and amenities and locations,” says Mary McLean, a Realtor with the Sutton Group in Lethbridge. “You can get a condo of some description for under $150,000.”
And they come in all shapes and sizes. While some of the city’s first units were in converted apartment buildings, condos are also found today in townhouse developments, fourplex structures, half duplexes and more.
“There are any number of options, to suit anybody’s needs.”
If price is no object, a Lethbridge couple recently listed a secondfloor, 4,200-square-foot downtown condo for $1.2 million. But just a block away, there’s a second-storey condo listed for $250,000.
Or for less than $120,000, there’s a highrise condo nearby with a city view.
And for Lethbridge seniors, there’s a choice of specially designed retirement condos starting from about $250,000.
“When you’re buying a condo, you’re buying into a community,” McLean explains.
For seniors, that’s probably one of the advantages of moving into an age-restricted condo in established neighbourhoods or downtown. For post-secondary students, condo living has its demographic advantages as well.
Over the years, McLean notes, many families have bought condos for their college or university students — hoping to see other students move in and help with the mortgage, and then sell the condo for a little more five or six years later. The continent-wide housing price slump in 2008 caught some of those families by surprise, she says.
To avoid surprises in today’s condo market, she strongly advises paying close attention to all the condo corporation documents. Realtors can pinpoint issues a buyer should explore, but McLean suggests checking with condo bylaw experts for assurance.
Purchasers should also hire a qualified home inspector, just as they would for a detached home. “Even if it’s new,” she adds. Condo sales are an important part of the real estate market today — there’s more then 120 listed in the Lethbridge market area, McLean says — and the process of securing the financing, making an offer and dealing with all the paperwork need not take any longer than buying a bungalow.
But there are different questions to ask. Are pets allowed? Which utilities are included? What are the condo fees? And is there an age restriction? If there is, “You can own the condo but you can’t live in it” if you haven’t celebrated enough birthdays.
Indeed, some people buy condos as a revenue source, renting them to couples or individuals who aren’t ready to purchase a home.
When taking a look at a condo for sale, McLean suggests home shoppers allow a little extra time.
“The Realtor will tour you around the whole development,” not just the unit that’s listed.
For some of the city’s larger developments, that could include a patio and pool, underground parking, carpentry and hobby rooms, a community room and more.
And McLean says some Lethbridge condo developments also provide guest suites, ready to accommodate family members or friends who want to pay a visit.
So there’s no need to buy a condo with a guest bedroom, she says. And the user fee should be much less than booking a hotel.
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