First Time Home Buyer, Renod Condo in SW 128,900

[Travis Munroe]

http://abmls.mlxchange.com/DotNet/Pu...60&s=ALB&t=ALB

I just came across this new listing (it is not my own).

If this were to be had for 125k or less the mortgage payment with just over $6,000 down would be around $575 per month. Condo fees would be $312 per month including heat and taxes around $75 per month.

Contact me if you want to have a look!

[Bigtime]

$312/month condo fees for a ~500sf place, isn't that a little high?

[Travis Munroe]

I think it is reasonable for including heat.
Some of these condos are not much larger and paying 450+

Edit: the condo document review and understanding the financial position of the building will obviously tell you everything you need to know and whether fees are planning on going up any time soon.

[hmmhmmcamo]

Originally Posted by Realtor 1

Edit: the condo document review and understanding the financial position of the building will obviously tell you everything you need to know and whether fees are planning on going up any time soon.

could you elaborate a bit on this?

disclaimer: not sure how strata buildings work

When you say "condo document review", are you referring to the strata meeting minutes? Or are there other documents you would review when looking at purchasing a condo/strata? In a newer building, what would jump out at you as something that could cause fees to increase significantly? Thanks.

[Travis Munroe]

I am heading to the east village pre sale right now but can elaborate when I get home.
New buildings are much more different to predict,
There is a long list of documents a seller of a used building must supply for review, budgets, meeting minutes, AGM, reserve fund study, building insurance certificate, management agreement, balance sheet, by laws etc..... all of these things give you different information about the property which is important to know.
A new build is different but I have to run...