Richard & Liz Bergeron : RE/MAX Realty Professionals : : page 72

First Time Buyer? – Look To Condominiums!

Posted on December 10, 2015 by Richard Bergeron

You’ve been renting apartments since the day you left home and you have managed to save a bit of money over the past few years. After listening to all the hype around low interest rates, “don’t pay your landlord, pay yourself”, and what a great investment real estate is, you are ready to look at buying your first place. Congratulations!

But before you know it, all the soothsayers start in: you won’t have enough down payment, what about all the costs of owning property, the hassle of getting things fixed when they break and so on. Pretty soon you don’t know if this is such a good idea. But don’t worry; maybe all you need to be looking at are condominiums.

The best place to start is with a mortgage broker, to determine how much down payment you need based on what you can afford for monthly payments. Not all mortgages are the same these days. Variable interest rates, locked in terms and balloon payments are just a few of the mortgage details you want to go over with your mortgage broker prior to buying a property. And keep in mind that some mortgages even allow you to buy a property with no down payment at all! So shop around, and find the best fit for your needs.

Once you know what you can afford to buy, find a real estate agent who will help you find what you want to buy. Condominiums are a very specialized segment of the real estate market; so find someone who knows this niche inside and out. What are the agent?s credentials, designations and experience in the area? Don?t be afraid to ask questions. Conversions, new construction, bare land condominiums and reserve fund studies are but a few of the considerations you as a new condo owner will be faced with. Your real estate agent can help educate and inform you.

But more than the initial buying details, your agent will also be able to match up your unique lifestyle requirements with the right condominium building. Do you want exercise facilities, pool, green space, big windows, extra storage, underground parking, and car wash, close proximity to amenities and transportation, concierge service? An informed agent can guide you through these and other items that will make your condo living experience all that you want it to be.

And what about all those hidden costs of owning property? Fixing fences, roofs, exterior painting, cleaning the parkade? With condominium ownership your monthly condo fee will cover most of these types of expenses. So you don’t have to worry about co-coordinating people to get the work done and take time off work to meet them. Of course, this will free up more of your time to check out the new martini bar or coffee house that opened up down the street!

Richard Bergeron is a licensed real estate agent with RE/MAX Professionals. He has been specializing in condominiums for more than 20 years, is a member of the Canadian Condominium Institute, teaches condominium courses, is the board president (4 years running) of a condominium building in Killarney and owns several investment condos. If you would like any additional information regarding your condominium real estate needs please feel free to contact Richard at 403-259-4141.

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Traditional Real Estate Rules Have Been Broken!

Posted on December 10, 2015 by Richard Bergeron

Over the past several weeks I have visited many of the new condominium towers that are currently being marketed in the Calgary area. Calgary is seeing a boom in high rise condominiums that will be constructed in the next 3 -5 years. As many as 2500 new condo units are slated to be constructed in the inner city alone. Many of these new towers are already boasting, even before construction has started, a record number of pre-sales.

For a condominium buyer, selection of new product has never been better! Most upcoming buildings offer prospective buyers several show suites to view, showcasing extremely attractive features and amenities. A new condo can also offer a wide range of customized options that can be upgraded to complement each buyer’s individual style and taste.

After choosing your new condo don’t let the excitement wear off as you will need to be prepared to wait. If building construction hasn’t started yet, it may be up to 36 months until you take possession of your dream condo. As the pre-sales attest to, people are more than willing to endure the delay. Also, on a positive note in most cases waiting up to 36 months to take possession may allow for your property to increase in value.

Another reason for buyer’s patience is the current state of the resale condo market. With Calgary’s economic prosperity, more and more people are moving here and not many are leaving. This has put pressure on the resale market. Not many listings are coming on the market and when they do, they don’t last long! It is not unusual to have multiple offers on properties these days.

Buying at today’s prices, buyers are looking to see their units appreciate in price even before they take possession. The way housing prices in Calgary have performed over the past 3 years, this is a fairly safe assumption! Keeping in mind investors are thinking the same way and many of the pre-sales in these new towers are investor purchases.

When it comes time to move in, you may want to have the majority of your neighbours owning their units, rather than renting them. Ask informed questions of the sales people at the time you purchase to avoid surprises once you move in. A professional real estate agent can go a long way to ensure your condo investment is sound on many fronts.

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Kids And Condos

Posted on December 10, 2015 by Richard Bergeron

I was speaking with a friend the other day over coffee when she announced she was going to have to sell her inner city condo and move to a house. She said with her 3 year old son, there just weren’t enough activities around.

This got me thinking about the common lament of kids: “There’s nothing to do!” This is not so about Calgary’s downtown and inner city areas. Calgary’s core offers a multitude of activities, parks and destinations for the younger set, even in the cold winter months.

Devonian Gardens – in the heart of Calgary is an oasis! A 2.5 acre climate controlled garden located on the 4th floor of an office building and shopping center, with reflecting pools, koi fish to feed, water falls, and an indoor playground for the kids to burn off some extra energy. Located directly on the LRT line, nothing beats this spot when it’s 20 below outside!

W.R. Castell Central Library – also located directly on the LRT line is the central library. On the second floor is the children’s section, loaded with books for all ages, videos, CD’s and computer terminals, too. Once you are finished, you can get a snack at the Good Earth located at the main entrance.

Triangle Gallery – while in the area, why not give junior a dose of art appreciation at the Triangle Gallery, located in the city hall building.

Calgary Science Centre – located at the opposite end of downtown is the Telus World of Science. Kid’s of all ages can spend the whole day here. Wow town for the 3-5 year olds, discovery hall (3 levels) for the older kids, big screen movies and an outdoor playground are but a few of the great activities this wonderful facility has to offer.

Eau Claire Market/Prince’s Island Park – in both the summer and winter this area along the banks for the Bow River is great for kids and families. The indoor market has a great selection of shops and services, roving entertainers in the summer and probably the best kids water park in the city in the summer! Prince’s Island Park offers lots of green space, walking paths and a huge playground designed for kids of all ages. Located along the Calgary River Pathway system, you could spend all day biking / walking / roller-blading.

YMCA – Also in the Eau Claire area, the YMCA is a premier sport and recreation facility for the whole family. Their programs for kids and adults alike are second to none and cover all age groups.

Calgary Zoo – just on the outskirts of downtown and a short LRT ride, is the Calgary Zoo. Spend a day with the animals!

Riley Park – A short walk across the river and up 10th Street is another great summer spot with a great playground, tons of green space and a wading pool/water park. Don’t miss this on a hot summer day.

With so much to offer her family, I wondered why my friend was considering leaving the downtown area. Whether you have kids or not, why not check out some of these ideas for yourself!

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Up, Up And Away!

Posted on December 10, 2015 by Richard Bergeron

Over the past several weeks I have visited many of the new condominium towers that are currently being marketed in the Calgary area. Calgary is seeing a boom in high rise condominiums that will be constructed in the next 3 -5 years. As many as 2500 new condo units are slated to be constructed in the inner city alone. Many of these new towers are already boasting, even before construction has started, a record number of pre-sales.

For a condominium buyer, selection of new product has never been better! Most upcoming buildings offer prospective buyers several show suites to view, showcasing extremely attractive features and amenities. A new condo can also offer a wide range of customized options that can be upgraded to complement each buyer’s individual style and taste.

After choosing your new condo don’t let the excitement wear off as you will need to be prepared to wait. If building construction hasn’t started yet, it may be up to 36 months until you take possession of your dream condo. As the pre-sales attest to, people are more than willing to endure the delay. Also, on a positive note in most cases waiting up to 36 months to take possession may allow for your property to increase in value.

Another reason for buyer’s patience is the current state of the resale condo market. With Calgary’s economic prosperity, more and more people are moving here and not many are leaving. This has put pressure on the resale market. Not many listings are coming on the market and when they do, they don’t last long! It is not unusual to have multiple offers on properties these days.

Buying at today’s prices, buyers are looking to see their units appreciate in price even before they take possession. The way housing prices in Calgary have performed over the past 3 years, this is a fairly safe assumption! Keeping in mind investors are thinking the same way and many of the pre-sales in these new towers are investor purchases.

When it comes time to move in, you may want to have the majority of your neighbours owning their units, rather than renting them. Ask informed questions of the sales people at the time you purchase to avoid surprises once you move in. A professional real estate agent can go a long way to ensure your condo investment is sound on many fronts.

Read

Quality Renovating Equals Great Value

Posted on December 10, 2015 by Richard Bergeron

Ask any investment advisor and they will tell you real estate is an important part of anyone’s investment portfolio. As someone once said, “Buy land, they aren’t making any more of it!” Over the long run just about every piece of real estate increases in value. But in addition to buying and holding real estate for future gains, the savvy investor knows there is money to be made in the short term with renovating dated or “tired” condos and selling them for a profit.

Renovating a condominium with quality finishing can net you a reasonable return once you sell it, as the very nature of condominium living revolves around convenience, lifestyle and attention to detail. These buyers want to enjoy life and relax in luxurious surroundings and are willing to pay for not having to do the work themselves!

The success of any renovation boils down to the quality of the finishing. With quality I mean the overall look and feel of the whole package. The overall effect needs to flow, co-ordinate, look and feel that each part compliments the whole. This does not have to mean that every item is the most expensive money can buy! But the finished package needs to have that “Wow” factor. One of the best ways to accomplish this is with the services of a skilled designer.

Many of my higher end clients ask for names of qualified designers long before they start a renovation project. If the package is done right, the client will see the financial results. From picking paint colours to choosing materials and recommending trades, the art of a skilful designer can greatly enhance what you thought possible for your investment.

When it comes to the actual work that needs to be done, if you are able to tackle some of the jobs yourself, go for it! Picking up supplies, minor painting, changing light fixtures and switch plates and even completing some of the demo work yourself can be ways of saving costs. If you have the skills to accomplish more complicated tasks, use them! If not, hire a professional the get the flawless effect. Always keep in mind who your target buyer will be.

Different price points of real estate require different levels of finishing. A $200,000 condominium can achieve the wow factor with laminate flooring, while a $500,000 condo may need solid wood floors to complete the package. You will have a cost difference of around 35%, but the end effect could add $20,000 to the final value of the condo and speed up the selling process. Lighting and plumbing fixtures are other areas where level of finishing is most evident to prospective buyers and needs to meet their expectations.

Renovating condos for profit can be a financially worthwhile venture. Remember to renovate with quality to increase the value of your condominium!

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Richard & Liz Bergeron

Calgary’s Real Estate Specialists

Richard's Cell: 403-819-2331 | Liz's Cell: 403-875-8470

Richard & Liz Bergeron