Edmonton Real Estate Blog

Today, I received a great email from Serge in regards to an Alberta Real Estate Association article entitled “Condo Commentary: Do You Own That Window?”

Basically, it was answering the question on how to tell if the exterior of the windows (and doors) are part of the condominium unit or not.

Going to the point, the article informs the readers that “Before September 1, 2000, exterior doors and windows were considered to be part of the unit.  After that date, exterior doors and windows became part of the common property.  However, a corporation registered prior to September 1, 2000 had until September 1, 2002, to register a special resolution to amend the plan so that these became part of the individual units again.  This can mean that some condominiums may have windows and doors that are part of the unit and not the common area.”

This got my train of thought going. Since Alberta’s economy is poised to be one of the best in Canada this year and in 2015 as reported by RBC, and that Edmonton’s local government have reported an increase in growth population by 7.4%, the probability of people buying condominiums, either as a home or an investment would increase.

With this in mind, I believe it is apt to share with you this 5 simple things to consider when buying a condominium. Take this to heart and you’ll be at the right side of things. Please feel free to add or share your thoughts in our comment section below.

1. LOCATION, LOCATION, YES-LOCATION: This is the golden rule of real estate and this rings true wherever you are in the world. The neighborhood and location of the condominium hinges on this simple fact. Remember that the location is one of the main contributing factors in successfully renting out or reselling the property in the future-unless you prefer to live out your life in there, which I would highly doubt.
2. RULES, RULES, RULES: It holds so much importance that I need to repeat it thrice. A thorough review of the rights and restrictions in the condominium bylaws is very much needed. Read and understand the rules as some or most of it might affect you or your future rental business. Here’s a good example. My condominium doesn’t allow pets and I handle several units for rent here so when I got two inquiries from potential tenants, I was painfully disappointed (in the business side) that they have trained house dogs. Trained or not, pets aren’t allowed so that situation basically ruined my business-at least for those two.
3. FEES, PAYMENTS, DUES: Those three synonyms mean the same thing, monthly bill. No matter where you go, condominiums always charge a certain fee for the maintenance of the common areas and the overall building.
   It’s important to know what the condominium fee is. Something that should ring your bells and alarms is the low condominium fee. It’s not always good. You may want to find out why the fee is low, assuming you followed what I wrote in number one.
4. PLAN OUT: Like everything we do in life, buying a condominium should be planned out. Would you use it as a home or will it be a rental property? If it’s the latter, would you manage it yourself or will you hire a property manager? It’s all about risk management. If you have things well planned out, the probability of losing money would be minimal or even non-existent.
5. RENTAL PROPERTY: I just want to include this in here. If you plan to live in the condominium, then the first four steps would cover you. But if you’re planning to make this a serious investment, read on. Keep in mind that it is important to be strict in yourself when conducting due diligence for your potential condominium. Inquire about the experiences of the present tenants as most of the time, this would give you a good glimpse of what it’s really like living in the building-the things that the paperwork won’t reveal. And speaking of paperwork, you may need a real estate lawyer to pore over the condominium association’s rental lease.Lastly, a simple way to see if the condominium is good for rental is to check if there are a good number of owners renting out their units. This is because the bylaws could be amended to prohibit renting in the future-if there are a good number of owners renting out their units, then the chances of that happening would be slim-again, part of your risk-management.

Stick with this 5 simple things and you’ll be on your way to having a great condominium property.

To make sure you don’t make any mistakes in the process, it is truly advisable to seek the help of professional Realtors. Team Leading Edge is an experienced team that have sold condominiums in Edmonton. Recently awarded as one of the Top 30 RE/MAX Real Estate Teams in Western Canada, the team is made up of competent Realtors that could and would help you in every step of the buying process.

Check out all the available condominiums for sale in Edmonton through our MLS real estate listings. It is updated daily so you will get superb listings to choose from and don’t hesitate to call Team Leading Edge anytime to get you started on that future property of yours.

Do you know how great investors are distinguished against average people?

They are the ones who grab an opportunity fast whenever it presents itself.
Okay, wait, let me rephrase that. They’re the ones who POUNCE to every bit of opportunity that life presents!
That’s much better.

To elaborate further, great investors are the kind of people who make their own luck. They don’t wish for luck. One of the best books I’ve ever read is “The Richest Man in Babylon by George S. Clason”. There were four quotes mentioned in that book relating to luck that I would like to share with you. First, “Good luck waits to come to that man who accepts opportunity”, second, “To attract good luck to oneself, it is necessary to take advantage of opportunities” third, “Good luck can be enticed by accepting opportunity” and lastly, “Men of action are favored by the Goddess of Good Luck”.

Although the book was written ages ago, the quotes still apply to this day and as I see it, it will persist for as long as there are human existence that strive to achieve a greater sense of being. I’m striving to achieve a good life and if you do as well, then its best that you too take the quotes to heart as it may guide you in your own journey.

A great opportunity is in front of you right now. Take the Canora Experience. This 4 bedroom half duplex bungalow is currently in the market. Given the economic rise of Alberta this year, this kind of real estate property would come ever so rare.

At $274, 900, this 969 sq ft piece of opportunity can and should be your next home or investment. Analyze the data, crunch the numbers, do your due diligence, I assure you all of it would point to same conclusion. To put it simple terms; this will bring the best bang for your buck.

Check out the photos below and see for yourself how this opportunity could change your life.

View the complete details of the property here.

Opportunity awaits! Act now before its too late.

Winter is coming-or so they say in the famous HBO TV Series Game of Thrones. Fall starts in mid-September which ultimately rings the bell that winter is coming in Edmonton and depending on your profession it could either be a sign of dread or glee. For Realtors it’s a sign in the annual market cycle that activities will slow down as more and more people would tend to shy away from moving or purchasing homes in those cold winter months.

While I was having a conversation with one of friends based in London, she mentioned that she wanted to go to Canada to try the snowboarding spots, so that got me thinking, where are the best places to go and have fun when in Edmonton? In a recent report, the city government of Edmonton said that “Edmonton has grown by 7.4% or more than 60,000 people. That’s 82 people moving to Edmonton every day. To put that in perspective, effectively from 2012, we have grown almost the size of a city like St. Albert.”

With that volume of people moving in Edmonton, I think this would be a fun article to show the best places to visit once they’re in the city, especially now that snow would be falling. Below is a list of places that I have compiled throughout the internet that you should utterly include in your bucket list of places to go in Edmonton. Let us know in the comment section if you know more great places to visit.

My research led me to 3 ski / snowboarding spots and I added some bonus must-go locations.

1. Snow Valley Ski Club: This is the first on the list as it is one of the best reviewed spots online garnering 3.5 stars on Yelp.com. The place is great for beginners and experts alike, it offers “a very standard and flat slope without much contours” as one reviewer wrote. Family and friends would surely have a great time here as it is located within city limits.

Photo courtesy of Yelp.com

See who’s learning how to Ski!

2. Sunridge Ski Area: Based from their website they are located four blocks south of the Yellowhead Trail on 17 Street. It is just across the river from Rundle Park in the Strathcona Science Park. Judging from the trail guide, the place offer a very decent slope for newbie skiers and snowboarders-think of it as a great place to practice your skills after your Snow Valley lessons.

Photo courtesy of skiresort.info

3. Edmonton Ski Club: With 25 acres (10 hectares) of pure skiable area and 200 ft (61 m) of vertical drop, this place offers an alternative venue when you’re done with Snow Valley and Sunridge. Established in 1911 (as evidenced by the grayscale photo), this place might have seen more ski and snowboarder failures than you’ll see in your lifetime so don’t feel embarrassed if and when you bite the dust at this course. An ad from their website reads “the Terrain Park is serviced by two lifts Twin Birch and T Bar. Again this area has a variety of pitches, jumps, rails, bars and tubes. For skiers and boarders that are at a more advanced level of freestyle.” Better start preparing for your next epic jump!

Photo courtesy of albertaskiresorts.com

Here’s the bonus must-go locations once you’re in Edmonton:

4. West Edmonton Mall: Considered to be the largest shopping center in North America-yes, LARGEST in North America. This mall has plenty of shops to satisfy your shopping desires! The mall also features an indoor amusement park considered to be the biggest in the world which your kids would undoubtedly love. If you’re more like a coffee lover like me, the cafes would be another home away from home. (Of course don’t forget to buy your permanent Edmonton home from us).

Photo courtesy of kitshop.ppcli.com

5. Edmonton Golf Courses: And this… of course is a must try, even once in your lifetime. It’s still September so there’s still plenty of sunshine to do this activity. Edmonton offers a good list of golf courses ranging from public, semi-private to exclusive ones. They say golf relaxes your mind-swing away your worries in one of these golf courses.

Photo courtesy of flickr.com

So there you have it, once you step inside the beautiful city of Edmonton, the list above should be on your bucket list of places to visit. There are plenty of other amazing places to go to but you’ll have to start somewhere.

Open House at 48 Coachman Way

RE/MAX Elite Team Leading Edge, fresh from bagging the Top 30 RE/MAX Real Estate Teams for Western Canada for the month of July is once again conducting an OPEN HOUSE on 24 August 2014, Sunday at 48 Coachman Way, Sherwood Park, from 1:00 pm to 4:00 pm.

To have a full scope of the house details, click here. 

For a full list of houses for sale in Edmonton, don’t forget to check featured listings on the home page.

See you on the 24th!