RSS

Condo fees sometimes cost-prohibitive for Calgarians

 

While affordable mortgage rates in Calgary are enabling many people to buy a property inexpensively, individuals who are looking to purchase a condo sometimes run into financial trouble due to condominium fees.

According to a recent poll conducted by Environics Research Group, which surveyed Calgarians who have or are looking to purchase a condo, 41 percent of respondents said they would need to look for a new place if their fees were to increase.

To prepare for fees that may come unexpectedly, mortgage specialist Jessy Bilodeau offers some suggestions.

"You can prepare for a fee increase by building a buffer into your monthly housing budget," said Bilodeau. "That way if fees go up, it won't be a major shock to your cash flow. If they don't increase, you have extra money to put aside in savings or towards your mortgage."

The poll also looked at what Calgarians thought were the most important aspects of a condo before purchasing one. The top vote-getters included good building security, low condo fees, a balcony, energy-efficient building features and attractive interior design.

 

Read

THE Expenses associated wiht a property portfolio are more easily overlooked: 

 

1-Get Organized - I've been using a spreadsheet for my monthly expenses.  There are several you can find and work on in the icloud.

 

2-Know Your Expenses - advertising, buisness use of home expenses, Condo fees, Continuing education, consultant fees, insuarnce, Interest, Management fees, Motor Vehicle expenses, Office Expenses, Property Tax,

Repairs and maintenance, Salaries and wages, Telecommunitications, Travel, Meals and lodging, Utilities

 

3-Know your captial Costs

 

4-Refuse a Salary - depends on the size of your portfolio

 

5-GST/HST - be vigilant

 

6-Start a Tax Free Savings Account (TFSA)

 

7-Disclose Foreign Investments

 

8-File on Time

 

 Terri's Tidbit for today 

 

Read
Categories:   a | Airdrie condos, condos, foreclosures | Airdrie Realtor, Best of Airdrie, Local Resident, Real Estate | Airdrie Stats | Airdrie, Airdrie Real Estate | Aireloom Mattress, Terri Stephens, CIR REALTY | Arbour Lake, Calgary Real Estate | Auburn Bay, Calgary Real Estate | Beddington Heights, Calgary Real Estate | Beltline, Calgary Real Estate | Bridlewood, Calgary Real Estate | calgary homes, airdrie homes, airdrie condos, calgary condos, | Carstairs, Carstairs Real Estate | census, population, fastest growing cities, Calgary Homes, Calgary condos, Airdrie condos | Chaparral, Calgary Real Estate | chestermere, real estate, calgary homes for sale | Citadel, Calgary Real Estate | Coventry Hills, Calgary Real Estate | Crescent Heights, Calgary Real Estate | Crossfield, Crossfield Real Estate | Didsbury, Alberta Real Estate, Acreages | Discovery Ridge, Calgary Real Estate | economy, Alberta, Growth, Buying a home | Evanston, Calgary Real Estate | Evergreen, Calgary Real Estate | every | everything | everything I touch turns to sold | everything I touch turns to sold, Calgary Spring Real estate market, Spring real estate market, Airdrie Spring market | Fairview, Calgary Real Estate | forecl | Forest Heights, Calgary Real Estate | generation x, homeowners, Airdrie Condos, Calgary Condos | Greenwood/Greenbriar, Calgary Real Estate | Harvest Hills, Calgary Real Estate | Hidden Valley, Calgary Real Estate | homes in airdrie | housing starts 2013, Bubble, Alberta, | Lower Mount Royal, Calgary Real Estate | Marlborough Park, Calgary Real Estate | Martindale, Calgary Real Estate | Mayland Heights, Calgary Real Estate | McKenzie Towne, Calgary Real Estate | Millrise, Calgary Real Estate | New Condos in Airdrie | Nolan Hill, Calgary Real Estate | Olds, Olds Real Estate | Out of Province_Alberta, Out of Province_Alberta Real Estate | Panorama Hills, Calgary Real Estate | Pineridge, Calgary Real Estate | Ranchlands, Calgary Real Estate | Royal Le Page Roger LeBlanc | Rural Rocky View MD, Rural Rocky View County Real Estate | Saddle Ridge, Calgary Real Estate | Seton, Calgary Real Estate | Taradale, Calgary Real Estate | TD Bank, ATB, Alberta Housing Market, Calgary, Alberta | terri stephens, cir realty, airdrie realtor, calgary real estate, airdrie real estate, first time home buyers | Thorncliffe, Calgary Real Estate | Walden, Calgary Real Estate
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.