It’s an excellent time to buy a condo in Fort McMurray right now: there’s a great supply of real estate on the market, and many condominium developers are offering fantastic packages with extras and upgrades.

If you’re a first time home buyer on a budget, want to downsize your life or interested in a “lock and leave” lifestyle, Fort McMurray condo real estate might be the perfect fit for you. We’ve put together information about condo ownership, how it’s different from owning a single family home, and some advantages of the condominium lifestyle to get you started.

Condo Ownership versus House Ownership

The biggest difference between owning a condo and owning a single family home is what you own. When you buy a house you own the entire building and the section of land it sits on, but when you purchase a condo you have sole ownership of your condo interior only while everything else is common, shared space. When you purchase a condo you essentially co-invest in the building with your neighbours. Decisions about the exterior, common space and grounds are made by a Condo Owners Association since they are shared.

Condo Owners Associations collect monthly dues that cover the exterior, insurance, landscaping, trash collection and other building maintenance while individual owners are responsible for maintaining their condo interiors. Sometimes your condo fees will also include some or all of your utilities, and the dues often include paying into a reserve fund that can be accessed to help fund more costly repairs such as re-shingling the roof. If the reserve funds are not adequate, additional special assessment fees can be levied on all owners to help pay for needed repairs.

Owner Occupancy Rate

Some people who buy condos have purchased investment properties to rent out, while others buy condos as their own primary residence. In general owners who are also occupants are better neighbours, keep their home in better condition and are more likely to follow the rules and regulations. Many renting tenants are also excellent neighbours, but a building occupied by more tenants than owners typically has more challenges.

Benefits of Fort McMurray Condo Living

Affordability. Condos usually cost less per square foot than single family homes and are often comparable to rental prices: perfect for first time home buyers.

Lock and Leave. Living in a condo has a maintenance-free reputation for a reason: let someone else worry about the yard work and building maintenance.

Security. Living in close proximity to your neighbours is great for a sense of security: there are always lots of eyes to keep watch over the space, and many condos have extra security features like secure parking and exterior doors that must be buzzed open.

Amenities. When condo shopping keep an eye out for the luxurious extras: amenities such as fitness rooms, shared meeting or party spaces, and pools or hot tubs are all potential perks of condo living.

Searching for a Fort McMurray Condo? Check out Longboat Landing, where condos start at $389,000 and go up to 1,332 square feet. Featuring attached garages and underground heated parking.

Longboat Landing: Special Offer!

Get 200,000 Aeroplan Miles or a $10,000 pre-paid Visa when you buy in Longboat Landing.
Offer expires January 21, 2011 so hurry and contact The Lore Group for more information today! There are only 7 units left!

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