Terri Stephens | 403-827-4663

 

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.

 

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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 

 

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