1. GET PRIOR APPROVAL EARLY

The first step in buying New condos for sale condo should be figuring out what you can afford, says Brad Logel, who works with Cardel Lifestyles on condo and townhome developments in communities like Auburn Bay, Cranston and Panorama Hills.

He suggests going to a mortgage specialist and getting pre-approved "well in advance" so you know what's in his budget and how much he will have to save before he can make a down payment on a new condo.

Getting pre-approved will help you narrow down your search for condos, as you can focus on the developments that fit your budget.

2. START SMALL

There is a difference between the type of condo unit you might be approved for and the amount of money you should spend on your first home, Logel says.

He warned against buying too big the first time and ending up married to his mortgage.

"You don't need to resent that relationship together with your mortgage," he says. "You want to travel on vacation, you would like to shop for nice furniture and you would like to enter the market."

3. LOOK AT THE STRUCTURE OF DEPOSITS AND INTEREST RATES

If you're buying a pre-sale condo, you're likely making a down payment on New condos for sale you won't be living in for one to three years, says Chelsey Marshall, sales and marketing manager at Bucci Developments, which is currently pre-selling condos. for development in Kensington.

Once she has paid the advance, often 5 percent, she now has some time to keep the rest of the money required in the bank to earn interest and save.

Some builders also partner with mortgage brokers and will accept rate withholdings, where you will pay the same interest today that you will pay in three years when you take over, says Marshall.

4. DO YOUR RESEARCH

It's easy to get distracted by the impeccably designed show suites and beautiful performances, says Marshall.

"Most of the New condos for sale sold in Calgary are pre-sale," she explains."In that case, you're probably doing plenty of show house tours and there is plenty of pleasure therein process."

That's why she suggests doing most of the research on a potential condo development before stepping into a presentation center. Research the builder, amenities, and area where the condo is located, says Marshall.

If you are looking to shop for within the suburbs, Logel suggests trying to find a plan community - "has it all" developments.

"An area like Cranston already has a great track record," says Logel. "It is almost completely built, it's schools, buses, roads, quite one entrance and exit."

Once you've asked the tough questions and stepped into the showroom, let your emotions play a role, adds Marshall.

"This is where you're getting to live," says Marshall. “It's your house, at the top of the day. The space should feel good, it should be something that you can see yourself living in and that you can be proud of. "

5. BE FLEXIBLE

There's a lot of time for your life to change between your down payment and move-in day, says Marshall.

She suggests not buying a studio if she thinks she will need more space in the future, for example. It is also important to make sure that your New condos for sale will be rented or resold well if you need to move to another location in the future.

"When it comes to choosing a floor plan and making a purchase, it's important to choose something that is flexible," she says."You want to form certain that it will work for you no matter where you're ."