Reviewing Your Condo Documents in Calgary on a Deadline

If you have recently decided to purchase a condo in Calgary, there’s one thing you need to become aware before you get too ready to move in: what the documents given to you after you’ve made the decision really mean for you. These documents could be just a few pages long or you may find yourself with binders to go through. Whatever the case, thorough reading is key.

After you have secured a specific condo, you will be given these documents from the management company and you will have to review them within a specific amount of time–in Alberta, you have 10 days. This is called the 10-day rescission period, and it is integral that you read through the document carefully before the deadline passes. That’s because you have the opportunity to get out of the condo contract without giving a specific reason and without penalty only before the deadline. Here are the most important sections of the document review in Calgary you need to look out for.

Pending lawsuits

A pending lawsuit could mean the addition of monthly fees or assessments for you. It will be difficult to determine how much you may be required to pay, so consider carefully how this could affect you.

The development’s reserve funds or budget

It’s smart to know how finances are managed within your building or development. An older building should have appropriate funds put aside for repairs and replacements that may have to occur, such as for elevators. New developments should have a sound plan for budgeting, too.

Upcoming special assessments

In the documents you received, you should look out for whether any special assessments are coming up and who will pay for them–you or the seller. You may need to prepare extra savings or loans to cover costs that you were not aware of previously.

Association by-laws

What are the regulations for noise levels, bringing in renters, and adjusting the architecture of your condo if you become a member of the association? There is no one-size-fits-all for these regulations, so it’s up to you to gain an understanding of what they expect of you and whether you can comfortably comply with them.

The seller’s current violations

Your condo may be inspected by the condo association right after the documents are ordered, and any violations that were found in the inspection will be stated. Make sure to get these violations addressed before you settle with the condo as it is.

Condo411 has you covered if are still having troubles with this process.

6 Options for Basement Renos

A basement renovation can add something completely different to your home, though it can be difficult to choose what to do. Your basement could easily be used as a place for storage only, but why not change it up? Consider these 6 options to start.

Fantasy Space

Your dream space might be Hollywood-themed or related to fishing. Whatever the case for you, to get started you just need an idea of what you want to do and how much you can afford–a professional renovations contractor can make your vision a reality.

Exercise Room

You can make achieving your goal to stay more active easier by turning your basement into an exercise room. The first thing you should do is measure your doorway and the height of your ceiling to make sure the equipment will fit. Equipment that can be disassembled easily is best. A measurement of the height of your ceilings will also help you to make sure you’ll be able to use your equipment properly when you are standing or sitting on it in your new basement space.

Basement Suite

If you could use the extra funds that will come in from renting out your basement, you might be able to make this work. The most important part of the process is finding out what the regulations for multi-family dwellings are in your municipality.

We can provide you with the knowledge and expertise you need if you’re looking for a Victoria BC renovations contractor.

Home Office

Maybe you already have an idea of what a home office looks like, but you don’t have to stick with the usual–you can design a space that you’ll actually enjoy.

Wine and Bar Cellars

Your loved ones will enjoy your basement as much as you do if you transform it into a cellar. Do as much or as little as you like to create the right atmosphere. When you have limited funds, you should start by deciding what you want completed the most and then get your contractor to help you determine what is possible.

Guest Room

It’s great to have an extra space for guests in your home. What is most important here again is to follow regulations in your municipality. This could include the need to have a window that is big enough to be used in the event of a fire so anyone could exit safely (egress). The window may also have to be located high enough above the floor, according to regulations.

Steve Burgess of Toolbox Renovations would be happy to get you started on your dream basement renovations in Victoria BC. Call us at 778-677-1036 to get started.