Sept. 25, 2019 | Gerald Vander Pyl
Advice for your next attached-home purchase
A n attached home has many benefits, but there are a few things to be aware of if you are planning to buy. Working with a REALTOR® experienced in this type of real estate will help you navigate the buying process.
Brad Van De Walle, a Realtor and founder of Greater YYC Group Real Estate, says the main reason people choose an attached home – such as a duplex, fourplex or row townhome – is their affordability.
When you purchase an attached home, you will generally spend less per square foot than you would with a comparable single-family home.
Van De Walle says people do need to consider the smaller living space that most attached homes entail. "In most cases, you don't get a backyard and you only get a single garage."
However, he says many attached properties have no condo fees, or very low ones that cover basic things like building insurance and landscape maintenance.
"Do your due diligence on the builder. If it's their first project, it can be risky, so be careful about who you select for your home. Make sure they've done some quality stuff." - Brad Van De Walle, Greater YYC Group Real Estate
"It really comes down to affordability and lifestyle," he said.
With plenty of supply in the Calgary market and more attached product coming onstream, Van De Walle says now is a great time to buy, but it's still important to do your research.
"Do your due diligence on the builder," he said. "If it's their first project, it can be risky, so be careful about who you select for your home. Make sure they've done some quality stuff."
Find out not just what's available in a community, but also what new developments might be nearing completion, as more units entering the market can affect prices.
"If you're the first one in and are spending $575,000, but there are 35 units coming up, you're probably going to have spent too much money," said Van De Walle.
The first buyer in a fourplex usually pays the most, he adds, since other units sitting unsold for a while might prompt the builder to lower prices.
However, if you really like a unit in a project and don't want to miss out, "make sure to be price conscious when you're doing it," said Van De Walle. "Sharpen your pencil and get the deal that you want."
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