Property Management and Real Estate Services

Are you looking to buy or rent a condo in Calgary? What about an apartment? Wondering what the difference is between the two? 

 

While there are few similarities between an apartment and a condo (how they look both externally and internally), a few key differences separate them. 

 

Understanding differences can help your decision-making process when buying a property or finding a rental in Calgary. 

 

The Differences Between Calgary Condos & Apartments 

 

The Ownership

The critical difference between the two is the ownership of the property. Condos are usually managed by an association or condo board, with each individual owning a condo. Apartments, on the other hand, are not usually sold separately. The building itself is usually owned by one individual, a company or a group of investors. The apartment units are leased to the tenants. 

 

The differences between the ownership structures have an impact on everything that follows. 

 

Rules of Living Within the Community 

In most cases, the apartment owner sets the rules for their building, including factors such as the rent amount, maintaining noise levels at specific times, disposing of garbage and waste properly and making minimal changes to the unit itself. 

 

Rules can be trickier with a condo. The association or condo board sets rules for common areas (pools, entertainment rooms and gyms) but allows more flexibility within the unit itself. Condo owners may have the option to conduct renovations and repairs within their own unit, as long as it complies with the board’s rules. 

 

condo-for-rent-calgary

 

Costs of Living 

There is a fine between the costs of living in a condo or apartment. Both have set rent prices that have to be paid at a specific time. It’s the cost of utilities and the condo fees that impact the living standards. 

 

Utilities (water, gas or electricity) can be included with both apartments and condos for rent, depending on the building owner. If you’re renting a condo, your payments might consist of utility bills already. In other cases, you’ll have to pay out of pocket. It’s one of the things that you should consider when renting out an apartment in Calgary

 

Condo fees cover specific maintenance costs on the property. That includes standard amenities, such as repairs for elevators, maintenance for pools, gyms, community rooms, and landscaping. The more amenities you have on offer in your building, the more you’ll pay in fees. 

 

In many situations, Calgary property management companies manage the maintenance and repairs of these properties. In some cases, you will be dealing directly with them when it comes to maintaining your unit. 

 

Which is Better For You? Calgary Condos or Apartments? 

 

While there are distinct differences between the two, there are a few overlapping similarities that can confuse you when deciding which one to live in. 

 

Both have positives and negatives, which is why it’s essential to know your preferences. Ultimately, the decision is about what you’re seeking in both the short-term vs. long-term and your desired standard of living. Speaking to condo boards and Calgary property management companies can help guide your decision. 

 

 

At Unison Realty Group Ltd. we will find the perfect rental for you in a location that fits your needs. We’ll handle what you don’t want, and you’ll enjoy the benefits.

For any questions or inquiries, please contact us:

Phone: (403) 219-3000

Email: [email protected]

Website: unisonrealty.com

Buying a rental property in Calgary can be a worthwhile investment. However, for first-time investors, it can be overwhelming. The real estate investment market is riddled with various scenarios that can impact the whole venture. 

 

But having a reliable approach in which you can buy a house to rent can be valuable. This guide can help you invest in a property that pays off in the long-term. 

 

The Advantages of Buying a Calgary Rental Property

 

There are significant benefits that come with owning a house for rent in Calgary, including:

 

  • Regular monthly income – Your rent, minus the expenses, means consistent and steady cash flow. 
  • Appreciation – While there are no predictions regarding how much your home’s value will rise over time, it will appreciate over time regardless.
  • Tax deduction – Considering that your rental property is an asset, you can claim deductions from your gross rental income come tax time. These can include mortgage interest, property taxes, insurance, maintenance costs, Calgary property management fees and utility bills. 

Although there are some disadvantages, the positives outweigh the negatives. 

 

calgary-rentals

Essential Tips For Buying a Calgary Rental 

 

If you’re ready to take the plunge into the investment property market, consider these tips first.

 

1 – Get your finances in order. Depending on your lender, Canada’s mortgage rules dictate that you must have at least 5% of the down payment on a property. Remember to consider other factors such as maintenance, costs and insurance. Crunch the numbers, and speak to your bank to see what you can afford.  

 

2 – Research ideal locations & their rental income. With a firm base of what you can afford, narrow down your search zone to see where you can buy it. Then, consider the average rental income for those locations. You can then calculate if it is worth investing in the area. You can also speak to a property manager in Calgary about location information. Make sure you consider:

 

  • Future developments planned for the area and how they might impact your property. 
  • Amenities, such as schools, hospitals and malls, around the area and how they might impact renters.
  • Safety, as no one wants to live in an unsafe neighbourhood. Inquire about crime rates. 

 

3 – Educate yourself on landlord-tenant laws. It’s best to know what laws you have when you start to rent out your property. Having a thorough understanding of what you and your tenants can and can’t do will be beneficial if issues arise in the future. 

 

4 – Think about the long-term. Remember that this property is about the long-term. It’s about making sure you have some income that will secure your future. Consider the options available to you, and if it is worth the investment. 

 

Plan Out Your Calgary Rental 

Once you have your property mortgaged, it is time to consider how you plan to rent it. There are two options: 

 

1- You DIY. You’re the landlord, and you run the property, taking care of everything, from collecting rent to property maintenance. 

 

2- You hire a Calgary property management company. The agent in charge of your property will handle everything for you for a monthly fee (which, as stated above, can be claimed on tax). 

 

Remember that there are many condos and houses for rent in Calgary as it’s a renters’ market. You will face stiff competition in terms of getting your home rented, so if you struggle with the extra work, consider hiring a professional to handle everything for you.

 

At Unison Realty Group Ltd. we will find the perfect rental for you in a location that fits your needs. We’ll handle what you don’t want, and you’ll enjoy the benefits.

For any questions or inquiries, please contact us:

Phone: (403) 219-3000

Email: [email protected]

Website: unisonrealty.com