Condo Terms You Need to Know from Magnum York - Blog Post
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Condo Terms You Need to Know from Magnum York-4829

Every condo owner knows that there are a few important things to keep in mind when purchasing or managing their property. There are a lot of condo terms thrown around that are related to ownership and management that don’t mean a whole lot to most people. There are also a number of words thrown around that do mean something and should be paid closer attention to.

Today we thought we would discuss some of those buzzwords and why they should be important to you, the home owner. At Magnum York, we provide the services necessary to satisfy any problems through our property management. Some of these may seem pretty obvious if you’ve been through the process before, but a gentle reminder has never hurt anyone. Knowing what’s important regarding your condo will do you a world of service as you move ahead with ownership. With that in mind, here are a few important terms to keep aware of if you’re the owner of a condominium or are looking to become one.


Canadian Mortgage Trends

It’s pretty obvious to most, but it bears repeating: knowing what the market will bear and how much interest you will be paying now or in the near future can save you a lot of money. Keeping abreast of Canadian mortgage trends can help guide your decision-making as well as save you a pile of money. Conversely, not knowing what’s happening with interest rates and the economy can have adverse effects on the purchase or sale of your condo.

It doesn’t take much effort to stay on top of the mortgage trends, so next time you’re thinking about selling or buying take a look at the economy and see how you may be effected.


Property Asset Management

Again, this may seem like a fairly obvious point but a lot of people don’t think enough about how and where all of their money is going. It’s important to have your assets be reasonably balanced and not be spending too much in one spot and not enough in another. This relates to housing in that you don’t want to find yourself “house poor,” which is a more recent problem that has hampered many a new home owner. Be sure to have your finances in order and not be overspending on a new condo or home and leave yourself in an unenviable position. This can easily be solved with many online tools as well as a visit with someone at your local bank.


Professional Property Management

A lot of people believe that they can, with the aid of their fellow condo owners and board members, handle all the duties and responsibilities that come along with managing a building. We believe that for the time it takes to manage a building properly these duties are best left to the professionals. A professional property management company can handle all the day-today responsibilities associated with your building as well as some of the larger-scale issues that will pop up down the road. It’s takes away the tremendous burden of not only managing your own career and personal life, but the building you’re living in as well.

At Magnum York, we offer professional property management services throughout Alberta with offices in Calgary, Edmonton, Olds, and Red Deer. A call or visit to any of our offices will go a long way in alleviating any immediate and long-term concerns you may have. The value a professional property manager can add is immeasurable and something we take pride in doing. Don’t hesitate to let us know if your property needs the care and assistance it deserves; we’re always standing by waiting to offer you our services and professional touch.

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