You Have Condo Questions. We Have All Of The Answers.
WHY BUY NOW?
I see you are getting right to the important stuff! This is a great question. Our current projects are all selling at the lowest price per square foot in years. Both land prices and construction prices have come down over the past year, we have been able to pass on the savings to our customers, allowing them the opportunity to own a high quality Cove-built condo at a great price.
Long-term, what determines the value of real estate is the combination of (i) a desirable location, (ii) size and design of the home, and (iii) properly built/quality construction materials, all Cove strengths and the hallmarks of all Cove projects. It is the reason we only do a few projects at a time, as we insist on building them properly and on the best sites in the City, which do not come along very often.
So buying now while prices are lower helps ensure you have made a wise decision, both from a home ownership/style of life perspective and from a real estate investment perspective.
WHAT DOWN PAYMENT WILL I REQUIRE?
The down payment is 5% of your total purchase price.
ARE THERE ANY PAYMENTS AFTER THAT?
Not until you close. Your mortgage payments and condo fees do not begin until you move into your new home. Once you have paid your initial down payment, there are no other payments needed until your move-in date.
HOW DOES THE GST WORK?
It depends on whether the residence is for a primary home or investment. If you are entering into a Purchase Agreement for a primary residence, the "Developer" will add 5% to your purchase price and then apply a 1.8% GST rebate on your behalf (for units up to $350,000). Thus the ultimate purchase price you pay will be calculated with GST of 3.2%. For non-owner/occupiers, the GST is a straight 5%.
HOW MUCH ARE CONDO FEES AND WHAT DO THEY INCLUDE?
Our estimated monthly condo fees are based on the current budgets of similar projects that we have constructed in the City of Edmonton.
At this time we estimate the condo fees to be between $0.27 and $0.30/sq.ft./mo.
Our condo fees include: heat, water, gas, building (interior and exterior) maintenance, landscaping maintenance, property management, heating and cooling system maintenance, snow removal, garbage removal, and the condo corporation's common property insurance.
Our townhome fees include: heat, water, gas, building (interior and exterior) maintenance, landscaping maintenance, property management, heating and cooling system maintenance, snow removal, garbage removal, and the condo corporation's common property insurance.
A portion of your condo fees also go into the long-term reserve fund, which ensures the project is maintained in good repair over its entire life.
WHAT CAN I EXPECT FOR PROPERTY TAXES?
The City of Edmonton determines property taxes based on the current fair market value of your home (using the City's mill rate). At this time, those taxes are about .8% of the FMV of your home.
For example, a $200,000 Essence condo would pay $1,600/yr and a $300,000 Essence condo would pay $2,400/yr in property taxes to the City. A $350,000 townhome at Essence would pay $2,800/yr in property taxes to the City.
ANY OTHER FEES I CAN EXPECT?
Purchasers are responsible to enlist their own lawyer to close their side of the purchase agreement. Typical legal fees average between $800-1200. Our sales team can recommend some good quality lawyers we have worked with in the past who have done a great job for our homeowners.
Ensure you speak to you insurance advisor about the necessary property insurance for your unit (which would cover all personal contents, belongings, and upgrades in the unit).
ARE THERE ANY AGE RESTRICTIONS OR PET RESTRICTIONS?
Every condo project is governed by a set of Condo Bylaws, so we encourage you to read through them. Our professional sales teams know the Bylaws inside out and are there to help, so feel free to ask them any questions you might have.
CAN I REFER A FRIEND?
Great question! We are proud to do more referrals than anyone in the industry. Our referral program is the best in the City. Once you have purchased at Cove Properties, if you refer a friend and they purchase it entitles you to a $500 referral fee AND your friend receives $500 off their purchase price at closing.
The best part is that the referral fee is unlimited! We have happy Cove owners who have made thousands of dollars over the past two decades by referring friends and family to Cove projects.
HOW DO THE INTERIOR FINISHING PACKAGES WORK?
Our interior finishing packages have been put together by our award-winning design team. We offer a fantastic standard package in all of our projects, but we also allow our homeowners to personalize their home as they want it by choosing one or more of our many upgrades and packages.
All color boards and materials are available for viewing in our sales centres and our helpful sales team is available to answer any questions you may have on quality, specs or pricing.
WHAT TYPE OF WARRANTIES COME WITH A COVE PROPERTIES TOWNHOME?
This is one of the most important benefits to buying new versus a resale home. All Cove Properties condos are part of the either the Alberta New Home Warranty Program or National New Home Warranty Program, which are the two largest home warranty firms in the province.
This protects every facet of your condo purchase including: protecting your deposit, ensuring the completion of your condo the way it was designed to be built, the structural integrity of your home, the waterproofing of the building envelope, and the quality of the materials and craftsmanship used in the building of your new home.
These benefits are also passed onto subsequent owners as well if there is remaining warranty coverage on your home.
DO I GET A PARKING STALL?
Every condo sold by Cove gets an allocated parking stall in the underground parkade, free of charge! This is, and has been for 25 years, a Cove standard. We believe it adds a lot value and long term marketability of your new Edmonton condo, and we just think it's a nice thing to provide!
CAN I BUY AN EXTRA PARKING STALL?
There are often extra parking stalls available at our condo projects (some in the parkade, some on the surface) depending on the size and configuration of the parkade and buildings. These are always sold on a first-come, first-served basis, so please make sure to discuss this at the outset with your sales rep if you are interested in securing one of these valuable assets for yourself.
WHAT ABOUT STORAGE LOCKERS?
Every new condo in Edmonton that Cove Properties builds gets an allocated storage locker, free of charge! As with a parking stall, this is also a Cove standard, and again adds to the value and long term marketability of your unit.
There are often extra storage areas in the parkade and/or in the building again depending on the size and configuration of the parkade and building. These are also sold on a first-come, first-served basis, so please make sure to discuss this at the outset with your sales rep if you are interested in securing one of these valuable assets for yourself.