Things to consider when buying a Condo in Vancouver, British Columbia
Condos are a popular choice for housing in Vancouver, British Columbia. A condo is a more affordable option than buying detached family homes. However, buying a condo could be daunting, especially if you don't know what to look for. Considering the recent mortgage rate hikes by the bank of Canada. We believe Condos will continue to become a popular asset class in the coming months and even years.
There are several factors you have to consider in finding the right condo. First, you must consider your lifestyle if condo living is for you. Second, you must weigh the advantages and disadvantages of joining the "condo boom" in Vancouver.
Here are seven things to consider in buying a condo:
Location is always the king in buying Vancouver condos. Make sure the condo you are looking at is in a desirable neighborhood. Depending on your lifestyle, you may want a condo that is not too close to the city life but close enough to public transportation, amenities, major shopping centers, and entertainment areas. With the prices of gas, proximity to public transportations has been a major factor among buyers as of late.
The prices of Vancouver condos are on the rise. Do your research first. Be realistic about your budget before you start looking. What price range are you looking at? With the increasing mortgage rates and housing prices, your budget is crucial in buying a condo. Be prepared to put down a sizable down payment. You can ask for assistance from a reputable realtor in Vancouver for guidance to avoid costly mistakes.
The size and layout of a condo are other things to consider. Is it the right size for you and your family's needs? Does it have enough space for comfortable living and privacy for your belongings? You wouldn't want to pay for an expensive condo to be cramped up in a small space.
4. Maintenance Fees
Check the monthly maintenance fees and what they cover so you would not be surprised by additional costs down the road. The prices can vary from building to building. Maintenance fees typically cover repairs, replacements, janitorial services, and others. The more services the building offer, the higher the fees. Avoid buildings with pools or 24/7 concierge services unless you need them. Sometimes hot water, or gas is included in the included services.
5. Insurance and Warranties
Look over the insurance policies of the condo building to see what it covers. Most condos come with warranties if they are 10 years old or younger. Some warranties protect buyers from specific defects in the condo unit, while some cover water damage, faulty wiring, etc., for a set period. Read the fine print to make sure you know what is covered and what is not. Another point when it comes to condo insurance is each unit’s responsibility of the warranty deducible. Recently some buildings have had up to 200% to 300% hike in insurance hikes. Make sure your agent helps you understand the risks and how that could affect your financial situation in the future.
6. Rules and regulations
When you live in a condo, you live with several other people, and there are bylaws that everyone must abide by. Know what the condo association rules are before you make a decision. If you are planning on renting out your condo, or if you are thinking of getting a pet, or perhaps are thinking of having children down the road, you might not be able to. Ensure you have full knowledge of the current bylaws, and upcoming votes the strata council is voting on. Recently, we sold a condo and the owners were voting to eliminate all rentals. We informed all buyers and eventually sold the condo. This was appealing to some but turned off many others. Regardless, we informed everyone of the vote to ensure no one got stuck with a condo they couldn’t use how they wanted.
7. Other considerations
Other things you need to consider before buying a condo include the quality and age of the building, parking spaces, elevator access, rental restrictions, amenities in the building, and pet restrictions. For some people, pet restrictions could be a deal-breaker. Upcoming levies are a major factor why condo deals fall apart, make sure you are fully informed on upcoming maintenance the strata will have and ensure they have the funds to pay for the projects.
In the end, it's up to you to decide what a suitable condo is for you and your family. Take time to shop around and go for one that meets almost all, if not all, your needs. Vancouver real estate agents can help you make informed decisions in buying a Vancouver condo. Vancouverhousefinders.com is a great resources for condo listings, it is updated every 15 minutes and has all the current listings from all the real estate agents in the lower mainland and the greater Vancouver area. call or text me 778-881-6781 for more in-depth information about what you want to buy.