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Why Own A Condo in Vancouver

on 08 April 2014
Vancouver Condo Mortgage Broker

With land at a premium in Vancouver, many downtown dwellers may opt for purchasing a condo. Before taking that plunge, potential homebuyers need to know the advantages and disadvantages of owning a condo.

Condo ownership is suitable for young adults just starting out on the property rung ladder or for older people who are downsizing. Other factors to consider are:

  • Lifestyle – many homebuyers are attracted to the hub of downtown or want to be close to work
  • Low maintenance – strata fees include upkeep and maintenance of building and grounds
  • Amenities – some buildings have gyms, or swimming pools
  • If the building is new, there should be a new home warranty in place for 10 years

Condo ownership is not for everyone, and homebuyers need to be aware of a few things:

  • Limited privacy as you have neighbors living beside you, above you and below you.
  • Not all buildings are just owner-occupied; some have tenants living in the building. It’s important to check and see if there are rental restrictions.
  • Condo’s are run by a strata council made up of owners, so its important to attend meetings and be aware of what is going on with your building.

What to look for when purchasing a condo:

  • What are the monthly strata fees? What do they include?
  • Make sure you carefully read the last 2 years of minutes.
  • Talk to existing owners, as this will give you a sense of the building dynamics.
  • Major renovations or upgrades to the building in the past 5 years?
  • Has this building ever been a leaky condo?
  • Is there a large contingency fund, in case there are any issues?

Before you go on your condo shopping journey, make sure you have the expertise of a real estate professional to help you. They are the experts and will be able to collect the documentation required to make an informed decision.

To find out more about condo financing, please call our Vancouver Mortgage Broker Line at 604-669-6006. 

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