When it comes to condos- I know the ins, outs, secrets, and everything in between. Nothing can get past me when it comes to finding the right condo for you and negotiating the perfect deal for your budget. However, I know there are other realtors out there that will warn you about the pitfalls of condos and why they should be avoided at all costs; but today, I am telling you, you needn’t worry. There’s more to a condo than meets the eye and the benefits they hold are outstanding (we’re talking benefits you couldn’t find a house or a townhouse, especially in Vancouver). I have around 10 reasons for you on why condos are the way to go in this city, and I am sure that each of them will bring new value to “the condo” in your mind.
One. Desirable Locations for an Affordable Price (When comparing to Vancouver detached homes!)
Guess what? As beautiful as single family homes are, you might not find your “dream home” in your “dream place” without coughing up a fair bit of $$$ in the Vancouver Real Estate market! However, condominiums offer a viable alternative to that! You can now afford the lifestyle you want to live at a fraction of the cost when owning a condo unit. In Vancouver, desirable location for a single home is not only hard to find (due to lack of space) but very hard to afford; so, a condo is the perfect answer to checking off key points on your checklist. And remember, location adds resale value no matter what kind of home.
Two. (Almost) Free Maintenance
Sure, your condo fees cover building maintenance- but having someone else perform standard maintenance services can sure make it feel free. Your time is now free from the shackles of lawn mowing, roof repairs, snow shovelling and more. Generally, your monthly condo fees will cover all expense related to repair/maintenance of central services and parts of the building. Plus, all costs for maintenance are no longer just for you (like it would when owning a house), costs are shared between the condominium community!
Three. Amenities Galore
Depending on the condominium you choose to live in, there most likely will be amenities offered to your condo community. Want an easy access gym when you get home from work? No problem, walk down stairs to the community centre. Dying for a dip in the pool? You got it, just head up to the roof. And, once again, you don’t have to worry about maintaining these things because it’s all taken care of for you by your strata. So, next time you’re looking for a home with these amenities at your fingertips? Consider a condo.
Four. Low Overall Costs
Next time, when you are having an internal fight with yourself about renting or purchasing a property, remember this: Condo ownership has two financial advantages over renting. With its ability to build equity and the benefit of tax deductions for mortgage interest and property tax, purchasing a condo is the way to go. In a particular market, your monthly mortgage payment inclusive of strata fees and all might just be the same estimated payment as monthly rent. And when you consider a condo mortgage compared to a house mortgage? It’s often lower anyway.
Five. Security Features
With the all the craziness out there today, doesn’t a personal security guard sound nice? Well… maybe not personal, but most condominiums do present excellent security features for their inhabitants. Security for condos usually come in the form of a state of the art security system, or an onsite security guard/caretaker. For some, this added element of safety can make all the difference.
Six. Sense of Community
If you enjoy getting to know your neighbours and the people around you, condos are a wonderful option. They offer a sense of community that become particularly attractive to newcomers in the city who are looking to expand their social circle. Some developments provide social events for their condo owners that allow you to get to know one another. Also, most people who choose to live in a condominium are very friendly and willing to lend a hand when needed, so you might have someone there who always has your back.
It’s true, you will not always have the options to customize your home, living in a condo, like you would with a house or a townhouse. But find the right condominium complex and you might just be able too! With the growing demand for condos in larger cities, development groups are offering more lee-way for homeowners to take the interior design of their home to the next level. When you rent, this option goes out the window- but rest assured that condos are becoming more customizable (on the inside) by the day.
Eight. Predictable Fees
Your condo fees generally remain the same month to month. With the worry of maintenance and repairs taken out from under your wings, something like a broken pipeline isn’t going to cost you an added surprise of $2,500 one month. You might be wondering about fluctuation costs for larger maintenance ordeals, but don’t worry- usually the condo board will look out for your best interest and try to keep any added costs in a relatively reasonable budget for all of the condo owners.
Nine. Join the Board of Directors
Which brings me to my next point, you have a say! Don’t like the way things are being run? Volunteer on the condo board and even become a director; this will give you more control over what goes on with your condominium. Also, condo owners also get a vote on plans that the board hopes to accomplish- so, if you don’t like something, voice it!
Ten. Early Development Condos / Presale = Lower Price
Did you know that buying a condo in it’s earliest phase of development could mean you are buying it at its lowest purchase price? Typically, condo value appreciates over time. With the growing development and demand for condos within Vancouver, this is great news for first-time homebuyers and homeowners looking to downsize or looking for a change. When you are looking at presale condos in Vancouver just make sure to run the numbers on current prices in the resale (built) condo market. People have been burnt before (2006, 2007) so make sure you don’t blindly buy into a Vancouver presale without doing some research. As a Vancouver Realtor with over 10 years experience and having worked on Presale Condos I am able to help you every step of the way.
As you can see, I have many reasons for being a huge advocate of condos. Within a real-estate market like Vancouver’s, they really do have so much to offer. In fact, I hope that I have a lot to offer you as well. Being one of Vancouver’s top Real Estate agents, I know what it takes to make sure that you are 100% happy with your purchasing process.