Buying your first place used to mean buying a full sized home. In fact, back in the 1980s, only about 4% of homeowners lived in condos. By 2006 this number had moved up to 11%. Today, about fifteen percent of homeowners live in condominiums.
When buying your first property, no matter what type it might be, it is recommended you hire a financial advisor. There are many things to understand, and it is a life-altering decision. As such, you would benefit from hiring a professional to help you make sure all the paperwork is handled correctly, and that all the numbers are balanced properly in the end.
In Toronto, about six out of ten new homes that are sold on the market are condos. This gives you some idea of the upward trend of condo living. More and more homeowners are opting for these more affordable smaller spaces according the plumbers boulder city company who have partnered with the condo builders in town.
Not only are first time homeowners getting into the market with a condo, but older homeowners as well are buying up these smaller spaces. For couples whose children have left home, downsizing can be a great way to gain in income and save on maintenance costs and energy expenditures.
However, not all is glorious when it comes to condo living. Vancouver condos for sale can be a great way to take advantage of more affordable and manageable homes, especially if you want to stay inside the greater Metropolitan area. But, as many Vancouver condo owners can attest, this can also come with its own price.
Buying a condo means investing with a bunch of people you don’t know from Adam. Not only are you investing your financial future with them, but you are also living side-by-side, and/or on top of, these total strangers.
So if you are thinking of downsizing and selling your Vancouver home in order to move into a condo, you will perhaps want to follow some of these guidelines after making all the repairs that will make the house feel like new again in case there is any leak or broken pipes, let us recommend this pro plumbing assistance.
First off, try renting out your house and renting a condo for a few months in order to get a feel for the building and/or simply condo living more generally. Doing this will really help you get a first hand glimpse of what your life will be like before you take the plunge.
As with any other property you would be thinking about purchasing, it is important that you check what condition it is in. Just as important, how often does it receive maintenance. Your realtor or the manager of the property should be able to answer this question for you. Is air conditioning important to you? If the condo unit is brand new and no air conditioning installation has been done, contact an hvac company to install one for you. Ask how often air conditioning maintenance is performed. This should also be a glimpse to how well everything else is maintained, and how reputable the property is. There might be a need for air conditioning repair as well as other important repairs.
Another thing you can ask your Vancouver realtor to help you find a rental suite, ideally in the condo you’d eventually like to buy in. This is the most effective way to really see the ins and outs of the building and your future neighbours.
Also, ask for a financial account statement from the condo building you’re looking in to. An annual statement can help you track your potential investment.
As with the purchase of any condo or house, do a drive by of the area at different times throughout the day and night as well as on weekends. Spend some time in the coffee shops near by and get a feel for the communit.
You will also want to spend some time in the common areas of the building. Here you can see the people who come and go as well as get a sense of how much these areas are used.
Perhaps you really like the idea of a sense of community, but you soon realize that the common areas are used very infrequently or not at all. Perhaps your future neighbours seem stiff or unfriendly.
Spending time investigating the building and the neighbourhood is no waste of time. It will certainly serve you well especially in terms of preparing you for what to expect once you move in.
Another extremely essential consideration, is whether or not your condo or development is still in the process of being finished. If so you will definitely want to know when the expected completion date is.
Be aware that developments tend to take much longer than anticipated. How long can you stand to be living in a condo under development. Noise, workers coming and going and other unforeseen disturbances (water and sewer difficulties result in you needing sewer services to fix it, power outages etc.,) can all affect your living conditions.
Not only do you want to consider if your own condo is still being developed, but take some time to investigate what other developments are taking place in the direct vicinity. That unfinished building across the street can not only create a lot of noise and dust, but once it is up it might also dramatically alter your view and therefore the potential resale price of your new home.
When it comes to homes and condos for sale in Vancouver and what is best for you, you should consider the above aspects of condo living very carefully. Only then will you truly be prepared to make the decision that is in your best interest.
Your Vancouver realtor should help you go through this checklist and be of use when it comes to answering some of these questions. Don’t be afraid to use your Home buyers agent considerable knowledge and expertise of the area in order to make sure you get your dream home or condo.