Should I buy a house or Condo in Vancouver?
This a very common question. But to answer this, I always turn the question to the real estate buyer by pointing out what it is their priority?
Vancouver is an international city and has been a focus of investment for years. Despite of local government interference to slow it down and causing the price drop, we yet are witnessing the values are increasing and the effect and the result of what the government has done only had an impact on a luxury property which benefited big investors but not local Vancouverites.
One of Vancouver attraction for investment is its limited land, since it is geographically between mountains and the sea. As a result of the growth in population, condo market started its vast development and the city helped with rezoning permit to encourage this new era.
Condominium has since been a great investment in Vancouver and many families or first time home buyers, use the condo purchase to enter the real estate market easier.
Traditionally based on trends, Single family detached, or in other words, a typical house, showed to be a solid investment for any real estate purchaser. The real estate market always fluctuates and it depends on many factors, such as banking, financing, local and global economy, government taxes and bylaws changes. Depending on the length of ownership, most homeowners have seen tremendous value in real estate investment.
Should you buy condo or house?
This absolutely fall under your preference.
Some condo and apartment prices are similar to house and SFD’s. depending on the location, quality of the building, amenities, floor level and the views, the price can vary. Condo or apartment for sale in Vancouver attracts many real estate niche. Depending on its floor plan, square footage and number of bedrooms, there are investors, first time buyers, families, down-sizers, retirees and flippers.
Although a house provides a comfort of a more privacy, it also requires constant maintenance. Gardening and landscaping is one of the biggest impact and the work needed to be performed minimum on a monthly basis. Some real estate buyers are comfortable and see the weekend spending time looking after the garden and backyard and others on a fast lane don’t have time for it.
Condominium and apartment living is a lifestyle where once does not look after any exterior work of the living facility but only is responsible for the interior maintenance.
This also applies to Vancouver townhouse living where all exterior maintenance is looked after by the strata management. Vancouver Townhouses for sale are also very attractive to many home buyers since it offers a house lifestyle without the hassle of yardwork.
Most attached properties, have a monthly strata fees where the funds spread through many resources in strata management. This fees can accumulate in emergency reserve funds, and it is used for other daily maintenance of the building. Depending the size and the square footage of the unit lot, the strata fees are assigned.
A house for sale although does not have any monthly fees, it is suggested for the homeowners to put aside a safety net fee on a monthly basis for any repair and maintenance unseen in future.
If you need more information on how to search for a house, condo or townhouse for sale, please visit the MLS® Listing search tab on the home page of this website and start exploring your future home.