Wondering what you should know before buying a condo in Vancouver? You’re not alone. Vancouver is a city on the rise; between 2011 through 2016 its population grew by 6.5 percent.
Vancouver is rich in diversity, attracting people of all races, religions, origins, and politics. With 65 percent of residents speaking English and 17 percent Chinese, Vancouver has a vibrant economy and is expected to keep growing. The city’s GDP is expected to reach 141.9 billion Canadian dollars by 2020.
What should you know before buying a condo?
Benefits of Living in a Condo
1. Shared Responsibility
You get to share responsibilities for things like repairs and insurance with other people. It eases the financial burden. You don’t have to worry about taking care of roofs and upgrading a security system.
2. Cheaper Alternative
Cost depends on several factors such as size and location. But in general, condos are cheaper than single-family homes. In areas with high population, a condo is usually a more affordable option.
3. Tight-knit Communities
Because of proximity to each other, condo owners tend to have a more intimate bond than single-family homeowners. In case of an emergency, you’ll have community support to tap from.
Things to Consider When Buying a Condo in Vancouver
What should you know before you buy the condo?
1. Understand the Rules
Living in a condo means you will be sharing the responsibilities of the house with several other people. Condo association represents these people.
You need to know the rules of this association before buying a home in the building. Regulations, such as registering rental restrictions to the prohibition of pets are things that could affect you.
Buying a condo is like going into a relationship with the other owners.
2. Understand the Condo Fees
It’s essential you know the association fees.
Get a breakdown of the dues you are paying and make sure it’s something you can afford.
Understand the repair fund and what it covers. Who repairs the roof when it leaks? Who paints the windows?
What are the delinquency rates on the monthly dues? Don’t leave these questions unanswered.
Is there a Depreciation report?
3. Understand the Insurance
You need to get a copy of the insurance policy of your building. Look it over and find out what it covers.
Make sure the insurance coverage has not been reduced to cut cost.
If you do not understand the policy, take it to your insurance agent and find out if it provides enough coverage.
4. Find Real Information About the Building
Your condo is not going to exist in a vacuum; you need to understand the building it’s in. What are the common complaints in the building? Request for the minutes of previous condo association meetings. Find out if there are any pending litigation and other legal issues.
What is the ratio of buyers to renters? This will help you in your decision making.
Of course, it helps to have someone with experience guide you.
5. Are You Here for the Long Haul?
This is an important question you need to ask. Your condo may appreciate very fast and it may not. If you are not able to sell for a profit very soon, are you willing to stay in this community?
Research the neighborhood and find out what’s happening around the building. Are there upcoming projects that will block your view or easy transportation access? What developments are billed for your community?
Are you ready to commit to all these?
Why You Should Consider Buying a Condo in Vancouver
Vancouver has many good reasons why you should want to buy a condo there. Let’s examine five of these reasons.
1. Vancouver is Accommodating
The 2011 census showed about 40 percent of residents of Vancouver were foreign-born. It doesn’t matter where you are coming from; you’ll be welcome here.
2. Great Weather
You may have heard stories of Canada being a cold country; you do not have that to worry about in Vancouver. The city has one of the fewest ‘frozen’ days in a year. Vancouver is beautiful both summers and winters. Its mild weather has earned the city the recognition as a destination for winter getaways.
3. Business opportunities
Due to its teeming and diverse population, business opportunities abound in Vancouver. Statistics show that from 2011 to 2015, the number of small businesses in the whole of the British Columbia has continued to grow. Further figures from the government of British Columbia shows an increase in the number of new business incorporation and a decline in business bankruptcies.
4. Nature and Parks
Vancouver many nature parks you can visit. Like the rest of the Pacific Northwest region, people know it for its natural beauty and hikes. In Vancouver, you find places like the Grouse Grind and Stanley Park, which attract tourists from all over the world. In 2014, Stanley Park was listed as part of the top 25 parks in the world.
5. The Hollywood effect
Vancouver, known as Hollywood North is home to a large and thriving film industry. In 2017, film production expenditure estimates top 2.6 billion dollars. Movies like Deadpool, The Interview and Jumanji had all or parts of them shot in Vancouver.
Now that you are moving to and buying a condo in Vancouver, here are some things to consider. A new Vancouver housing strategy is set to make about 72,000 new homes available over the next ten years.
Ready to Buy Your Condo in Vancouver?
Do you need help finding the right condo in Vancouver? Or do you need guidance to ask the right questions? Do you want the right resources during this process in finding your perfect home? Do you want an experience agent to negotiate on your behalf? Lorne Goldman is ready to help. Contact me here.