It is every Canadian’s dream to own a home. However, younger adults who have only recently started gaining financial independence may find the high costs of houses beyond their means. If you’re in this group, why not set your eye on more practical East Vancouver condos for sale instead of single family houses?
Condos are generally a lot less expensive than houses, but they come with great amenities that are just perfect for a single’s lifestyle. According to an article in Huff Post British Columbia, if you can set aside a little more than $500/month and save $6000 a year, in three years, you can afford to pay the 5% deposit for a $300,000 brand new, one bedroom condo. That’s a great way to start your life as a homeowner, particularly if you’re not planning to start a family yet.
You can find great deals if you know what to look for. Here are some things to watch out for to help ensure a good buy.
Ask other condo owners about the people living in the building and see how this could affect your lifestyle. For instance, if you’re working as a writer at home, you wouldn’t want neighbors with crying babies, or live next door to a bunch of young adults who like to play loud music or throw wild parties every night. Your neighbors can greatly affect your condo living so learn about them before making a purchase.
How much are they and what do they cover? Garbage disposal? Landscaping? Snow removal? Check the condo’s reserve fund as well. Will you be asked to pay more in case there’s a need for emergency repairs, whether it affects your unit or not? You wouldn’t want to be surprised by hidden expenses, particularly with all the other bills you have to pay now that you’re living independently.
Condos may cost less than single family homes but this doesn’t mean you should settle for something that was built and managed poorly. Check the building’s security system. Are there good lighting and security cameras installed? Does it have a history of theft, violence or accidents? Does the elevator work well all the time? Do their fire safety procedures comply with set standards?
To hasten your search for the best East Vancouver condos for sale, consult trusted real estate agencies such as Real East Van. Professional brokers from these firms are highly knowledgeable about the housing market in the area, and can help you find the condo that will suit your lifestyle and your budget from among their vast listings.
Source: It’s Possible For Millennials To Afford Vancouver Real Estate, Huff Post British Columbia
Source: What you need to know before, and after, buying a condo, The Globe and Mail