Are you looking for condos for sale in Vancouver? First time buyers may take a number of challenges when deciding on whether to buy a property or not. If you want to be completely satisfied with your investment, you need to fully understand how the Vancouver condo market works. You need to be well-informed before making a decision so you will have a realistic expectation on the property.
Before making your first condo investment, you need to be fully equipped with the details to avoid any issues in the future. When buying a condo, you have to understand that you are into a shared living. This means that you do not have full control on how much you have to shell-out for the upgrades, maintenance and other emergencies.
You also need to be prepared in paying more than what you expect – for the emergencies or strata fees that are listed on the data sheet. Strata fees usually increases so you need to anticipate the costs and make sure that you set aside a budget for it.
Condo sellers in Vancouver are not obliged to give you the whole history of the building, they may only give you a report from the past two years but make sure your Realtor requests the appropriate documents to help you understand the history of the condo development. When you look at the report pay attention to the rehabilitation work, assessment from engineers and if there are major repairs needed. Good thing, there is legislation in place allowing buyers to get a depreciation report.
Being aware of the history of the unit is very important so you would know if the renovations were done legally and with proper city permits. You also need to know that not all the Vancouver strata boards have property management companies that are taking care of the building. Beware of that property with no history of property Management Company or they keep on changing management.
When buying a condo go beyond the aesthetics. Assess yourself if you really need to use the amenities like sauna, gym, pool and many others that the developers offer. In the end, you have to remember that you will be the one to pay for the maintenance of these amenities.
If you plan to buy a new condo, ask if it has a warranty and determine also the warranty coverage. Have a background check of the building contractor and check whether they have a reputable history. Condos that are built during the 80’s and 90’s are considered problematic for leaks and it may cost you a lot for repairs and other renovations.
You have to remember that the older the condo unit, the more cost you have to endure for repairs. Good thing, there are many real estate agents or brokers to assists you in deciding which condos for sale in Vancouver is good for you or not. Seeking their assistance is a wise decision so you can choose the right condo that meets your needs and wants.
