Buying a condominium is a very exciting time, whether it will be your first home, a vacation property, or a real estate investment. It is easy to get wide-eyed and excited when perusing downtown Vancouver real estate listings, and the excitement alone can blind potential buyers to some of the challenges when closing on Vancouver luxury condos for sale. As a local leader in condominium sales, Team Nickerrson has paired many buyers with their dream condos. As such, we are also very familiar with the potential setbacks of buying a condo and stop at nothing to ensure you are prepared for the unique and exhilarating world of condo ownership.
Many people are drawn to condos because, at first glance, the price tag is much more reasonable than similar houses in the same neighborhood. However, as a buyer, you need to make sure you can cover the monthly mortgage or up front cost of the condo in addition to the association fees. These monthly fees vary depending on the complex and the amenities included. If you are aware of these fees and budget accordingly, then the added dues are a small price to pay for the security, gyms, pools, or spas that may be included in your dream condominium complex.
Another major draw to owning a condominium is that much of the yard work, landscaping, and outdoor updates are taken care of by the complex owner. That means individual owners are largely off the hook for mowing the lawn, outdoor painting, updating the siding and roofing, etc. As a buyer, however, you should be prepared to ask all of the right questions when it comes to this sort of stuff. What are you responsible for and what will the complex take of? Who is the work outsourced to? How often are updates and renovations conducted? Are there any hidden fees? As an owner it is amazing to not have to worry about outdoor fixes or underlying indoor utility issues – you just need to make sure your complex has your back!
When paging through the Downtown Vancouver real estate listings and moving forward in the buying process make sure you choose the right one. Take your time throughout the process and don’t rush into buying. Why? Traditionally, condos can be hard to sell. Many of them look the same and, if there are open units in your complex, those will likely sell quicker than yours. If you anticipate selling your unit sometime in the near future, consider inquiring about how many open units are currently in the building. This will give you a better idea of how quickly you will be able to sell yours if or when that time comes.
It’s easy to get excited and antsy while browsing the Downtown Vancouver real estate listings and even more thrilling as you start narrowing down your choices. Here at Team Nickerrson, we have an excellent track record of pairing buyers with the condos of their dreams. However, buying a condo can be very different than buying a house, and we like to be transparent about that. If, after doing some research and speaking with the experts at Team Nickerrson, you feel that owning a condo is right for you, then trust us as your top choice for Vancouver luxury condos for sale.