Investing in real estate is one of the best decisions a person can make if done correctly, and part of doing that includes finding a home that is right for your lifestyle and long-term goals. For some, choosing to buy a Vancouver condo may be a no brainer – as that is where they choose to both work and play. But if you and your partner are considering having kids in the near future, it can be a bit of a tossup as to what would work best for your big picture plans.
The Cost of a Vancouver Condo
First, you need to find out how much you are eligible to receive for your mortgage in order to know what price-range you can work with. Knowing this important primary detail will immediately help you uncover if your buying budget falls more in-line with a downtown condo, or if you may need to head outside of the city core to make a buying decision that fits within your budget.
The Convenience of Living in Vancouver
If you are considering buying outside of Vancouver but work within the city, keep in mind that paying for gas, bridge tolls, parking, and other such travel expenses will also add to your monthly expenses. So although your mortgage may come at a lesser-cost in communities like Coquitlam or Langley, your expenses may be greater than if you chose to live within the city itself. In addition, condo living means that there are no yard maintenance concerns, and a large majority of other kinds of maintenance (heat, water, electrical) are also left to the strata.
Which Retains Value Best? House vs. Condo
Think this is an easy answer? You may be surprised. Although some may suggest that houses retain their value better than a condo, the Vancouver market is a different entity than most. Even if you are planning a family in the near future, purchasing a Vancouver condo is still a great long-term investment as the rental capabilities of a condo are high and the need is constant. The primary purchase of a Vancouver condo can easily turn into a secondary investment property, and create added equity when you do choose to buy a home in later years.
So if you have been considering making an investment in real estate, allow me to help you uncover if the Vancouver condo community is right for you. I can assist you in finding a Vancouver condo that fits your lifestyle and budget, and get you into a space you will be proud and confident to call your own!