Vancouver Condos Not Such a Bad Idea

Condos have become an extremely popular housing option in the Vancouver real estate market. Purchasing condos is no longer an unsavoury option. While increasingly popular, purchasing condominiums is still something that is foreign to many people buying Vancouver real estate.

It used to be that condos were the poor second cousin to detached houses. No longer. In the month of September 2009 over 1/3 of all sales in the City of Vancouver were condominiums (409 of 1178 sales). While affordability still drives condo sales, condominium living in Vancouver quite often becomes a lifestyle choice.

Condo owners do not have to mow their own lawn, rake their leaves or clear snow from the driveway. They can lock their door and travel the world for months with little worry that they'll find their home ransacked upon their return.

Something that many people forget is that even condos require regular maintenance. Every so often the systems in any building need maintenance or even replacement. For instance, when living in a house you will eventually need to replace the roof, the wiring or the furnace.

The same holds true for condos. The systems in any condo, no matter how well run will need to be maintained. Even with regular maintenance they will eventually need to be replaced as well. So, you can expect that at some point the roof, plumbing, elevator, windows, garage membrane, etc will all need to be replaced.

I recently had buyers looking to buy a condo in a building that was having their windows, balconies and garage membrane replaced. The building looked like a leaky condo as it was covered in tarps and this ended up scaring my buyers away.

This happens frequently in our market. As soon as a building is under tarps it raises visions of leaky condominiums. The reality is that these buildings are often undergoing required and regular maintenance. By overlooking some of these buildings you might be missing an opportunity to purchase a condo in a well-run and responsible building.

When you are buying, you, your property inspector and your realtor should do your due diligence to determine what shape the building is in. You will want to try and find a condo where this type of work is a long way in the future. If it's not, then you want to ensure that that is factored into the cost of your purchase.

Don't be scared away from buying a Vancouver condo. They are a fabulous housing option in Vancouver. However, you should be aware of all the risks involved. By investigating the building systems and being aware of where they stand in their lifecycle you will be better equipped to make the best possible investment decision.