Economy and Interest Rates.
These are the most expensive option yet they are the least complicated of the options to purchase. Everything in the home is under your control and you make your own rules. The condition of the home can be readily determined by your Realtor and covered off by a qualified Home Inspector. This purchase may be a stretch for you yet there are strategies that can make this happen. Want to find out?
These are the least expensive option but are the most complicated purchase to make. Almost all buyers are not qualified to make this purchase on their own and they are a challenge to Realtors themselves. In fact, some Realtors chose not to deal with them because of all the complicated details. It requires review of Strata Council Minutes, Financial Reports, complicated Engineering and Depreciation Reports dealing with elevators, generators, boilers, booster pumps, envelope studies, parkade water ingress issues, and even the rules and bylaws can be complicated. These are readily reachable by Buyers but they are the biggest risk in home purchases. An experienced Realtor and a superior Home Inspector is absolutely required for a successful outcome to determine the condition and compatibility of the purchase to the Buyer. Some structural designs are better than others and the Buyer needs a Realtor that can identify the best ones. This option is readily reachable by first time Buyers which there are property tax incentives, taxation remedies, and other alternative strategies that can help position the Buyer for a successful purchase. Again, why rent?
Interest rates remain the lowest that they have been in decades. The Canadian Economy is performing well, especially the B.C. economy. You can refer to the Bank of Canada Link in My Links. Real estate prices are rising rapidly yet the low mortgage rates still make the dream attainable. The longer you wait the harder it will be to make your dream a reality.
These are a bit more complicated than detached homes. You have control of the maintenance inside your home. You also have common wall and responsibility for common areas such as the exterior, roof, grounds, etc. There will be a requirement to review Strata Council Minutes, financial reports, some envelope engineering reports, some simpler Depreciation Reports, etc. but the documentation is relatively easy to cover off with your Realtor and a qualified Home Inspector. There is a significant drop between the average detached home and the townhome that make it a more reachable purchase. With the right strategies, this could be your choice. Let's find out?
Apartments / Condo's