There are distinct advantages to both types of properties and there are also disadvantages. For example, if you are keen on an urban lifestyle and you want to be close to the heart of the city, you may have no other choice than to buy a condo. Buyers who do not have children or do not want to be burdened with the chores required to maintain a single-family dwelling may also prefer a condo. On the other hand, if you want a larger space with more privacy or you prefer to be further from the hustle and bustle of the city, a house may be the better option for you and your family.
Whether it’s your first time in the housing market or you are looking for a new place to call home, buying a house or condo is one of the most important decisions you will ever face. You probably already have a list of characteristics that are important to you. You know how many bedrooms and bathrooms you want, you know what kind of local amenities are important to your family, and you have a budget. Invest in Vancouver if you want to be satisfied. Still, many buyers may find that both condos and houses fulfill all their needs, so how do you decide which is right for you?
One big mistake of home buyers is that they assume that condos will be much cheaper compared to a house. But this case will not always follow. Depending on the location and size of a condo, you could pay several times more for a condo than a detached home. Similarly, you may assume that a house will be larger than a condo, but if your budget is not a major concern, you can often find sizeable condos even at the center of the busiest city. And condos are becoming more popular even in suburban areas, so when it comes to choosing between condos and houses, budget and size are not the only factors to consider. learn more detailed information at https://www.placerealestate.ca/
How to Choose
Basically, if you’re trying to choose between a house and a condo, you need to consider 5 major factors: location, privacy, responsibility, maintenance, and budget.
First, decide if your desired location has housing and condo options available and then decide which fits your needs more. For example, do you need access to schools, public transportation, or shopping? Next, consider your privacy. A single-family home will be much more private than a condo, but you’ll also have more responsibility for maintenance. If you hate household chores, you may prefer a condo where much of the outdoor upkeep is included in your condo fees. And finally, be realistic about your budget. Depending on your location and personal needs, you may find a condo is the only option that fits your budget. Look for the best Vancouver Real estate agent if you need help as well.
Advantages of Condos over Houses
The price of a condo versus the price of a house in the same neighborhood will be significantly different. Most homes are priced at least partially based on square footage, and condos are generally smaller and cheaper. In addition, upkeep for condos tends to be less time consuming as you likely do not have a yard or outdoor space to maintain. On the other hand, a house offers a level of privacy and independence that is hard to achieve if you buy a condo, as you may get more noise from surrounding neighbors and you share property decisions with other condo owners.
Check out various Vancouver condos for sale and Vancouver homes for sale if you need help deciding between the two! Or look for a Vancouver Real estate agent!
With the current strength in the Vancouver Real Estate market matched with historically low mortgage rates to go with it, one would say “How could we possibly be headed for a meltdown?” Current inventory is low which is again sending Real Estate transactions into multiple offer situations with buyers paying $10,000, $20,000, and, in some cases, even $200,000 over the list price. Although the latter is for a specific product in a couple of choice neighborhoods it still has happened. The potential for a bubble is definitely there but not on a broad scale. It looks more like the micro-markets of Vancouver Real Estate that are getting too far ahead of themselves are at the most risk for a bubble.
The Vancouver real estate market has remained strong despite the meltdown of our neighbors to the south. Thanks to a more closely guarded banking system, Canada has been able to slide through the mess relatively unscathed. The question is: Now that the Olympics games are over for Vancouver, will the much-anticipated financial hangover begin?
The Vancouver condo and townhouse market has seen growth over the past year at a pace that has all the right conditions to stay sustainable. 1st-time buyers are generally the demographic in this category and are taking advantage of the low mortgage rates. With the recent changes imposed by the Canadian Government on mortgage lending, we should have a little more of a cushion against an overall bubble. The changes which include anyone seeking for a mortgage less than 20 percent as down payment would haveto meet the needed requirements in 5-year term fixed rate on mortgage, regardless of the term they were seeking. Another safeguard was to lower the amount of equity one could withdraw from their home for refinancing purposes from 95 percent to 90 percent of the appraised value. In the case of a market retraction, it would give a little more cushion for those who are spending close to what their home is worth. view additional information at https://www.placerealestate.ca/yaletown
Although there are some challenges ahead the future still looks very bright and promising for the Vancouver Real Estate market. Some lessons have been learned that in hindsight should help the City and Country avoid the same mess the U.S. got themselves into. There may be, though, pockets of different bubbles where ignorance is driving the people into a form of frenzied buying, as well as driving prices to unsustainable levels. On a broad scale, the city’s real estate market will see slow growth through the remainder of 2010 with a moderate increase going into 2011.
The $700,000+ debt left on the shoulders of the Vancouver taxpayers for the construction of the Olympic Village will hopefully be recouped over the next decade. According to recent reports, one local developer was able to cash in on $31.8 million in high-end units from people visiting for the 2-week Olympic period. The village will house approximately 1100 units of mixed income households in a sustainable community of shopping, services, and parks.
Terry Voth is a Vancouver Realtor who specializes in the sales of Vancouver Condos, Townhouse and Houses. Invest in Vancouver and your future will be secured!
Since the recession that began in late 2008, Vancouver real estate has been heralded as one of the strongest markets in North America. Even though housing prices dropped marginally at the end of 2008 and beginning of 2009, the market rebounded quickly and it was not long before record prices were being set again. Add to that historically low mortgage rates and it’s hard to imagine that real estate in Vancouver is headed for troubled waters.
However, since the end of the Olympics in 2010, speculation about the health of the market has become increasingly negative. For the most part, experts are avoiding describing the condo/townhouse market in Vancouver as a bubble on the verge of burst. Prices have increased steadily over the past couple of years and a catastrophic decline is unlikely. Still, there are a disproportionate number of unoccupied condos in Vancouver at the moment, mostly because of the inventory available in the Olympic Village. Even though a sudden correction is unlikely because of low interest rates and rising condo prices, we may see some deflation of what many experts are referring to as Vancouver’s “balloon” real estate market. So, while a burst is unlikely, minor declines in prices, decreases in sales of high-end properties, and a higher than usual unoccupied inventory may mean savings for some buyers.
Robust, resilient, growing: these are just a few words that are often used to describe the Vancouver condo market. As much of the United States and even parts of Canada suffered dramatic declines in housing sales and prices, the Vancouver Real estate market continued to grow despite economic uncertainty. Some experts point to the interest of foreign investment, or the standard of living in Vancouver, and even the climate (despite all the rain) as reasons why the market in Vancouver remained strong. Nevertheless, the condo and townhouse market in Vancouver has been subject to more controversy over the past several months, with some suggesting that the market could be heading for a meltdown. checkout more details at https://www.placerealestate.ca/west-end
Let’s be clear about something though, the 2012 outlook for the Vancouver condo market is still strong. Our economy is growing and interest rates remain low making the market stable for the foreseeable future. Fortunately, buyers are seeing a bit more flexibility in the market and as such, they are investing in Vancouver since there are more affordable options for condos in and around Vancouver. There is little question that the market has cooled in the last year or so, but with plenty of foreign interest and an improving economy, any market corrections are likely to be minor.
So what does this mean for players in the condo market? First of all for sellers, they might expect it to take a little longer to get a reasonable offer on their home. Sales continue to be strong throughout Vancouver, but because of the available inventory, buyers are taking more time to make a decision as they consider more options. And for buyers, while they should still expect condo prices in Vancouver to remain above the national average, they currently benefit from more choices.
Whether you’re looking for Vancouver lofts for sale or Vancouver condos for sale, check out our site.