The Advantages of Condo Living

From empty nesters to young couples starting out, many homebuyers are finding tha tocndominiums offer attractions over the traditional single family home.

Condos are now an important housing option for homebuyers. According to the Greater Vancouver Home Builder’s Association, condos – highrise, lowrise and townhouses – represent nearly 80 per cent of all new residential construction throughout the Lower Mainland.

Today’s condos are well designed; even the smallest space is very liveable. Many homebuyers find that condos offer advantages over the traditional single family home. For example, you may want to consider purchasing a condo if you are nearing retirement, frequently vacation in a specific area or own a home that is larger than you need after your grown children have moved out. For younger buyers, looking to purchase their first homes, condos are definitely the most affordable housing optin in Vancouver and surrounding municipalities.

Baby Boomers: baby boomers anticipating retirement frequently purchase condos or townhomes, often in areas boasting cultural attractions and easy access to good medical facilities. Consider the fact that as you age, activities like mowing the lawn and cleaning the gutters may lose their charm. If you invest in a condo, many everday maintenance activities are no longer necessary, and the few that are required generally are covered by your monthly strata fee.

Vacationers: Historically, the market for condos in scenic or vacation locations has been strong, thanks to consistently high resale values. Keeping a second home tidy and undisturbed in the off-season can be a chore. When you purchase a condo, however, either as part of a condo community or in a condo-hotel, most of the unit’s upkeep is covered by your monthly strata fee, whether or not you are in the residence.

Empty Nesters: Many empty nesters are simply thinking about enjoying their freedom now that the kids are out of the house. Older copules – especially those who once lived in urban areas- are returning to the cities, leaving behind the larger house, yard maintenance and the lengthy commute to downtown offices. If you fall into this category, you may want to opt for a smaller, easier to manage condo home that’s not only close to your job, but also near shopping, good restaurants and entertainment.

First-Time Homebuyers: during the recent period of relatively low mortgage interest rates, young people found that buying their first home was both more financially attractive a dmore feasible than they had anticipated. Many of today’s condos are easily accessible via mass transit, and in neighbourhoods that are appealing to young homebuyers.

While a condo can be the first step on an ownership ladder, it often is a good stand-alone investment in real estate. And some families are finding that it makes financial sense for them to purchase a condo in a university community as an investment – one that can be used by ehtir child during his or her college career, then rented or resold after graduation.

For more information on new homes or renovations, visit the Greater Vancouver Home Builder’s Association’s website at www.gvhba.org.