In any joint ownership situation, the community lifestyle will offer both positive and negative angles. This may relate to townhouses and all other attached properties in the Fraser Valley and Lower Mainland area.

Advantages

1. Enjoy: the availability of services such as swimming pools, tennis courts, gyms, community centers, saunas, jacuzzis, exercise rooms and terraces.

2. Enjoy: A variety of prices, locations, and types of structures or sizes with available architectural features.

3. Enjoy: Capital growth as a share of the real estate market will be a success in the Vancouver metropolitan area, which also includes: Abbotsford, Chilliwack, Mission, Langley, Burnaby, Richmond, New West, Maple Ridge, Coquitlam, White Rock and Surrey. .

4. Enjoyment – Pride in Homeownership

5. Enjoy: freedom to decorate the interior of the unit according to your personal taste

6. Enjoy – Reduce repair and maintenance costs as they are shared.

7. Enjoy: The elected council is responsible for making many business and management decisions.

8. Enjoy: Participation in the development operation, such as setting the budget and approving decisions that affect your investment.

9. Enjoy: Do not mow the lawn or clean the gutters, as their care and maintenance is often associated with these types of responsibilities.

10. Enjoy – Meet new friends in the common areas.

Disadvantages

1. You may not enjoy: Some elected councils could behave in a rude, disorganized and unprofessional manner.

2. You may not enjoy: Owners can become distant when the same people are continually serving on the board.

3. You may not enjoy – The condo council is run by volunteers, who may or may not have the right skills and abilities.

4. You may not enjoy – The flexibility in selling your home. Selling a condo generally takes longer than a single-family home. However, this is a variable and my change depends on what area of ​​the Fraser Valley or Lower Mainland you live in.

5. Maybe you don’t enjoy – The proximity between each other.

6. Maybe you don’t enjoy – The lack of freedom due to restrictions in the rules and statutes. (pets or rent restrictions).

7. You may not enjoy – The difficulty of accurately assessing the quality of construction in your condominium project.

8. Real estate appreciation is generally not as high for a condo compared to a single-family home or townhome.

Disadvantages aside, having your first investment in a condo could be an attractive option for a number of reasons. If you’re considering investing in a condo, you’ll be happy to know that, generally speaking, condos appreciate at a rate of value that is higher than most rates of inflation in the Fraser Valley or Greater Vancouver Area. Also, finding a tenant in the Lower Mainland is easy for a condominium apartment due to our low vacancy rate. Surrey, Langley, Vancouver and Burnaby have seen an increase in demand for the condominium lifestyle and the convenience it offers. However, Chilliwack and Mission has lagged behind in the development of apartment buildings. There is minimal maintenance involved with the bylaws and other rules that legislate your investing as safe and sound vehicles for success. Find out about other buildings in the area and what they have been appreciating for in recent years. Take your time and don’t be pressured into buying!