When people purchase a condo as their home or investment they must consider several factors. A condominium will not suite everyone. A condo involves not only individual ownership within the unit but also ownership of the unit's shared property or "common property". I'm referring to condominiums and not townhouses, mobiles homes or houses. Your unit should be individually owned in a freehold or leasehold format. Freehold generally means you own the title to the property. However, leasehold means that you don't have any ownership rights to the land only the leasing rights. The rest of the property includes common property. Common property elements generally includes walkways, driveways, lawns and gardens, lobbies, elevators, parking areas, recreational facilities, storage areas, laundry rooms, stairways, plumbing, electrical systems to run the building. You may encounter limited common property elements that only specific owners have access to. For example: Parking, storage lockers, roof gardens, balconies, patios and front/back yards. This refers to all condo's in the Greater Vancouver Area and Fraser Valley area including: Abbotsford, Chilliwack, Mission, Langley, Burnaby, Richmond, New West, Maple Ridge, Coquitlam, White Rock and Surrey. Condominiums could be in a high rise apartment building, a three to five story new mid rise building, or a converted older building that my have been used as rental apartments.
Whichever condo you choose, make sure your enjoying the maximum usage of the land while creating attractive selling features. Some examples to look for in buying a condo are as follows:
(i) Does it have an attractive view?
(ii) Do you have a private drive way?
(iii) What kind of Common Recreational facilities are there?
Swimming pool?
Hot Tub?
Tennis Court
Saunas?
Playground?
The purpose for these amenities is to of course increase your overall standard of living. However, be ware of the monthly maintenance fee. More often then not you'll be stuck with a larger bill to maintain the pool, hot tub or sauna. It might be wise to stay clear from these types of condo's. This does not include recreational or vocational properties. These properties thrive on having extra amenities to demand the higher rents. Consider all angles before being committed. There are always some classic pitfalls that investors fall into. Whether your investing in a condo, apartment, townhouse or an actual house with acreage. You need to understand the most common pitfalls.
1. The investor does not understand the real estate market in their area. We're referring of course to: The Greater Vancouver Area, Richmond, Surrey, Coquitlam, Burnaby, New West, Maple Ridge, Langley, Burnaby. We should also include Abbotsford, Mission and Chilliwack.
2. Not having a clear understanding of personal and financial needs.
3. Not having a clear focus on a realistic real estate investment plan with strategies and priorities in the given area.
4. Not doing thorough market research and comparison shopping before making the investment
5. Not obtaining and reviewing all the necessary documentation appropriate for a given property before making a final decision to buy.
6. Not independently verifying financial information beforehand.
7. Not selecting an experienced realtor with experience in the type of real estate and geographic location you are considering.
8. Sometimes the investor does not do financial calculations beforehand.
9. Not buying at the current "fair market prices".
10. And perhaps the most important, decisions are to be made with an objective assessment and not an emotional one!
Our rental network helps to find quality homes, apartments or vacation rentals in Canada's Fraser Valley area. Visit the website RentSurrey.com for more information on Fraser Valley Homes and Apartments for Sale or Rent.