subject: Buying A Condo In Vancouver, Bc [print this page] Vancouver is one of the premier locations in all of British Columbia to own real estate. While things are not well all over the continent, you can still get a great property investment in Vancouver with tons of upside potential. First and foremost, you'll need a strong credit rating with a history of responsible debt management. Lending standards are growing more stringent all the time as the state of the global economy becomes more and more distressed. Lenders are wanting to protect themselves by dealing only with capable home owners. The Vancouver condo market is no exception. When you get ready to buy a condo in this region, here are some things to remember:
1) Condos do not have to be homes
Many buyers go into home ownership with a different mindset. They wish to purchase a home to live there. While growing the investment over time is of some importance, it takes a back seat to the comfort and security that a house brings to the table. Condos are also looked at as homes to a certain degree, but more people use them for recreational purposes. In other words, using a condo as home base is less of an option for this market. But if they're not homes, then what else can you use them for? Investment properties and income generators. As an investment, condos appreciate over time and can generally be sold for a profit. As an income generator, they can be rented out to others, who are not yet ready for the obligation of home ownership, but who, at the same time, enjoy all the amenities that often come with a Vancouver condo.
2) There is value in the area as well as the structure
Many Vancouver condos are located close to the shopping, dining, and night life that this great city has to offer. Therefore, even though proximity is not a tangible addition to your condo, it still adds value to the structure itself. When you are getting ready to make an offer on a Vancouver condo, consider this reality.
3) Real estate agents are as valuable with condos as they are with homes
If you pay simply what is asked of you, it can be difficult to purchase a condo unit. But when you work with a professional, who makes their living helping others to negotiate home purchasing contracts, you stand a better chance of getting a condominium below the asking price.
As you set out to find the condo that is best for you and/or your family, keep all these factors at the front of your thoughts. As the market continues to improve, Vancouver property values stand to explode. Whether buying a condo or a home, now is the time to move.
by: Gen Wright
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