Are you in the process of moving to Vancouver? Perhaps you’re already in Vancouver, but you want to get home? The big question you’re now wondering, though, is whether you should go for a condo or a townhouse. Of course, you can get some advice from your Realtor Vancouver professional. However, here are some tips to get you started with making your decision.
When considering a condo or a townhouse, both could be considered first homes, depending on your situation. Whether you have a family or not and your financial means have a part to play in your decision. However, there are a few points to note since the pandemic. Also, lifestyle is slightly different, as explained below:
What’s the Difference between Living in a Condo and a Townhouse?
The main difference since the pandemic is that condos have been losing value. This is because people are now looking for more space to allow for social distancing. Having said that, some condo buildings are quite spacious, which might make them attractive for you. This is especially considering the drop in prices; however, let’s look at more details as listed below:
- Living space
- Pricing and management fees
- Investment strategy
- A community and rules
- Land Preferences
The word condo, or condominium, refers to a building that contains several apartments. Depending on the building’s size, you’ll have many families living there with access to individual facilities. These can include anything ranging from a swimming pool with a barbecue area to having a gym and even tennis courts. Some condos also offer indoor facilities such as a reception area for those large dinner parties you’re planning.
A Realtor Vancouver professional can explain to you how all the condo facilities can make life very pleasant to live. It’s also very easy to stay fit or relax by the pool, for example. On the other hand, you’ll have to go out to look for those kinds of facilities if you live in a townhouse. Some people, however, have started rejecting condos. This is mainly because of the proximity of apartments and reduced distancing in lifts and reception areas. Having said that, each condo building is different. Some condo buildings might be large enough to allow for the extra space required by distancing.
Pricing and Management Fees
As mentioned, condos are going down in price since the pandemic. Also, you should note that they have management fees to cover the facilities and maintain the upkeep of the building. This has a significant advantage because you don’t have to go through the hassle of organizing the fix when something breaks. For instance, you don’t have to worry about the lights in the hallways or entrance areas. Also, a condo is more likely to offer car parking space. The decision now becomes about what you need and what works for you, and your priorities.
If you ask a Realtor Vancouver professional, then they’ll tell you that a townhouse is a better investment at the moment. This is mainly due to the freedom of distancing space and enjoying more rooms across several floors. Certainly, condos are a great choice if you don’t want the responsibility of maintaining the building, but townhouses are the longer-term bet. Having said that, if you prefer the condo lifestyle, then now’s the best time to enjoy low prices. If you combine this with choosing a relatively new building in an up-and-coming area, you’ll be making a wise investment. Overall, any investment strategy should balance everything and not just focus on one point alone.
A Realtor Vancouver professional might tell you that a huge benefit of living in a condo is the security it offers. Depending on the building, you’ll have 24-hour surveillance and general support. Moreover, your security guards can also be a huge help when it comes to flagging down those cabs.
A Community and Rules
Do you prefer your independence, or do you enjoy being part of a community? This is an important question to ask when considering a condo versus a townhouse. As you can imagine, a condo helps to create a society due to all the facilities. Clearly, you tend to talk to your neighbors when you hang out at the pool during the summer weekends. This does come with a downside because of specific rules to follow, such as stopping the barbecue.
How can a Realtor in Vancouver help you decide?
- Market knowledge
At the end of the day, it’s always good to talk to a Realtor in Vancouver as they are professional to help you make your decision. They’ll know exactly what’s going on in the market at this moment in time, allowing them to steer you. Most importantly, they can also leverage their expertise to get you that strategically priced condo in a great location with outstanding facilities. Anything can be a good investment if you know how to balance the pros and cons.
Final Thoughts on Buying a Condo or Townhouse with a Realtor Vancouver
Whether you’ve decided between a condo or a townhouse, a Realtor Vancouver professional can guide you. They’ll be able to develop a strategy to find you the property that matches what you’re looking for. If investment strategy is your number one priority, then a Realtor Vancouver professional might offer you some townhouses. However, if you’re keen to invest in a community and way of life, then a condo might be more suitable. Don’t forget that you have to be happy to live in whatever investment you decide to go for.