Advantages/Disadvantages to Apartment Ownership In Abbotsford BC – Secrets Revealed
In any situation of shared ownership the community living life style will offer you positive and negative angles. This can be related to townhouses and all other attached properties in the Fraser Valley and Lower Mainland area’s.
Advantages
1. Enjoy – the availability of amenities such as swimming pools, tennis courts, health clubs, community centers, saunas, hot tubs, exercise rooms and sun decks.
2. Enjoy – A variety of prices, locations and types of structures or sizes with architectural features available.
3. Enjoy – the growth in equity as participation in the real estate market will be successful in the Greater Vancouver Area also including: Abbotsford, Chilliwack, Mission, Langley, Burnaby, Richmond, New West, Maple Ridge, Coquitlam, White Rock and Surrey.
4. Enjoy – Pride of home ownership
5. Enjoy – Freedom to decorate the interior of the unit to suit your personal taste
6. Enjoy – Lower costs of repairs and maintainer as it they are shared.
7. Enjoy – Elected council being responsible for making many business and management decisions.
8. Enjoy – Participation in the operation of the development, such as budget setting and approval of decisions that effect your investment.
9. Enjoy – Not cutting the grass or cleaning the gutters as your upkeep and maintenance often associates it’s self with these types of responsibilities
10. Enjoy – Meeting new friends within the common areas.
Disadvantages
1. Maybe you won’t enjoy – Some elected council could behave in a rude, unorganized and unprofessional manner.
2. Maybe you won’t enjoy – Owners may become stand off-ish when the same people are continually serving on council.
3. Maybe you won’t enjoy – Management of the condominium council is by volunteers, who may or not have the appropriate abilities and skill.
4. Maybe you won’t enjoy – The flexibility in selling your home. Selling a condo generally takes more time then single family houses. However, this is a variable and my change depending on what area of the Fraser Valley or Lower Mainland you live in.
5. Maybe you won’t enjoy – The close proximity to one another.
6. Maybe you won’t enjoy – The lack of freedom because of restrictions in the rules and bylaws. (pets or rental restrictions).
7. Maybe you won’t enjoy – The difficulty in accurately assessing the quality of construction in your condo project.
8. Real estate appreciation is generally not as high for a condo in comparison to a single family home or town home.
Disadvantages aside, the possibility of having your first investment in a condominium could prove to be an attractive option for several reasons. If you are considering investing in a condominium, you’ll be happy to know that generally speaking condo’s appreciate in a value rate that is higher in most inflation rates in the Fraser Valley or Greater Vancouver Area. Also, finding a tenant in the Lower Mainland is easy for a condominium apartment because of our low vacancy rate. Surrey, Langley, Vancouver and Burnaby has seen an increase in demand for the condominium lifestyle and the convenience that it provides. However, Chilliwack and Mission has been lagging behind in it’s apartment building development. There is minimal upkeep involved with bylaws and other rules that legislate your investment as a secure and sound vehicles for success. Do your research on other buildings in the area and what they’ve been appreciating at for the last few years. Take your time and don’t be pressured into you purchase!
