This blog is a sample article for real estate agents who want to leverage the power of educational blogs when trying to sell the benefits of purchasing a condo as opposed to buying a house. 

We’ve all heard of people who have condos in different countries to be used for holiday purposes . . . and owning a condo that you can go and stay at anytime saves the money, hassle and additional expenses that would come with staying at a hotel. 

In today’s article, we will discuss what a condo is, the advantages of living in a condo vs. a house, condos as investments and short-term rentals, whether or not condos or homes appreciate faster, and some common questions about buying a condo in BC.   

So, let’s get to it! 

What is a Condo? 

A condo, or condominium if you want to use the full term, is a building with separately owned units as opposed to an apartment rental. A condo’s homeowner pays a fee every month that is collected by the condominium association. 

Condominium demographics include first-time home buyers and people who like the idea of homeownership without the task of far-reaching upkeep that comes with other places of residence. 

What Are the Advantages of Living in a Condo vs a House? 

Now that we know what a condo is and what the typical demographics who reside in them, let’s take a look at some of the advantages of living in a condo vs a house. 

  • Fewer maintenance and repair considerations: When you live in a condo, you don’t have to worry about shovelling snow in the winter or mowing the lawn in the summer like you would if you were living in a house. These two external tasks, along with any repairs that might need to be done, are the responsibility of someone else. Repairs are included in your fees, whereas if you were living in a house, they would be more expensive because you’re paying for them out of your own pocket. 
  • Access to on-site amenities like saunas, gyms, or pools: Another bonus of living in a condo is having accessible amenities like saunas, gyms, and/or pools just a short distance away. As with the maintenance and repair point above, these would be included in your fees. If you were living in a house, you would have to add in the expenses of commuting, gas, and memberships in order to use these facilities. 
  • Predictable monthly fees: Predictable monthly fees for condos include strata and maintenance fees. BC condos have a strata fee, and the definiton of strata is the monetary contributions made monthly by the owners. 

These contributions are then put towards regular maintenance and upkeep of the condominium building. Condo maintenance fees include the cleaning of shared indoor and outdoor areas, garbage pickup, snow removal and any repairs that common elements may need. 

In addition, current owners have a say in any future plans for the building and nearby estates, strata wise. 

  • Enhanced security features: Enhanced security features for condo buildings would include security cameras, deadbolt locks on doors, and locks on windows. Ask the owner of the building if you can install a security system on your condo to increase your feeling of safety in your home. Form a buddy system with your neighbours to minimize threats and keep an eye out for any suspicious activity. 
  • More affordable insurance: Home insurance for a house is the most expensive. This is where buying a condo in BC has an upside. Home insurance for BC condos can be as less as $15 per month, and covers your unit, potential upgrades, contents, and any liabilities that may come up. 

Condos as Investments and Short-Term Rentals 

As opposed to detached houses and other property types, condo buildings are appealing for rental investment that is not long-term. Condominiums have lower average prices than homes that are occupied by single families or multiple families. Residents of condominiums don’t have to worry about outside maintenance such as the removal of trash and snow, or the mowing of the lawn during the spring and summer months. 

When compared to condominiums, conventional family homes have more specific hazards and fees accompanying them. 

Do Condos or Homes Appreciate Faster? 

It varies, but the following factors of why a condo building is a preferred investment of the lion’s share of investors sums it up:

  • Single-family and detached homes are usually found in residential neighbourhoods, while the location of condominiums vary. 
  • Significantly reduced maintenance fees for monthly condo fees, the latter includes services and upkeep
  • There are very few to no individual expenses. Condo fees include the collection of garbage, insurance, and pest control.  

Common Questions About Buying a Condo in BC 

“What do condo fees cover?” 

Condo fees cover maintenance and strata. Every month, condo owners will pay a maintenance fee that is essential to keeping the building in good condition. The strata fee divides the total expenses of the unit. Keep in mind that condo fees are re-analyzed every year and have the potential to go up or down in price. This rests on the building’s yearly working finances. 

“What does condo insurance cover?” 

When buying a condo in BC,  it’s a good idea to look into condo insurance and what it covers. Personal insurance covers robberies, fires, and ensures your special possessions are protected. 

“What is the potential resale value?” 

Usually, condos rise in value more slowly than single-family homes do. Factors of resale value can include the location of the condo, walking distance, community services, elevated population growth, a need for low-maintenance living circumstances, and if the property is well-maintained or poorly maintained. 

“What should buyers look for in a condo?”

 Before you put your deposit down on a condo, there are a few things to consider. These can include accessibility to the gym, pool, or sauna, pet restrictions, and how friendly the residents and concierge are, just to name a few. Living in an unfriendly environment can really take a toll on your mental and emotional health, so if you see the current residents of the building interacting with each other in an unfriendly way or ignoring each other altogether, then maybe this isn’t the right place. 

Need Help Buying Your First (Or Next) Condo in BC? Reach out today

In this article, we covered what a condo is, the advantages of living in a condo vs a house, and condos as investments and short-term rentals. In addition to these three, we also looked at whether or not condos or homes appreciate faster, and answered some common questions about buying a condo in BC. 

BC condos are affordable and a great choice for those who are looking for their first home or looking to downsize without the stress of yard upkeep. Give us a call today to find out if a condo is the right fit for you. 

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