Townhouses & Condos Q&A
(January 12, 2016
)
So you or someone you know are considering the purchase of a new or resale condominium or townhouse? We have been asked every conceivable question thousands of times. Here we will provide a very short list for first time home buyers. Feel free to call our group with your questions anytime, 604-767-6736.What is the difference in owning a condo or townhome in our beautiful British Columbia compared to owning a house? The purchase price may be lower for a condo or townhome, but there are also association fees and restrictions. In reality, they are just different ways of assuming the responsibilities of homeownership.
It can, however, have a bearing on the mortgage amount for which you qualify and some of the ways in which you live. Keep in mind that strata living and investing can be a dog with a different set of flees as we say. It is of paramount importance to be fully aware of the development minutiae so as to make the wisest decision. That is what we are here for.
When you buy a townhome or condominium you become part of a Common Interest Community (CIC) in a Planned Unit Development (PUD), which shares some of the responsibilities and costs of homeownership. Those shared costs are usually paid by each unit owner in monthly association fees.
Typically townhouse association fees include the following:
Snow and lawn care
Outside maintenance
Sanitation (trash removal)
Water/sewer (some include it, some don’t)
Hazard insurance covering the building structure and exterior (you should secure your own separate insurance for the interior, much like renter’s insurance).
When you buy a townhome or condominium you become part of a Common Interest Community (CIC) in a Planned Unit Development (PUD), which shares some of the responsibilities and costs of homeownership. Those shared costs are usually paid by each unit owner in monthly association fees.
Typically townhouse association fees include the following:
Snow and lawn care
Outside maintenance
Sanitation (trash removal)
Water/sewer (some include it, some don’t)
Hazard insurance covering the building structure and exterior (you should secure your own separate insurance for the interior, much like renter’s insurance).
If you or anyone you know is considering the sale of your home or the purchase of any Greater Vancouver, Fraser Valley or British Columbia real estate don't hesitate to call, text or email our group of industry professionals anytime, 604-767-6736.
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