I recently read this quote about condo sales:
“Condominiums are undeniably the biggest game changer for real estate over the past decade, especially in British Columbia and Alberta, where they comprise 25 to 50 per cent of residential sales.” – Elton Ash, Regional Executive Vice-President, Re/Max of Western Canada
Condos in Surrey BC are a great option for first time buyers, and make sense with certain lifestyle requirements. When considering whether a resale or brand new Surrey condo is the right choice for your needs, there are several factors you should keep in mind.
- Identify the maintenance fees associated with the unit you would buy. How much per month? What does it include? How often is the building painted, major renovations scheduled, etc? Make sure the amenities match your lifestyle.
- Ask for a copy of the Condo Association documents prior to buying. Make sure the rules don’t affect the way you plan to live your life.
- Get a copy of the Condo Board’s financial statement. Find out how well they manage the maintenance fees you will be paying.
- Review the number of units for sale compared to the total number of units.
- Walk the complex and talk to neighbors about their experience living there.
- Check out the overall condition of the complex, making sure it is well maintained and an area you would like to live.
- Check out the area around the complex. Is it well developed, undesirable or the potential for future construction.
Advantages of Condo Ownership in Surrey
There are several benefits to owning a condo in Surrey and other nearby neighborhoods, such as:
- A condo purchase is a good investment as their value generally increases over time.
- Condos generally allow you to live in a particular area that best fits your lifestyle, without the hassle of driving and costs of parking
- Condos are ideal for older people, busy families, and professionals who don’t have time, interest, or energy for maintenance work.
- The Surrey real estate market offers a variety of condo options to choose from, including a wide range of prices, locations, structures, sizes, developers, and architectural features.
- Condos often offer security services and added safety measures.
Condo Ownership for First Time Buyers
Condos are a great first time home ownership opportunity for first-time buyers of moderate and middle-income levels. A knowledgeable real estate agent can help you identify the condominium that is right for you.