If you’re considering moving to the heart of downtown Vancouver, Yaletown is the perfect area for you. This neighbourhood provides you with everything you need to fully enjoy the city. However, people interested in purchasing Yaletown condos often have questions or concerns about condominium ownership and what it means for their wallet.
In this article, I’ll help dispel some of the common misconceptions about condo investments, so you can see for yourself if the condominium life suits you.
Condo and Home Ownership Are the Same
This is a tricky one. When you buy a condo, you become a homeowner. However, there are a few rights that condo owners don’t have access to that freestanding property owners do. Because condos involve shared ownership, there is less overall free rein compared to owning a house.
For example, if there are ever problems with the plumbing or electrical, most condos require you to hire a professional instead of trying to fix it yourself. After all, if you make a mistake, it could potentially become a problem for other units. Additionally, there may be common areas such as patios and balconies. These are shared spaces, so you’ll likely have to pay condo fees for them to be maintained.
Condo Fees Break the Bank
Speaking of condo fees, it’s a common misconception that they will drain your wallet. In actuality, while condo fees do typically go towards upkeep and maintenance of the building and common areas, they also cover your water, heat, garbage collection, sewer and, in some cases, electric and internet/cable.
Imagine these separate costs and how much they would add up if you lived in a house. Plus, condo living keeps you from having to maintain the lawn or shovel snow off the driveway yourself, or from paying someone else to do it.
Ultimately, condo fees are in place to make residents’ lives easier. The amount is decided on by the board of directors, which is made up of other condo owners like you. In other words, no one profits from condo fees.
Special Assessments Are the Worst
A special assessment is an additional fee that condo owners must pay when the normal fees aren’t sufficient enough to pay for a major repair. Just like with house ownership, there are sometimes unforeseen expenses. While this one-time special assessment fee may seem like a pain for condo owners, it’s in place to avoid raising regular condo fees long-term. Repairs are an unfortunate, but normal part of property ownership.
Condo Fees Should Stay the Same
Depending on the condominium, your fees will likely go up over time. This is a normal part of condo living and is not as bad as it sounds. As we’ve discussed before, these fees are in place to cover the costs of repairs and other yearly projects. No one makes money off of the fees, but they go up as the costs of running the building rise with inflation.
It’s better to have routine repairs, upkeep and maintenance done than to leave the building and its units neglected or not up-to-date. If you ever try to sell your condo, a well-maintained building will help your side of the negotiations.
Finding the Perfect Yaletown Condo
If you think condo ownership might be for you, I’m happy to show you some of the best Yaletown condos for sale. I can help you compare condo fees and other expenses between buildings, so you can find a unit that fits your budget. Please give me a call using the number at the top of your screen so we can talk more about why a condo investment is a great investment.