Skip to main content

Start with a Condominium


Over the last few years, rising housing prices have outpaced the ability of many first-time buyers to save a sufficient down payment to service a mortgage for a single-detached house.

If you are getting tired of paying rent and you would like to own some real estate, there is an alternative. Purchase a condominium as your first home.

Doing so doesn’t mean you have to give up your dream for a white picket fence and big garden. It simply means you shift your current expectations to get into the real estate market and put your monthly payments towards building your own family’s equity instead of a landlord’s equity.
While considering your decision, may we point out a few benefits to condo ownership you might not have considered?

The Primary Consideration - Price
In Greater Victoria, condominiums are more affordable than owning a detached home. You’ll likely find your mortgage plus condo fees are equivalent to how much you pay for rent. If you end up paying more, be assured it’s less than what you’re going to be paying for a detached home mortgage plus maintenance fees. In a condo, those fees are budgeted for and included in your monthly amount. In a detached home, they are often not accounted for until the roof or the deck needs to be replaced.

Locations Are Usually Better
It’s hard to beat living within or on the edge of a bustling city with easy access to work, dining, activities, public transportation and other amenities. Our own location in Langford is ideal because it is close to big box stores and outdoor amenities.

Better Security
Condos are more secure than a detached home. Every building has a front entrance and a built in “neighbourhood watch” with residents keeping an eye on who is entering the building. Having neighbours close at hand if there is ever an emergency isn’t a bad thing.

Simpler Maintenance
Freedom from maintenance is one of the biggest attractions to condo ownership. After all, aren’t there better things to do than mow your lawn or repair outside structures? Your monthly condo fees take care of it.

What About Noisy neighbours?
Did you know Canada's National Building Code (NBC) was updated in 2015 to change how builders and architects design for acoustics to ensure you have quieter neighbours? That means new condos must use building materials that do a better job at dampening the noise coming through the walls, floors and ceilings. Less noise = happier neighbours!

Still prefer a detached home?
If owning a detached dwelling is still your ultimate goal, a condo purchase can be a good interim step. Start putting your hard-earned money towards paying down your own mortgage and building up your own equity rather than your landlord’s. The alternative is to keep trying to save enough down as you chase the market. Fair warning, though. Once you’ve been living the condo lifestyle for a while, you might find it difficult to give up!

Let us know if you’re interested in looking at a condominium at Triple Crown Communities. Residence 1 is now sold, but details about Residence 2 will are coming soon. Sign up for our newsletter The Winner’sCircle” to ensure you’re one of the first informed.

Comments

Popular posts from this blog

Family Life in a Langford Condo

As affordability and availability of single family homes have risen through the last few years, attitudes toward family spaces are shifting. Condo living can be just as fulfilling for the progressive-thinking family as for anyone.  Here are some considerations for families: Space . Obviously the biggest challenge families have is rambunctious tots who move a lot, and all the accoutrements that go along with them — craft supplies, bedding, study spaces, books, and toys, toys, and more toys. There are numerous space-saving storage ideas out there which make modern life in smaller spaces possible and even enjoyable. If you are feeling particularly challenged, why not hire a clutter or storage consultant to help you maximize the space? It’s a small investment for a potentially huge gain. Proximity to other families. It’s always nice when children are able to walk to a friend’s house, or have their friends over. You just can’t beat a trip down the hall or across the parking a

Markets Stable in Victoria BC

“The fact that we’ve seen such a controlled levelling off in the market directly following a year which felt so uncontrollable in terms of demand and pressure on prices illustrates the depth and stability of the Victoria market,” says Victoria Real Estate Board President Ara Balabanian. “An unstable market may have experienced a heavy correction or shift, whereas in our market sales are moderating at a reasonable rate.” The Multiple Listing Service® Home Price Index benchmark value for a condominium in the Victoria Core in October 2017 was $449,176. The benchmark value for the same condominium in October 2016 was $394,571