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Why is a Condo Right for You?

Are you interested in moving into a condo? Here are some of the pros and cons of condo life and what you should know before you get into the condominium market. You will most likely see many different types of people at condo open houses: first-time buyers, investors, and baby boomers who want to downsize. Condos can be low-rise buildings, townhouses, freestanding houses, duplexes, triplexes, or mixed-use buildings, like condos above offices or storefronts. These can be brand new, re-sell or conversions – meaning that they used to be apartments or factories turned into condos.

What makes condos different from freehold houses is that you will own your unit but also share ownership when it comes to the land, buildings and common areas. You will share costs with others who are in your condo association, plus the board of directors or property management company will make the big decisions.

The Benefits of Living in a Condo

Someone else will handle the yard work One of the biggest benefits of owning a condo is the freedom from maintenance you will get, plus you might not have the time or even want to deal with things like shovelling snow, mowing the lawn, or repairing the outside structures. Your monthly condo fees will cover these services.

A lot of major costs are shared

A portion of condo fees will go into the reserve fund. This fund will cover major repairs such as replacing windows and roofing with no additional cost to condo owners when a property is well maintained. Even if the reserve fund falls short, you will not need to shoulder the cost on your own, it will be shared among all owners.

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Millennials: The Next Generation of Condo Buyers

The condo market is very hot now, and millennials are the next generation of buyers. This group is highly interested in condo living, and they are the ones who are investing in these units, so if you are looking to sell, it’s important to understand your target audience.

A very large percentage of first-time homebuyers are millennials, and knowing the features they are interested in will help you get your home ready for a sale. You must first realize that the average millennial is very different from past homebuyers. Many of them are not interested in fixer-uppers when searching for a condo. They don’t want to repaint a kitchen or make any significant upgrades and want a move-in-ready unit instead. Condos that are in tip-top shape will attract millennial home buyers, so you have to make sure your home is move-in ready, as this will be far more appealing to this group, and you may also be able to get your hands on a better asking price as well.

Millennials are also very interested in modern condos, so if your unit is too traditional or outdated, you have to work on this aspect. An open concept floor plan, great closets and modern bathrooms will stand out, and millennials will be quick to make an offer when they see these upgrades. Traditional homes will not be very appealing to this group, so your home may not get as much interest, which would work to your disadvantage. The kitchen and bathrooms are extremely important, so make the necessary upgrades if you want to sell your condo fast and increase its value.

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The Right Way To List And Sell Your Home in Richmond

Listing your home for sale is one of the hardest things you will do when planning on moving. You have made so many memories in your old home, and you want the best for the property. When you list and sell your home, you should ensure you are doing it the correct way. You also want to ensure that you are not selling your home to people who do not care for the property. Remember that first impressions matter, and you want your home to look as nice as possible. This will attract attention towards the property and will help sell it faster than expected.

There are many times you will be emotional but do not let those feelings get in the way of your decisions. Make sure that you are making decisions when you feel happy or have a little less of a stressful day. Emotions are so important that you will have them when you are selling your home but try not to let them interfere with situations. Make sure to choose a good real estate agent and one which does not take too much commission. Usually, agents will take 5-6 percent of your home's sale price.

It is not a good idea to try and sell your home by yourself, this will only make the press longer, and you are not experienced in the field of marketing. There are many legal factors that you could have to deal with by yourself. Make sure to set a realistic price; you don't' want to be selling your home for more than what it is worth. You also want to make the price range affordable for potential buyers. You can raise the price by a couple thousand once you have multiple potential investors.

There are many ways you can have people invested in your property, especially if you keep up with maintenance. People want to buy a place that requires little to no maintenance, and they want a home with beautiful upgrades. If you are looking for real estate agents, condos or homes for sale in Richmond, BC, contact Cherry Yeung.

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How Much Should You Budget For Expenses After Closing?

Buying a home should be one of the momentous events of your life. You will need a down payment and money for closing expenses but many people do not realize that there are other expenses associated with buying a home after the closing period.

While these costs can vary from one home buyer to another, it's always a good idea to plan ahead so that your budget can cover all costs, and here are some aspects to keep in mind:

Moving costs

Utilities

Household items

Window treatments

Cherry Young Real Estate can help you find your perfect home and our real estate agents will guide you through every step. If you are looking for homes for sale in the Richmond area, want to buy condo in Vancouver, or need a realtor in the Burnaby area, we can help, so give us a call today!

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How Do You Pick A Home Inspector?

A home inspector will tell you if there is anything related to the house that you are interested in purchasing by assessing the property to see if there is a problem related to it. Based on their findings, the results may affect shopping because potential buyers do not want to invest in a home that is falling apart.

Choosing a home inspector is not easy, as anyone can claim to be in that industry, so don't let fancy business cards fool you because there are no set rules that are really necessary for a home inspector

If you want a real estate agent you can trust, contact Cherry Yong Real Estate today. Whether you want to buy a condo or are interested in homes for sale in the Vancouver, Burnaby or Richmond areas, one of their experienced and professional realtors can help, so call them now and they will take care of every aspect!

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