700k budget
#16
slanderer of the innocent
Joined: Dec 2008
Location: Vancouver, BC
Posts: 6,695
Re: 700k budget
a townhouse/condo might be a better option then? Not as $$$ as single family and would give you more choice about where to buy.
#17
Account Closed
Joined: Sep 2014
Posts: 13
Re: 700k budget
I believe that the only disadvantage, per se, of townhouses is it is usually a strata set up. Therefore, one doesn't have full land ownership, and there are strata fees. But as ExKiwiLass says, it is usually a lot less money upfront.
#18
Re: 700k budget
Depends on the setup of the townhouse and how it's managed; worth looking into the specifics.
For example, I had cousins who lived in a gated townhouse community. They paid a monthly fee for things like snow removal and maintenance of the public greenspaces in the area, as well as a little playground. Each owner owned the land the townhouse was on, and they were responsible for keeping it manicured. They could garden or plant as they wanted. The only exterior work that was covered was the roof, since they wanted the roof to match across the whole townhouse block, not to have each unit doing their own thing - bit tough to only replace a section of a roof anyway. EVerything else exterior was the responsibility of the owner, including the windows.
Some are more strict or have higher fees and cover more, others cover very little. So it just depends on the setup.
For example, I had cousins who lived in a gated townhouse community. They paid a monthly fee for things like snow removal and maintenance of the public greenspaces in the area, as well as a little playground. Each owner owned the land the townhouse was on, and they were responsible for keeping it manicured. They could garden or plant as they wanted. The only exterior work that was covered was the roof, since they wanted the roof to match across the whole townhouse block, not to have each unit doing their own thing - bit tough to only replace a section of a roof anyway. EVerything else exterior was the responsibility of the owner, including the windows.
Some are more strict or have higher fees and cover more, others cover very little. So it just depends on the setup.
#19
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Joined: Sep 2014
Posts: 13
Re: 700k budget
Very informative. And interesting. Thanks.
#20
slanderer of the innocent
Joined: Dec 2008
Location: Vancouver, BC
Posts: 6,695
Re: 700k budget
It depends on your province how these things are set up legally. In BC townhouses can be strata (most common), freehold row homes (not common) or fee simple which sounds like what schnook described. It pays to do your homework because each type has different ramifications for you as the property owner.
#21
BE Forum Addict
Joined: Aug 2013
Location: Maple Ridge, Super Natural British Columbia
Posts: 2,071
Re: 700k budget
We were up at Silver Valley (Maple Ridge on way to Golden Ears Park) today having a look around at houses generally.
They've done a good job up there in terms of leaving forest greenways between the developments and there are excellent views from some of the best lots.
Seems to be a good location and 20 minutes to HW1 via Abernathy Connector and Golden Ears Bridge.
$700k would get you an excellent house up there.
They've done a good job up there in terms of leaving forest greenways between the developments and there are excellent views from some of the best lots.
Seems to be a good location and 20 minutes to HW1 via Abernathy Connector and Golden Ears Bridge.
$700k would get you an excellent house up there.
Last edited by withabix; Sep 28th 2014 at 3:54 am.
#22
Re: 700k budget
I do Coquitlam (The bit squeezed between Port Moody and Port Coquitlam towards Westwood plateau in any time between 35 and 55 minutes. It isn't as far as you think......
#23
Re: 700k budget
We were up at Silver Valley (Maple Ridge on way to Golden Ears Park) today having a look around at houses generally.
They've done a good job up there in terms of leaving forest greenways between the developments and there are excellent views from some of the best lots.
Seems to be a good location and 20 minutes to HW1 via Abernathy Connector and Golden Ears Bridge.
$700k would get you an excellent house up there.
They've done a good job up there in terms of leaving forest greenways between the developments and there are excellent views from some of the best lots.
Seems to be a good location and 20 minutes to HW1 via Abernathy Connector and Golden Ears Bridge.
$700k would get you an excellent house up there.
#24
BE Enthusiast
Thread Starter
Joined: Jun 2011
Posts: 992
Re: 700k budget
Or maybe you are just rude, Shard?
#25
BE Enthusiast
Thread Starter
Joined: Jun 2011
Posts: 992
Re: 700k budget
We were up at Silver Valley (Maple Ridge on way to Golden Ears Park) today having a look around at houses generally.
They've done a good job up there in terms of leaving forest greenways between the developments and there are excellent views from some of the best lots.
Seems to be a good location and 20 minutes to HW1 via Abernathy Connector and Golden Ears Bridge.
$700k would get you an excellent house up there.
They've done a good job up there in terms of leaving forest greenways between the developments and there are excellent views from some of the best lots.
Seems to be a good location and 20 minutes to HW1 via Abernathy Connector and Golden Ears Bridge.
$700k would get you an excellent house up there.
Townhouses are affordable at this budget, as are condos, but I still wonder about the retention value (something theoretically ignored for home buyers)
I saw a CBC article where one woman said house prices in Vancouver are perfect. Some people are pretty obnoxious...
Does anyone else know if it is true that condos and townhouses don't retain their value, only single family homes i.e those with land, appreciate considerably?
#27
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: 700k budget
In a strata development you do own the land in a round about way but collectively with the other owners. Therefore you still benefit if land prices appreciate. However, there are so many price drivers in a market like Vancouver that I would not worry too much about the relative rates of appreciation (or depreciation) of single family lots vs strata ownership. When the market is hot all properties seem to go up. When it is weak all properties go down.
As always with real estate (and most other things) it is a question of supply and demand. If someone builds too many condos their relative value will decline but I don't see this at the moment. Long-term I don't see any sign of a significant decline in demand in The Lower Mainland. Short-term things go up and down all the time. The most important thing is to be sure you can service your mortgage if interest rates go up 3%-4%.
#28
Account Closed
Joined: Jan 2006
Posts: 0
Re: 700k budget
You are right that it is land that is valuable. Buildings eventually deteriorate. However, good maintenance can go a long way to postpone the deterioration for many, many years. When buying strata property it is wise to check that planned maintenance is carried out, what major projects are on the horizon, and if the strata has sufficient funds to carry these out. If it doesn't maintenance gets pushed beyond "should be done by" dates or the owners get an assessment.
In a strata development you do own the land in a round about way but collectively with the other owners. Therefore you still benefit if land prices appreciate. However, there are so many price drivers in a market like Vancouver that I would not worry too much about the relative rates of appreciation (or depreciation) of single family lots vs strata ownership. When the market is hot all properties seem to go up. When it is weak all properties go down.
As always with real estate (and most other things) it is a question of supply and demand. If someone builds too many condos their relative value will decline but I don't see this at the moment. Long-term I don't see any sign of a significant decline in demand in The Lower Mainland. Short-term things go up and down all the time. The most important thing is to be sure you can service your mortgage if interest rates go up 3%-4%.
In a strata development you do own the land in a round about way but collectively with the other owners. Therefore you still benefit if land prices appreciate. However, there are so many price drivers in a market like Vancouver that I would not worry too much about the relative rates of appreciation (or depreciation) of single family lots vs strata ownership. When the market is hot all properties seem to go up. When it is weak all properties go down.
As always with real estate (and most other things) it is a question of supply and demand. If someone builds too many condos their relative value will decline but I don't see this at the moment. Long-term I don't see any sign of a significant decline in demand in The Lower Mainland. Short-term things go up and down all the time. The most important thing is to be sure you can service your mortgage if interest rates go up 3%-4%.
#29
slanderer of the innocent
Joined: Dec 2008
Location: Vancouver, BC
Posts: 6,695
Re: 700k budget
Thanks, I have been looking around. So we are liking places near nature but Coquitlam seems a bit far
Townhouses are affordable at this budget, as are condos, but I still wonder about the retention value (something theoretically ignored for home buyers)
I saw a CBC article where one woman said house prices in Vancouver are perfect. Some people are pretty obnoxious...
Does anyone else know if it is true that condos and townhouses don't retain their value, only single family homes i.e those with land, appreciate considerably?
Townhouses are affordable at this budget, as are condos, but I still wonder about the retention value (something theoretically ignored for home buyers)
I saw a CBC article where one woman said house prices in Vancouver are perfect. Some people are pretty obnoxious...
Does anyone else know if it is true that condos and townhouses don't retain their value, only single family homes i.e those with land, appreciate considerably?
I agree with everything JBE said. If you buy a condo, you just need to do your homework - check depreciation report, make sure the building has a good contingency fund, be wary of buildings with low strata fees, and read every single page of the strata minutes.
Last edited by ExKiwilass; Oct 22nd 2014 at 4:47 pm.
#30
Re: 700k budget
RIGHT NOW, single family homes are increasing more in $$$ and detaching from multi-family. Condo/TH values are flat in comparison right now and haven't really increased for 6 years. For example, a TH we looked at in 2008 is still selling for the exact same price now in 2014, whereas family homes in our area have increased from 6-700k to 8-1.1 million k. But in the past it has varied.
I agree with everything JBE said. If you buy a condo, you just need to do your homework - check depreciation report, make sure the building has a good contingency fund, be wary of buildings with low strata fees, and read every single page of the strata minutes.
I agree with everything JBE said. If you buy a condo, you just need to do your homework - check depreciation report, make sure the building has a good contingency fund, be wary of buildings with low strata fees, and read every single page of the strata minutes.