Buying Your First Condo On A Budget

Here is a list of sacrifices you could be making to live that trendy Lolo Lifestyle.

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Your ready to live out your trendy lolo condo dreams, but after some online searching, reality sets in, and your budget can only take you so far. We have listed for you below what cut backs/compromises you might be needing to come to terms with, in order to purchase your first home on the North Shore.

Settle for shared Laundry

Shared laundry is exactly as it sounds a shared laundry room for the entire strata building. Typically you have about 4 washers and 4 dryers that is located in the basement of the building. These machines are coin operated or on a scan card system that you load money onto. In suite laundry is a luxury that many buyers seek out and pay a premium for. If you are okay with doing laundry in the building laundry room you’ll save yourself some money on the purchase price. You may also be able to buy an apartment where the plumbing is updated and you are able  to install a washer and dryer at a later date, which would increase your property value when you sell.

Photo : Nicole Mofrad Photography

Keep Your Gym Membership

Buildings with big amenities are not only able to add premiums to their condos  prices but it can also up the monthly maintenance fees ($$). Amenities for a building can include a gym, meeting room, guest suite, indoor/outdoor pool, hot tub, etc. Buildings with a pool are a big draw in for buyers, however running that heated pool year round and maintaining it will most likely result in a higher monthly maintenance fee.

Location location location (Live 5 to 10 Blocks From the Action)

Access to restaurants, breweries, coffee shops and groceries is a big draw in for condo buyers. However, the closer you are to the best neighborhood block, the more you’re going to pay for it. On the flip side, if you are still within walking distance to the action, you will notice lower list prices.

The compromises listed above, usually takes a few weeks of searching for buyers to realize what sacrifices they will need to make on the road to home ownership. You may have a healthy budget and not need to make any sacrifices, but in the Vancouver Real Estate market purchasing your home is all about compromise. At the end of the day, the end goal is to find a condo that fits your lifestyle and budget.

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