The real estate markets are flourishing in large Canadian cities, and prices keep ascending. More investors and buyers are considering Kelowna townhouse developments as an alternate option to your traditional single-family homes. While a townhouse can be an excellent investment, there are a few things to consider when you’re thinking long-term. If you’re not buying a townhouse as a longstanding investment, the probability of you moving and selling your property within seven years is high. If this is the situation, then you want to look a buying a townhouse that escalates in value at the maximum probable rate, so that you’ll be reaping the rewards one day when you’re selling even after you’ve paid for the closing costs.
Houses versus Condos
Both condominiums and homes are built in different options and styles. It was customary for the real estate market to be principally driven by selling of houses. Over recent years this has started to shift. The want for condos has escalated, resulting in more and more condo developments rising. Condos are available on the market in several styles, each with their own set of advantages. Apartment style condos are perfect for individuals that require less space and prefer the environment of an apartment-style dwelling. They usually have outdoor parking, secure parking, or underground parking areas.
Townhouses are ideal for individuals that require more space and privacy. The next option when you’re looking at Kelowna condos for sale is a bungalow style condo which has similar space than a home but comes with fewer exterior maintenance requirements. Both types are excellent investments. However, you must take into consideration what type of repairs may be required in the future. It is essential to gain knowledge about how the condo board operates and what you’ll be liable for as a homeowner.
It is vital that you choose an appropriate building in a desirable location to ensure you’re getting top cash when you decide to sell your property. It is advisable to speak to a real estate agent to inquire about your best options to allow you to make a solid investment.
2. Strata Rules
It’s necessary to find out in advance about the rules and regulations of the building. You should think about things like, is there any age restriction on the building’s strata corporate, are any pets allowed, are there any rental restrictions, etc. You want to buy a property that you can rent out if the need arises.
3. Consider Smaller Complexes
It may be beneficial to consider a townhouse in a smaller complex. With larger condo developments, it is likely for a few units to be on the market at the same time. And what’s more, you may find that there are multiple units with the same floor plan. This means you’ll have to lower your selling price to get ahead of your competition when it’s time to sell. If you are buying a condo in a larger development complex, try to consider a complex with fewer matching floorplans.