If you're a first-time homebuyer in British Columbia looking to enter the real estate market, purchasing an Abbotsford condominium may seem attractive. As housing prices rise across Metro Vancouver, condos can provide an affordable entry point, especially for single people or couples without kids.
However, buying a condo is a big decision with significant financial implications. While condos have benefits like lower maintenance and purchase prices, you'll also take on new fees and restrictions. It's essential to educate yourself before taking the plunge.
This guide will walk through key steps and considerations for buying your first Condo in Abbotsford, BC.
Why Buy a Condo in Abbotsford?
Located just east of Vancouver, Abbotsford offers homebuyers lower prices than the city while remaining close enough to commute for work. Median condo prices in the Greater Vancouver Real Estate Board area are $716,000, while in Abbotsford, the median price is $425,000. There is a significant difference, and you'll often get more space for your dollar.
Beyond affordability, condos provide other advantages:
Less maintenance:
Condo fees cover exterior repairs, landscaping, snow removal, etc.
Amenities:
Many condos have shared amenities like gyms, pools, and rec rooms.
Security:
Condos tend to have secure entrances and potential on-site security guards.
Community:
You'll live close to neighbours and share common spaces.
For first-time buyers, condos can be a great fit if you value convenience and don't need much personal outdoor space.
Key Steps for Buying a Condo
Here are some key steps to follow when buying an Abbotsford condo:
1. Get Pre-Approved for a Mortgage
Before viewing condos, ask a mortgage broker or bank to get pre-approved. This will determine your budget and show sellers you're a serious buyer. I like to recommend clients consider their budget and what their must-haves and wants might be. Assessing your lifestyle is also essential. If you like to go out often and take trips, these are some things you might have to sacrifice if you don't manage your expectations well.
2. Find a Realtor
The right Realtor can be your greatest ally in finding your next home. Realtors have access to historical information on properties and local area knowledge. Their experience and insights are beneficial to helping make a great decision.
3. Research Buildings and Neighborhoods
Not all condos are created equal. Look at factors like the age of the building, amenities offered, fees, pet policies, and more. Drive around neighbourhoods to get a feel for the area. Some areas might have a Facebook or community group where they post things. If you can, find someone who lives in the building and ask them questions about how they like living there.
3. View Condo Units
Once you have target buildings picked out, schedule viewings. Evaluate the condition, layout, natural light, and noise levels in person. Does it meet your needs?
4. Make an Offer
When you find a unit you want, make an offer contingent on an inspection. While the market has changed in the past year, properties in desirable areas can still expect bidding wars. The main reason is the lack of inventory of properties for sale. Your experienced Realtor can offer you great insight here as they can access the recent sales information and will guide you in making a reasonable offer.
5. Complete an Inspection
Hire an inspector to assess the Condo's condition before removing conditions precedent or subjects as they are also called. Walk through together and identify any issues.
6. Finalize Mortgage and Legal Details
Work with your mortgage broker and lawyer to finalize details. Make sure you understand all documents before signing.
Key Considerations for Buying an Abbotsford Condo
Keep these factors in mind when evaluating condos:
Age of Building: Newer buildings might have higher fees but fewer repairs. Older buildings are cheaper but may have more risks.
Condo Fees: Also called strata fees in BC, Condo Fees can vary drastically. Make sure you factor these monthly costs into your budget. What do they include?
Amenities: Consider what amenities you'll actually use. More amenities mean higher fees. The idea of a pool might be excellent, but if you don't use it, would you really want to be paying for it?
Condo Rules: Recent changes have been legislated, but it is vital to review bylaws on pets, rentals, Airbnb's, and move-in/out policies. Ensure you can live with them.
Owner Occupancy Rates: Buildings with higher owner-occupancy tend to be better maintained with more stable fees.
Location: Research crime rates, transportation, noise levels, and local amenities. Visit at different times of the day.
Resale Value: Condo prices don't rise as fast as detached homes. Buy based on what suits your needs best.
Parking and Storage: Know what parking and storage spaces are included and the costs and availability for extra spots. Are the parking and storage spaces common property or limited common property? It makes a difference.
Conclusion
Buying a condo can be an affordable way to enter the Abbotsford real estate market. While condos have tradeoffs, they can be a smart choice for first-time buyers. Do your homework on buildings, finances, and legal considerations before purchasing. With proper research, you can find a condo that fits your lifestyle and budget in Abbotsford.
If you want to check out condos in Abbotsford Today, Try our customizable free search. Click here.
Be sure to call us if you have any questions or book an appointment for a free consultation here.