Things to Consider When Buying a Condo in BC

The number of things to consider when buying a condo in BC are plentiful; in fact, the amount of both legal considerations, cost considerations, and personal considerations factoring into a condominium purchase are so plentiful that we here at Harbourview District are dedicating the entirety of today’s blog to the topic. 

Without further ado, here are the answers to the most frequently-asked questions we field regarding condo-purchasing considerations: 

“What Are the Advantages of Living in a Condo? What Should I Know About Condo-Living Ahead of Time?” 

As any real estate professional worth their salt will tell you, there are myriad benefits to choosing condo-living… whether you’re looking to downsize or seeking to invest.  

  • Common benefits of living in a condominium include: 
  • Little to no maintenance or repair responsibilities 
  • Fewer maintenance and repair-related expenses 
  • Access to on-site condo amenities and nearby public facilities 
  • Built-in security features that are consistently monitored and available for upgrading  
  • As a current owner, having a say in the strata’s future plans for the building and surrounding estate  
  • Convenient unit size, perfect for downsizers, retirees, and small families  
  • Typically, a lower purchase price than a traditional home 

In terms of what to know before buying a condo, real estate agents and general real estate professionals will recommend the following: determining if condo-living is the right choice for you and your lifestyle (for example, choosing a condo vs. a detached home); if you are eligible for receiving a loan, if required, for the purchase of your condo, as loans for condominiums can be difficult to receive due to stricter regulations; and if the specific condominium that you are considering has rules and bylaws that adhere to your ideal lifestyle and that you are willing to follow. 

“What are key considerations to buying a condo?

Before becoming a part of the condo community, it’s important to be aware of all aspects of condo ownership. Condo owners should be aware of: 

  • Monthly condo fees, which go towards necessary repairs, upgrades, and maintenance of both the building and its estate 
  • Insurance policy for protecting the valuables within your condo units or unit 
  • Monthly costs that may increase or decrease periodically depending on what nances are needed for security, general maintenance, or upgrades 
  • Potential pet restrictions 
  • Policies and bylaws that may be subject to change 
  • A scarcity of nearby entertainment or amenities  
  • When in doubt, it is advised to contact the relevant Homeowners Association in order to determine the average monthly fees, bylaws, and restrictions that are in place.  

“How Does Harbourview District Circumvent These Potential Disadvantages?” 

As a transitional neighbourhood, Harbourview District is part of an emerging urban master-planned community that strives to revitalize Nanaimo’s Downtown south-end neighbourhood in a way that has never been seen before. 

As such, we make it our focus to have all property taxes, closing costs, monthly fees, condo amenities, security, and bylaws 100% transparent and geared towards your comfort and convenience.  

Harbourview District: 

  • Is 100% pet-friendly 
  • Connects big-city public facilities with small-town walkability and green space 
  • Future community plans tout unparalleled accessibility via wide sidewalks for pedestrians, in-set street parking, pathways to easily connect buildings and facilities, on-site commercial retail space, and several bike lanes for cyclists  
  • Is already brimming with nearby social activities, commercial opportunity, and recreational spaces; these include parks, shopping, educational facilities, transportation options, real estate activity, and entertainment and nightlife 
  • Has been placed in an ideal location, what with its sea-to-sky views, multiple outdoor activity options, ten-minute walk to the Helijet terminal, a five-minute drive to the SeaAir terminal, and within driving distance to the Nanaimo airport, the much-loved Mt. Washington Alpine Resort, and Vancouver Island’s main highway  
  • Over the next five years, Parkshore Projects plan to build 280 homes in Harbourview District: all of which are planned to be multiple mid-rise condo developments linked by lush green space and pathways. This makes it on the cutting-edge of aesthetics without sacrificing a strong sense of community and its historic roots; in fact, the latter two factors are incorporated into every decision here at Harbourview, ensuring that it remains an idyllic option for downsizers, retirees, and small families alike. 

What Are Some Questions I Should Ask Before Buying a Condo?

Whether you are a first-time condo-buyer or have previously purchased a condo, we highly recommend bookmarking this blog today so that you can have the following questions on hand during your next purchase: 

Q: “What are the restrictions on my outdoor space?” 

A: These will vary. Some condominiums may not permit outdoor sources of heat, such as a barbeque. Others may have limitations on outdoor smoking. Always be sure to review the strata bylaws.

Q: “What are the limitations on renting out my unit?” 

A: There are some condo communities that limit the number of rental units allowed, and be sure to check local bylaws for short term rental restrictions.

Do You Have Any Further Questions Regarding Things to Consider When Buying a Condo in BC?

Connect with us today. We would be happy to answer any further queries you have.