Vancouver Lofts And Condos - Buying Guide

By Jay Banks

Condominiums are the most sought after properties in downtown areas of any city. Vancouver is no exception - the region is enclosed by water, mountains and it is close to the United States border. These factors have driven the land prices high enough to put the ownership of other types of living properties out of question for most people. Moreover, living downtown is very attractive due to easy transportation, the atmosphere of this city and the proximity of all the amenities.

Living in a condominium is good for those who want to focus on other things and don't want to worry about exterior repairs. It can also offer other significant advantages such as a fitness center, swimming pools and stores located inside the same building. On the other hand, you will be giving off some privacy as you only own the property inside and you will need to share the common areas, along with the respective maintenance fees.

There are two main types of condominiums in Vancouver: lofts and apartments.

Loft style apartments in Vancouver are not amongst the easiest to find. With the exception of Gastown and Yaletown there are not many warehouses and historical buildings that could be turned to lofts, although there is an emerging trend of new buildings being developed that feature high ceilings and floor plans that resemble these.

As far as apartments go, concrete condos are amongst the most popular ones in Vancouver. If we could generalise, highrise condominiums are built from this material in the downtown area. Frame construction is common in the residential areas where you can find a mix between traditional condos and single family housing. In most cases, there is a plenty of parking space underground as well.

It's very common that there's a monthly maintenance fee to cover the costs of keeping the common areas clean. The good news is that due to little snow or salt damage these charges are significantly lower than they would be in Toronto for the same type of accomodation, in comparison.

There is a specific law which applies for condominiums in British Columbia. The Strata Property Act came in effect more than 7 years ago and specifies the responsibilities of developers, unit owners, elected property managers or a management company.

The Strata Property Act addresses issues that developed from building inappropriately for the wet West Coast Marine climate in the last decade of the past century. The government offered financial programs for rehabilitation and almost every building in Vancouver and Richmond has benefited from it, making everything even better than new!

Jay Banks has been an accomplished realtor in Vancouver BC since 1991. For more information and other great articles, visit his website http://www.jaybanks.ca
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