Buying Vancouver luxury real estate can feel overwhelming. There are so many things to consider – and so many places to look at.
There are five questions I think any luxury homebuyer should ask about every property you view, to ensure you love where you live, and you get the best deal possible on your new dream home!
These are the 5 questions you must ask before buying Vancouver luxury real estate
1. How old is the building?
When dealing with Vancouver luxury real estate, you want to know the age of any building you’re looking at. Why does age matter? First, it can help you understand what type of home repair issues you may be facing down the road. It can also have an impact on resale ability and price. When you’re dealing with condos, newer buildings are more likely to have more amenities, but older buildings tend to have lower, more stable fees.
2. What’s the purchase history and value?
You want to look at each time a piece of Vancouver luxury real estate was sold – and what it went for. What are you looking for? You want to make sure that the value of the home has been increasing in value over time. Generally, if you see steady growth in a property’s value, it’s a solid investment choice. But to know for sure, ask a great Realtor – like me!
3. Are there warranties?
On new BC homes, there are warranty policies, with the most common being the 2-5-10. This coverage – at a minimum – provides two years on materials and labour, five years on the building envelope, and 10 years on the home’s structure. There is also coverage for defects in labour and materials. Warranties can give you some additional piece of mind – and can be a bonus of buying a new luxury property in Vancouver.
4. What does the neighbourhood offer?
In Vancouver, each neighbourhood is unique, offering its own strengths and weaknesses. Given this, I always suggest to clients that they consider what they want most from a neighbourhood. Do you want to be in the midst of an entertainment district? Are you focused on the schools in the area? Do you love having green space at your doorstep? Once my clients have identified what’s most important to them, I can match them with a neighbourhood that can meet their wants and needs.
5. Are there any zoning considerations?
Before making a purchase, you want to know how the Vancouver luxury real estate you’re considering is zoned. This is especially important if you have plans for something like a secondary suite. If you don’t look at the zoning ahead of time, you may pay for it down the road, when you try to do something like get a secondary suite permitted.
If all these questions are making you feel overwhelmed, don’t worry! A great Vancouver luxury real estate agent will make sure to ask these and other questions for you, making sure you get a home that works with your life, style and budget. So the only question you need to answer is: when are you going to email me so we can start the process of moving you into your dream home?
