condo

Buy a condo in vancouver

Millennials: The Next Generation of Condo Buyers

The condo market is very hot now, and millennials are the next generation of buyers. This group is highly interested in condo living, and they are the ones who are investing in these units, so if you are looking to sell, it’s important to understand your target audience.

A very large percentage of first-time homebuyers are millennials, and knowing the features they are interested in will help you get your home ready for a sale. You must first realize that the average millennial is very different from past homebuyers. Many of them are not interested in fixer-uppers when searching for a condo. They don’t want to repaint a kitchen or make any significant upgrades and want a move-in-ready unit instead. Condos that are in tip-top shape
will attract millennial home buyers, so you have to make sure your home is move-in ready, as this will be far more appealing to this group, and you may also be able to get your hands on a better asking price as well.

Millennials are also very interested in modern condos, so if your unit is too traditional or outdated, you have to work on this aspect. An open concept floor plan, great closets and modern bathrooms will stand out, and millennials will be quick to make an offer when they see these upgrades. Traditional homes will not be very appealing to this group, so your home may not get as much interest, which would work to your disadvantage. The kitchen and bathrooms
are extremely important, so make the necessary upgrades if you want to sell your condo fast and increase its value.

Open houses have always been effective, but many millennials prefer looking for homes online, so you have to make sure your profile is both attractive and appealing if you are targeting millennials. Your online profile must highlight the best aspects of your home through professional photographs, which must be bright and eye-catching. Professional quality is a must, and do not alter the photos in any way as millennials will not appreciate this aspect. It’s also important that you feature a short video of your home so that viewers can get a look at each room but make sure you do not exceed the two to three minute mark. A lot of millennials will locate potential homes online, so you have to have a strong online presence, and your profile must generate interest if you want to receive offers.

Location is another very important factor that millennials will consider, and Cherry Yeung will help you in every regard. You must work with a reputable real estate agent, and I will help you buy the perfect condo because I listen to my clients and their needs and show them properties accordingly. Having an experienced realtor by your side will make a world of difference, and my knowledge will ensure you find the exact condo you are after. I can also show you the houses that are for sale in the Burnaby, Vancouver and Richmond areas, so contact my office today for more information!

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The Secret to Finding Pocket Listings:Never Miss A Great Off-Market Property

Pocket listings are sold off-market homes before the property is officially listed, and many people consider this to be the inside scoop of the real estate world. Regardless of whether you are a buyer or a seller, you may be wondering how to find these listings, and the following guide will provide you with more information.

Pocket listings really come down to word of mouth or private listing networks, which is why this is considered an off-market listing. This generally occurs whenever a listing agent sells a home through their connections with other real estate agents as opposed to selling it on the open market. A pocket listing would allow potential buyers to view and buy a home before it goes on the market and is not marketed like a traditional listing, so staging or professional photography are not part of the process.

You must weigh the pros and cons of pocket listings because there are benefits and disadvantages to this method, and being aware of this information will help you decide whether or not an off-market listing is right for you. If you are a buyer, you will experience less competition because fewer people will know about the home, which would be great for you and your offer. You would also experience less stress and more privacy. If you are a seller, there would be less traffic through your home and no need for an open house, and you would be able to leave your house as-is because its condition would not matter, so you wouldn’t have to repair your roof or update your landscaping.

As a seller, you also have to consider the disadvantages, and less traffic may mean fewer opportunities for more offers to come in. A lot of pocket listings are also a dual agency, so the same agent may be acting for both the buyer and seller and you may not feel like they have your best interest in mind.

You must work with a real estate agent you can trust because they will guide you through this process and help you find your dream home. They need to have connections to know the inside scoop as this is the only way you will come across pocket listings. You can also do your own research online, so get on your laptop or computer and hunt for off-market listings because some homeowners will feature their homes through different websites, and you can get lucky if
you look online. Pocket listings are limited, so contact your agent right away and act fast if you see something you like.

If you are looking for a hidden gem, Cherry Yeung can help. Our office has access to the houses and condos for sale in the Richmond, Vancouver and Burnaby areas, and you can contact us regardless of whether you want to buy or sell. You must work with a reliable realtor, so if you are looking for a reputable and experienced real estate agent, contact my office today!

Buy a condo in vancouver

Why is a Condo Right for You?

Are you interested in moving into a condo? Here are some of the pros and cons of condo life and what you should know before you get into the condominium market. You will most likely see many different types of people at condo open houses: first-time buyers, investors, and baby boomers who want to downsize. Condos can be low-rise buildings, townhouses, freestanding houses, duplexes, triplexes, or mixed-use buildings, like condos above offices or storefronts.
These can be brand new, re-sell or conversions – meaning that they used to be apartments or factories turned into condos.

What makes condos different from freehold houses is that you will own your unit but also share ownership when it comes to the land, buildings and common areas. You will share costs with others who are in your condo association, plus the board of directors or property management company will make the big decisions.

The Benefits of Living in a Condo

Someone else will handle the yard work One of the biggest benefits of owning a condo is the freedom from maintenance you will get, plus you might not have the time or even want to deal with things like shovelling snow, mowing the lawn, or repairing the outside structures. Your monthly condo fees will cover these services.

A lot of major costs are shared

A portion of condo fees will go into the reserve fund. This fund will cover major repairs such as replacing windows and roofing with no additional cost to condo owners when a property is well maintained. Even if the reserve fund falls short, you will not need to shoulder the cost on your own, it will be shared among all owners.

Great lifestyle

Condos allow you to own your own space instead of renting it. Common areas like the pool or recreation room will give you plenty of opportunities to socialize with your neighbours. A lot of condo developments cater to different social groups such as families, young professionals and older adults.

Amenities

Some condos will even offer other benefits in the average home or apartment building that you won’t find. These can include a theatre room, gym, swimming pool or party room.

Price

Depending on your location, some condos can be more affordable than owning a freehold home. And a mortgage plus your condo fees might be equal to your rent.

Security

Marketers often say that condos are able to offer greater security than a freehold home or renting an apartment. For one, the people are likely to take better care of something they own, and some buildings also give you a secure entrance or doorman. You could feel safer with friendly neighbours on both sides, and worry less if you are a frequent traveller.
With all that being said, any form of homeownership will come with its own set of unique risks and limitations, so condos are no exception.

Buy a condo in vancouver

Are You Cut Out For A Condo?

If you’re interested in buying a condo, there are a few things you should know. The right information will help you determine whether or not this is the right move for you, so it’s important that you weigh the pros and cons of this option before agreeing to anything or signing any documents.

The following guide will help you decide if buying a condo is right for you:

Consider Maintenance Costs

One of the biggest advantages of a condo is that the unit is yours, but you’re not responsible for fixing anything. This means you are a property owner, but you can rely on someone else for repairs and maintenance because it’s not your concern when things fall apart. This does come at a price, of course, so you will have to pay a maintenance fee every month, but this will cover landscaping, roof issues, exterior paint, paving and much more. You will have to rely on the maintenance workers’ timelines for these repairs, and the fee is not cheap, so if you prefer shovelling yourself to save some money, a condo may not be for you.

Consider Condo Association Rules

These rules are in place to keep residents happy while keeping the building clean. Homeowners’ associations will make sure all common areas are clean and will ensure they are in good shape. You’ll also never have to worry about a neighbour playing loud music after a certain time, which is something you’ll appreciate. It is the homeowners association that will have control over landscaping changes or the colour of the building, and every resident will have to abide by these rules. Some people like this lack of control because they feel it is freeing, but others will struggle with this aspect because they’ll want to be in control, so this is something you have to think about before moving into a condo.

Consider The Community

Most condos have pools, tennis courts, gyms and common areas where residents can interact and make friends. Condo living often creates a sense of togetherness, so you will feel part of a community. If you are single or love social interaction, this is perfect for you, but if you love your privacy, condo living may not be ideal.

Consider Your Lifestyle

A high-rise lifestyle is different from what most people think, and you will have the convenience of elevators, so you won’t have to deal with stairs which can be frustrating. While this is great, you will still have to get your groceries and other belongings to your unit, and this can be a challenge for some, so this, too, is something you need to think about.

Whether you’re looking for a house or condo, Cherry Yeung can help. I have access to all of the houses and condos for sale in the Richmond, Burnaby and Vancouver areas and am an experienced real estate agent who cares about her clients. If you’re ready to buy a property and want to work with a reputable realtor, give me a call today!