Vancouver BC Real Estate-- "You can have it all, but it's going to be small!"
Vancouver, BC Real Estate
"You can have it all, but it's going to be small."
by Geraldine Santiago
OK. You're a first time home buyer. You can't afford a home, you're strapped for cash, a down payment, interest rates are on the rise....Is there any relief in sight? Do I have any options?
Many first time home buyers cannot get over the sticker shock when they see the price of a one-bedroom condo in Vancouver. "I can NEVER afford that!" they exclaim. However, first time home buyers need to be aware that there are options available to them, which they probably may not have thought of before.
For one thing, buyers can decide to search for their home further away from the city-- Burnaby, Coquitlam, New West, Richmond, Delta, and Abbotsford. If, however, you don't want to bother with the commute, and you decide you want to stay in Vancouver, you'll definitely have to go SMALL. I mean, teeny, tiny, small. It's called a STUDIO APARTMENT and most first time home buyers overlook this type of property.
A studio apartment is definitely going to be small--no matter how you call it it's going to be, "itsy-bitty, mini, teeny, tiny", it is small. Typically under 500 square feet small.
But because many studios are functional, oftentimes with high ceilings and large windows, the unit does not always feel small. Some studios are lofts and the space in this case, is actually more than the square footage outlined in the floor plan. (Strata floor plans are based on square footage only.)
In addition, most studio apartments make the most of its limited space by making it multi-functional. The living area can be transformed into a bedroom during the evening, and work spaces can be hidden behind a wall. Furthermore, today's furniture are made with condo home owners in mind. Sofas and tables are built compact and take on double duty.
Studio apartments, though small, do have it all-- a functional kitchen with all the appliances, full bathroom (three piece), storage space, underground parking, in-suite laundry, the use of the strata's amenities like a fitness or club room, or both. Some studio apartments even have exclusive use of an outdoor space such as a balcony or patio.
How many first time single home buyers opt to purchase a studio apartment? Nearly 40% of my clients, who are single, first time home buyers decide to purchase a studio in Vancouver because it is more affordable than a one-bedroom unit. In some cases, it could mean the difference of being a home owner or not. The difference in price, in some cases, can be approximately 40-70k less for a studio unit than a one bedroom unit in the same building!
What are the positive aspects you ask? Some studio apartments allow two person occupancy, which means that there could be up to two people living in the unit. Consider this as well--many studio apartments are rentable. I've seen studio suites rented for up to $1500 per month. (Visit www.uniqueaccommodations.com) The sweetest aspect is this-- it is a STEP albeit a tiny, teeny baby step in home ownership!
The bottom line is this--you CAN have it all, .....but it IS going to be SMALL!
"You can have it all, but it's going to be small."
by Geraldine Santiago
OK. You're a first time home buyer. You can't afford a home, you're strapped for cash, a down payment, interest rates are on the rise....Is there any relief in sight? Do I have any options?
Many first time home buyers cannot get over the sticker shock when they see the price of a one-bedroom condo in Vancouver. "I can NEVER afford that!" they exclaim. However, first time home buyers need to be aware that there are options available to them, which they probably may not have thought of before.
For one thing, buyers can decide to search for their home further away from the city-- Burnaby, Coquitlam, New West, Richmond, Delta, and Abbotsford. If, however, you don't want to bother with the commute, and you decide you want to stay in Vancouver, you'll definitely have to go SMALL. I mean, teeny, tiny, small. It's called a STUDIO APARTMENT and most first time home buyers overlook this type of property.
A studio apartment is definitely going to be small--no matter how you call it it's going to be, "itsy-bitty, mini, teeny, tiny", it is small. Typically under 500 square feet small.
But because many studios are functional, oftentimes with high ceilings and large windows, the unit does not always feel small. Some studios are lofts and the space in this case, is actually more than the square footage outlined in the floor plan. (Strata floor plans are based on square footage only.)
In addition, most studio apartments make the most of its limited space by making it multi-functional. The living area can be transformed into a bedroom during the evening, and work spaces can be hidden behind a wall. Furthermore, today's furniture are made with condo home owners in mind. Sofas and tables are built compact and take on double duty.
Studio apartments, though small, do have it all-- a functional kitchen with all the appliances, full bathroom (three piece), storage space, underground parking, in-suite laundry, the use of the strata's amenities like a fitness or club room, or both. Some studio apartments even have exclusive use of an outdoor space such as a balcony or patio.
How many first time single home buyers opt to purchase a studio apartment? Nearly 40% of my clients, who are single, first time home buyers decide to purchase a studio in Vancouver because it is more affordable than a one-bedroom unit. In some cases, it could mean the difference of being a home owner or not. The difference in price, in some cases, can be approximately 40-70k less for a studio unit than a one bedroom unit in the same building!
What are the positive aspects you ask? Some studio apartments allow two person occupancy, which means that there could be up to two people living in the unit. Consider this as well--many studio apartments are rentable. I've seen studio suites rented for up to $1500 per month. (Visit www.uniqueaccommodations.com) The sweetest aspect is this-- it is a STEP albeit a tiny, teeny baby step in home ownership!
The bottom line is this--you CAN have it all, .....but it IS going to be SMALL!