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ninja machinist
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I'm thinking about buying a condo preferrably in the Langley/Abbotsford area. I have two friends who would be roomies with me and pay rent.
Does anyone have any experience in this? I'm probably as green as they come with regards to real estate so at this point it's just in my head. Any pointers would be greatly appreciated. :flashy
 

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Darkcbr said:
I'm thinking about buying a condo preferrably in the Langley/Abbotsford area. I have two friends who would be roomies with me and pay rent.
Does anyone have any experience in this? I'm probably as green as they come with regards to real estate so at this point it's just in my head. Any pointers would be greatly appreciated. :flashy
Its a good idea especially with 2 roomies paying off your mortgage. Be cautious to have everything in writing and leases & dmg deposits though, even with friends.

I'm sure people out there have stories of money/friends not mixing too well.
 

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Still defying gravity...
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Find a realtor who actively works with buyers in the area - local knowledge is very important if you are looking at condos/townhouses. Get pre-approved for a mortgage - and let your mortgage broker/lender know your rental plans etc.

Also, make sure the building allows rentals - under the Strata Property Act, rental to non-family members (even roommates) can be considered a rental... unless you put your friends on title which I wouldn't recommend.

Good luck and PM me if you need a realtor in the area.
 

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To add onto good advice so far, have you considered a first time Buyers seminar? There is a big one Tuesday night in Surrey. They are quite informative, and you can ask all your questions to a panel of professionals and representatives from all aspects of purchasing real estate.
 

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it is a good idea, but some things to consider.

Your freinds will not live there with you for the life of the mortgage. You need to ask yourself whats going to happen when they move out, which they will eventually. Can you afford this on your own?

Secondly, if you were in the situation where you were sans roomates how comfortable are you advertising for random roomates to live in your personal space alongside you?

Next thing to consider is if you were in this situation and decided to rent the whole unit out, whats the going rental rates for that type of unit in that area? Will it cover your mortgage costs?

Are you even allowed rentals is another BIG question to ask.

I for one love houses with legal suites. Its more comforting renting out a seperate unit, then waking up with some random person cooking garlic in your kitchen.

In short try looking outward ten years or so, what situation might you be in.

:)
 

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ninja machinist
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Discussion Starter #6
adam112 said:
it is a good idea, but some things to consider.

Your freinds will not live there with you for the life of the mortgage. You need to ask yourself whats going to happen when they move out, which they will eventually. Can you afford this on your own?

Secondly, if you were in the situation where you were sans roomates how comfortable are you advertising for random roomates to live in your personal space alongside you?

Next thing to consider is if you were in this situation and decided to rent the whole unit out, whats the going rental rates for that type of unit in that area? Will it cover your mortgage costs?

Are you even allowed rentals is another BIG question to ask.

I for one love houses with legal suites. Its more comforting renting out a seperate unit, then waking up with some random person cooking garlic in your kitchen.

In short try looking outward ten years or so, what situation might you be in.

:)

I have many many trusted people to call on should I need another renter. But ya I think you're right in that I should buy a place that I can originally afford on my own in case I don't have any roomies for a while. What I'd like to know now is how common is it that strata rules dictate that there is no permittance of renters.
 
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You should seriously talk to me man.........

I will show you what is good vs bad in condos..

I used to work in construction all fields and im pretty scared at seeing the way everythings being built these days. I bought concerete and industrial for 1 reason

----------->
Longevity

Low Issues
Low strata
Low headaches
Things just are less to go wrong..


Mind you this after 1 year of looking at all what vancouver has to offer..
And this being after the fact of driving by everyplace being built in the city and seeing daily progress... 99% I would stay away from unless you like a second or thrid mortgage on your first place plus have to wake up to construction monekies on your building for over a year working outside your windows... And they will be back 1.5 years after they left..........:eek Serious
 

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100%GOON
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While you and I disagree on alota stuff...I still love ya! Soooo... here is my story in a nutshell:

-rented for years
-last loft condo I had DT was $1300 a month plus everything
-GF at the time whored out and left me
-I had some $$$ (approx $20g) kicking around and decided to buy
-Surfed MLS for a few months and looked at a ton of crap
-commited to myself to get ready to buy when the 'place' became avalible
-Most of my bud's are agents so I made a 'kickback' deal with them
-Found a placce under valued on the Westside of Van. (condo)
-Fired one friend and rush hired another buddy
-bullied the selling agent into a private showing before the public open house
-brought me Mom as she has 'the eye' for style etc.
-put an offer in for a grand over asking with some reasonable subjects, including no more viewings, inspection, financing etc...blah, blah, blah,

Long story short my top floor 890 sq foot condo has appreciated $100g in 2 years. I could sell it for even more on top of that as it is a low rise 10 unit 'boutique' building on S. Granville Rise (that allows pets and no renters).

No bragging here, my point is 'bricks and mortar' is the way to go from a young person's investment perspective.

There are a few agents and developers on this site that can add more than I....all I am saying is DO IT! Do it smart and informed BUT DO IT! They can't make more land buddy and it ain't getting cheaper! As for 'others' paying your mortgage...As a personal rule I only buy what i can pay for myself...that is my 'risk tolerence' yours may be greater. If so, IMHO be sure to have a strong contingency (ie. 3 months) worth of $$$ on hand just incase your rommies flake out on ya.

Good luck and feel free to PM me me if you think I might be able to help..
 

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There are lot of nice affordable newly built lots of condos in surrey and the price seems to be best in the lower mainland..I bought house 2 years ago and it's price went over $125k in last 2 years..no big deal about price of my house when I need a place to live..the point is the market is so hot and every thing is over priced and I know my house is not worth extra 125K
so I won't buy one now..but does anyone know where its gonna go from here ?..I mean if you can wait than wait another year and you MIGHT find it for better price..
and if you can buy house than buy house otherwise lots of quality condos in surrey..
 

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Get in if you can, avoid the low low downpayment offers as you'll end up paying ridiculous amounts of interest. See if someone with $$$ you know will put up a downpayment as an investment. They kick in 25%, when you sell you give them back 25%, if you've been there long enough you'll have enough equity of your own to get your next place. Look for something that doesn't "show" well, it'll probably be undervalued.

and the most important thing... GET IT INSPECTED!!! We bought a townhouse attached to an apartment building, our inspector gave us the green light but said he wouldn't want one of those apartments (by just looking at the exterior). Currently three apartment balconies are shored up as they're so rotted that they'll fall off. Apartment owners are facing a big fat special assessment.
 

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Ride Solo
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Squint said:
and the most important thing... GET IT INSPECTED!!! We bought a townhouse attached to an apartment building, our inspector gave us the green light but said he wouldn't want one of those apartments (by just looking at the exterior). Currently three apartment balconies are shored up as they're so rotted that they'll fall off. Apartment owners are facing a big fat special assessment.
Unfortunately, not all inspectors are created equal. Is there someplace one can check to investigate an inspector's past fuck-ups?
 

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For what you'll pay for a condo in the Langley area, you can buy an older single-family house on your own piece of grass in Mission.
That's what I did, and I'm miles ahead of the game, IMHO.
 

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SpideRider said:
For what you'll pay for a condo in the Langley area, you can buy an older single-family house on your own piece of grass in Mission.
That's what I did, and I'm miles ahead of the game, IMHO.
If you work in Mission or are retired it's not bad but that commute wouldn't justify the cheaper housing in my opinion, then again it would totally depend on where your office is. My buddy bought in Chilliwack about 4 years ago for the same reason, he could get a house for cheap. That lasted a few years, commuting to Vancouver for work 6 days a week. He was spending 3 and a half hours a day driving, lots of vehicle maintence and a ton on gas. In the end he wasn't any further ahead. He stil owns the house and rents it out but he now rents a place in New West and thats where he lives.

edit: I should add he doesn't regret buying the house it's almost doubled in value and his renters pay his mortgage/taxes but he really hated the commute.
 

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The commuting is definitely a factor to consider in any home purchase. :thumbup
 

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Boomdeyada!
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*Darkcbr* Give me a shout if ya want I would love to help another fellow BCSB member out with a first time home purchase! or at least answer some of your questions. These guys on here have given you some great input in what you need to look for when getting into the market but feel free to call and I will give you some ideas where to start. :) Pm me or email me at [email protected]
 

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I'm a she-male.
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Thanks. (=

but if someone is truly interested in finding a realtor, then pm me for details.
 
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