Starting the property search

BF and I have been having some serious discussions about buying a condo in the next few months. Which is perfect timing, because it looks like our living situation will probably come to an end in the next 6-8 months.

Our goal has always been to buy a townhouse in the next couple of years … but when it came down to it, we realized that we didn’t really need the space of a townhouse. So why should we pay for it? What could 2 people possibly fill an entire 3 or 4 bedroom place with? Where we live right now is a little over 500 sq. ft. While we would love a bit more space (and some desperately needed storage), we don’t want anything crazy. A second bedroom is a must. With our combined incomes once BF starts working (around $125k) and a 20% down payment, we could comfortably afford the mortgage payments of a townhouse. But, we would be laughing with a condo mortgage payment.

Here is what we are looking for in a condo (the points in bold are non-negotiable):

• 2 bedrooms
• 800+ sq. ft.
• Low rise building
• Outdoor space (deck, or garden level)
• Open concept (no galley kitchen!)
• Storage space
• Updated/modern features
• In-suite laundry
• Walking distance to restaurants & shops
• Gym facilities (or within walking distance of a gym)

We’ve been looking at condos in an up-and-coming area that we both like (about 40 min. to downtown Vancouver, and 10 min. to my work), and the price seems reasonable. As soon as you get into Vancouver, prices just sky rocket. By the time we are ready to buy, we will have the 20% down payment ready (we have approximately $45-50k saved right now, which includes the $25k from my RRSPs for the First Time Home Buyer’s Plan). So that means we would each end up paying around $600/month for the mortgage, plus maintenance fees and taxes.

In 4 or 5 years when we decide to have kids, we will then consider moving into a bigger place. I don’t want to raise children in a condo. But until we decided to get knocked up, we have so many other goals to achieve (like saving a ton of money, lots of traveling, a wedding, and just being spontaneous). It would be great to have a smaller mortgage payment and less expenses in general in order to accomplish those goals.

Of course, I have reservations about buying a condo. How hard is it going to be to sell? What about if the maintenance fees go up? I think it’s really important to do a lot of research into the neighbourhood, the building, and have a knowledgable agent. I’m not in it to make money. We’ll be buying in an up-and-coming neighbourhood with lots of potential. But I don’t have high expectations of buying and making a ton of money in a few years. That’s not realistic, and that’s not who we are. If we do make a profit when we sell, that’s great. I really hope we do. But that’s not our main goal. We just want a nice place to call our own, and we want to be putting money back into our pockets, instead of into the pockets of a landlord.

The fortunate thing about our living situation is that we don’t have to make any drastic decisions right away. We have time to think about it, and find the perfect place for us. And who knows – we may end up buying a townhouse after all. But as it stands right now, it makes so much more sense to buy a condo that will be significantly cheaper for us each month.

We are both very excited. So, we are going to find ourselves a Realtor. Then, we’ll see what happens!