By Christopher Chiu PREC* and Anky Kan PREC*, LiveLowerMainland, Oakwyn Realty Ltd.
Moving from a house to a condo is one of the bigger changes many of our clients make. It is a financial decision, but it is mostly a lifestyle one. After more than 40 years in Vancouver real estate between the two of us, and many downsizing moves alongside our clients, this is what we tell people to expect, and what they usually end up enjoying most.
What changes day to day
Less space, and fewer things
The biggest adjustment is the space. Most people moving from a detached home will give up rooms they rarely used, but also some they did: the workshop, the second living area, the garden shed. Plan the furniture for the new floor plan before you move, not after. Measure the rooms you are considering, decide which pieces come with you, and start sorting early. Clients who give themselves a few months to go through the basement and the garage are far less stressed on moving day.
Shared walls and shared decisions
In a strata, you share walls, hallways, elevators and amenities, and you share decisions. Bylaws cover things like pets, noise, renovations, moving times and how many people can use the amenity room. Exterior work, the roof and the building systems are decided by the strata council and paid for from strata fees and the contingency reserve fund, sometimes with a special levy. Some people find this freeing. Others miss being able to just call a contractor. It helps to know which camp you are in before you buy.
A monthly strata fee
Strata fees replace many of the costs you paid yourself in a house, such as building insurance, exterior maintenance, landscaping and often hot water or gas. Compare them honestly against what the house cost you to run each year. A higher fee in a well-maintained building with a healthy reserve fund can be better value than a low fee in a building that is putting off repairs.
Parking, storage and the dog
Check the practical details before you write an offer. How many parking stalls come with the unit, and are they assigned to it? Is there a storage locker, and how big is it? Are pets allowed, and are there size or number limits? Is there room for bikes, kayaks or golf clubs? These small things matter more than people expect.
What to look forward to
Lock-and-leave freedom
For many of our clients, this is the best part. No lawn, no gutters, no snow to shovel, no worrying about the house while you are away for a month. You lock the door and go. If you travel, spend winters somewhere warm or simply want your weekends back, a condo gives you that.
Walkability and community
Many condo neighbourhoods put groceries, cafes, transit and parks within a short walk. Chris lives in Olympic Village, and most of his errands happen on foot along the seawall. Buildings also bring neighbours you actually see in the lobby and the elevator, which many people who move from a quiet street find they enjoy.
Amenities you do not have to maintain
Depending on the building, you may gain a gym, a guest suite for visiting family, a rooftop deck, a concierge or a shared workshop. You get the use of them without the upkeep.
Freeing up equity
Selling a house and buying a condo often frees up equity that can go toward retirement, travel or helping family. Speak with your accountant or financial advisor about how the sale fits your plans before you commit to a purchase price.
Our advice before you make the move
- Read the strata documents. Review the minutes, the depreciation report, the bylaws and the Form B. They tell you how the building is run and what repairs are coming.
- Visit at different times. See the building on a weekday evening and a weekend to get a feel for noise, parking and activity.
- Plan the sale and the purchase together. Timing the two well avoids carrying two properties or moving twice. We help clients plan both sides as one move.
- Consider new construction. A new or nearly completed building can mean warranty coverage and modern layouts designed for downsizers. Anky spent years as a sales director for developers and can walk you through what to look for in a new building and its contract.
Thinking about downsizing?
Downsizing is a big decision, and it goes best with a clear plan. We are happy to walk you through what your house could sell for, what kind of condo fits the way you want to live, and how to time both. Contact Christopher Chiu PREC* or Anky Kan PREC* at LiveLowerMainland, Oakwyn Realty Ltd., for a no-pressure conversation.