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Richmond Condo FAQ – November 2019

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As this year gradually comes to a close, we’re here to talk Richmond condos, homes for sale, and the general state of affairs when it comes to real estate in our favourite city in the Greater Vancouver Area.

This year we saw a lot of exciting news and developments for the city, including a substantial growth in commercial presence and several new real estate projects popping up in the area among a plethora of fun and amazing attractions such as this summer’s maritime festival.

We’re very excited to start the new year strong and are anxiously looking forward to some of the amazing projects and developments that we’ve covered in previous articles, earlier in the year. As always, let’s take a look at some of the most frequently asked questions that we got from readers this year.

Should You Look For A Condo For Sale in Richmond BC?

The simple answer is, of course! Richmond is growing and developing at a fantastic speed, creating the prime conditions for first-time homeowners and investors alike to consider purchasing a house or condo for sale in Richmond, BC.

With a population increase of nearly 20,000 in the 2016-2017 period alone, one can readily assume that Richmond is a hot topic. And it’s really no surprise that the Richmond condo market is booming. It’s one of the most affordable places to both rent and own property around the entire Greater Vancouver Area, and it’s located conveniently close to the downtown core, which is a big plus for professionals who have to travel there for work on a daily basis.

Richmond condo price trends in November 2019

Looking at the image above, you can see that current prices sway heavily towards buyers looking to enter the housing market at very affordable prices by comparison to other urban areas like Burnaby, North Vancouver, or even Coquitlam.

In fact, when you look at various condo Richmond listings, it’s easy to see that there is a wealth of options to choose from, and in current market conditions – buyers have a lot of choices (far more than you would have seen in 2016 and 2017).

Should You Buy A New Or Older Richmond Condo?

This generally really depends on your personal preference, budget, and plans for what you’d like to do with the property. It’s not uncommon to see investors buy up the in-development property from hot projects, as generally new condos in Richmond are built with better planning, structural configuration, and various “luxuries” that make them quite a bit more appealing for renters eyeing the area.

On the other hand, first-time home-buyers may want to lean their Richmond condo hunt towards slightly older developments, as those are generally a lot more affordable and are situated in well-established residential communities throughout the city. One of the worries we get from readers and clients alike has to do with location and availability of Richmond condo listings around a specific area that they like. We generally recommend buyers to keep an open mind as there are numerous pros and cons to buying a resale property vs. a new development or build plan.

Should I Buy A New Or Resale Condo In Richmond?

This question typically more to do with an overview of the pros and cons of each type of Richmond condo purchasing option for the buyer. Whereas everyone has their individual preferences and has a different goal in mind, the guidelines we suggest to look out for can be summarized as follows.

Buying A New Build Plan

This is a wonderful option if you really have your eye set on a specific development, and want to have the apartment tailored to your exact preference.

The most important downside that you need to be aware of when it comes to this option has to do with the fact that these are stern legal agreements, and unfortunately, if you should choose to back out between now and the handover, you may find yourself in quite a bit of legal and financial hot water.

On the other hand, one more upside to keep in mind is the fact that new builds typically feature more modern luxuries, a suite of fantastic amenities, and even “greener” energy efficiency standards.

A potential secondary downside to consider is also the fact that typically, after making the purchase, you would have to wait up to several years for completion, not to mention a move-in date when you can actually start enjoying (or renting out) your brand new Richmond condo.

Buying A Resale Condo

The first upside to discuss is the fact that generally, availability is much higher when it comes to looking at Richmond condos that are being resold. This allows you to have more freedom of choice when it comes to the location and even be a bit picky at times.

An added benefit to consider is the fact that generally, these sorts of condos are also substantially cheaper than getting into a new build plan, which is great for first-time homeowners.

However, the immediate downside lies in the fact that resale units leave you with little assurance or protection as a buyer, should something go wrong or if things aren’t quite exactly how you want them to be, after the purchase.

We always advise our clients to really weigh out their options according to their personal needs, preferences, desires and financial ability, while openly relying on consultation from professionals such as ourselves – to make the best decision for themselves.

Richmond New Condo Developments And Projects

We’ve saved the best for last. This is possibly the most frequently asked question we got in 2019 – “what are going to be the best new condos in Richmond to watch out for?” As always, you ask – we deliver!

Last month, we wrote a fairly lengthy overview of the Best Richmond New Condo Developments in 2020. If you’re interested in getting ahead of the pack for a sneak-peek inside these developments as they launch, get in touch with one of our agents via our Contact Form or by calling us at 778-655-5139

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