First time home buyers- What exactly is included in the purchase price of a condo? by Geraldine Santiago, Published Author, Licensed Real Estate Consultant
When buying your first home, first time home buyers are always looking at the price of the unit of the condominium or strata titled property like a townhome, for instance. They overlook that they are buying the fixtures as well such as the window treatments, dishwasher, washer and dryer and all things that are affixed to the unit like cabinetry, lighting, fireplaces that are affixed to the wall, baseboard heaters, etc.
Included in the purchase price of the unit, in many cases, is the parking space(s) and/or storage space(s). As a first time home buyer, make sure that this information is included in your contract of purchase and sale. Most likely, your lender will also be interested with this information.
Parking spaces, especially in downtown Vancouver, where they come at a premium, however, might not always be included in the purchase price. Are there one, or two? Or none? This makes a big difference when it comes to owning a condominium in the heart of Vancouver. Make sure you find out from the listing agent and double check with the strata information that are given to you and include this in your contract of purchase and sale because you will be relying on this long after you have moved into your property.