Vancouver Condo Real Estate Video Blog #177 - November 6, 2008
Buying leasehold properties in Downtown Vancouver
Ian Watt video blogs about buying leasehold condos in the WestEnd of Downtown Vancouver. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real estate Video Blogs.
Ian Watt: Hi good morning! It’s Ian Watt in Downtown Vancouver. In the West End, in the West End of the Downtown there are a lot of buildings that are rental, that are coop, that are leasehold. And if your searching the mls.ca or your on Vancouver-condo.ca and your looking at some of this places that are for sale and they seem like a one bedroom for under $200,000 dollars. Chances are its a leasehold and if you don't know what the leasehold is. It's a property that you own the condo you own the actual suite. However the property the actual physical land you do not own you have a lease to a private property or it could be with the city but most of the ones in the West End, Downtown Vancouver are leasehold with the private company and of course it's so great to have one bedroom for $100,000 dollars in the Downtown Vancouver. But there a lot of hidden fees a lot of the maintenance fees include your taxes. However they might be about five or six hundred dollars a month for one bedroom which I find a little ridiculous. I'm not a big fan of leasehold properties. Some people like them there's good cash flow with rentals, however the way I look at it. It's like pre-paying your rent I would rather go and buy a freehold property because there a lot in Downtown Vancouver and one last thing about leaseholds not every bank will give you a mortgage on a leasehold I think hsbc does and a few credit unions but I think not a lot of the big banks will. My name is Ian Watt if you want to learn more about leaseholds. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!