When buying a home — the biggest purchase most people will ever make — countless considerations present themselves.

Young couples with plans of having children will want proximity to schools and parks. Those without cars will no doubt gravitate to a walkable neighbourhood with easy access to transit. Retirees may want a residence with a “master on the main”.

Given today’s hot Metro Vancouver housing market — and given that detached homes are at a premium — it’s more important than ever for home-hunters, both first-timers and downsizers, to do their due diligence when shopping for condos or townhomes.

Tony Gioventu, executive director of the Condominium Home Owners Association, notes that while there’s important homework to be done at the front end, the ultimate rewards of strata-living can be incredible.

“There are so many people I talk to who just love living in condos,” Gioventu says. “They don’t have to cut the grass, they don’t have to clean the gutters. If there is a problem in the building, someone gets called to take care of it. They can travel a lot because they have better security.”

He says that people need to be mindful of the fact “your home is not your castle” when there’s a shared residency arrangement, and adds that there is much buyers should do to ensure they’re choosing the right property.

“They should request and closely examine the Form B information certificate, which is an overview of the condo: the strata fees, whether rentals of suites are allowed, any lawsuits outstanding, the amount of money in the contingency fund available to finance repairs or maintenance,” said Gioventu, adding the strata is required to provide it within seven days of the request.

“If you have any doubts or suspicions, or someone is not giving you an answer to something, that should be a red flag.”

Where downsizers are concerned — those making a move from a detached home to a condo or townhome — North Vancouver realtors Judy Killeen and Shelley Williams both say a good deal of thoughtful consideration is key to a successful purchase.

“If you are not on the same page [as your partner], then life is going to be miserable because one person is not going to be happy,” Killeen points out,

Williams, who’s been working for downsizers for 15 years, says making such a move can be “a huge decision.”

“A lot of people think, ‘Well, ‘I think I will just sell my house and then I will figure out later what to buy. But you have to have a pretty good idea [about your next home] before you make that decision.”

She notes, for instance, that buyers should be mindful of stairs in a townhome, which may become more difficult to navigate as they age. “Chances are, you are going to have to move again in a few years, so would one-level living not make more sense so you don’t have to move again?”

Williams also advises younger first-time buyers who are purchasing an older condo or townhouse to stay in that first home for at least five years. That’s because older buildings don’t appreciate as fast as the rest of the market, and could even depreciate. After paying property transfer taxes, mortgage interest, real estate commissions and the cost of moving among costs, they may actually lose ground going into their next home.

With strata life, of course, there can be great a sense of community, but homeowners also have shared responsibilities.

Gioventu says strata owners need to keep up with what their councils are doing and the decisions they are making.

“When you buy into a place, you have to be dedicated to making sure your condo runs well,” he says. “You have to be prepared to participate, and participating well can be simply be showing up at all the general meetings. You don’t have to serve on council, but if you are prepared to provide support in a leadership role, it’s incredibly valuable for the community.

“You are contributing to your community and you’re looking after your own investment, and that has a positive effect for the rest of the community.”

What You Need to Know If Buying a Home by Michael Bernard | Vancouver Sun