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Cayo: Buying a strata property takes extra care

DON CAYO, VANCOUVER SUN
Cayo: Buying a strata property takes extra care - Buying Property - Condominium - Developments - financial - properties


Vancouver, B.C.- Many first-time condo buyers rationalize a potential purchase something like this: “I’m paying $1,200 a month in rent,” they say. “The mortgage on a sweet little place of my own will be $1,000 a month. So I’ll be saving $200.



Many first-time condo buyers rationalize a potential purchase something like this:

“I’m paying $1,200 a month in rent,” they say. “The mortgage on a sweet little place of my own will be $1,000 a month. So I’ll be saving $200.

“Right?”

“Wrong,” says Scott Hannah, the Vancouver-based president of the non-profit Credit Counselling Society, who has heard this kind of flawed reasoning more times than he cares to count.

It’s not just the several hundred dollars a month for strata fees and property taxes that some would-be buyers leave out of this simplistic equation.





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