Looking for the best deal and investment possibility in Vancouver? Want to own a home and land, but only have a down payment for a Condo or townhouse? Consider instead buying a Vancouver Special, with a partner.
Once you look past the exterior, Vancouver Specials turn out to be
one of Vancouver’s great housing gems. Built primarily in the 1970s,
Vancouver Specials usually have two full height suites of between
900-1200 sq ft each, two or three bedrooms per floor. They are
characterized by their low-pitched roofs and porches on the front of the
houses. Vancouver Specials are much sought after by renters who
appreciate the full height ceilings on the lower level. These homes are
ubiquitous in much of East Vancouver and Burnaby, and due to their
aesthetic reputation a good deal can often be found.
Designed as an ideal home for a single family, with the benefit of a
mortgage helper, Vancouver specials are an great alternative to strata
living. Whereas a 900 sq ft condo in East Vancouver may cost $400,000
and a 1200 sq ft townhouse or ½ duplex $600,000 ( $450 – $500/sq ft), a
2200 sq ft Vancouver Special can net you two 1200 sq ft dwellings for
around $850,000 (less than $400/sq ft) and there are no strata fees.
Plus you get a yard, garage, only have 1 partner, and more. Purchase a
Vancouver Special with a friend or another family and make your money go
farther!
Your partner can either be another family or an investor!
Due to the lower price per square foot as compared to condos,
co-investing in a Vancouver Special can be a strong investment for your
partner. These investments can be cash positive from day one and return
over 7% annually to the investor, even in a flat market.
So whether your co-purchaser will be living in the home or investing,
consider a Vancouver Special as an appealing and affordable housing
choice in Metro Vancouver.
Interested, but don’t have a partner who you might purchase with?
I can help bring you together with another like minded buyer. Be in touch for more information.
Historically collaborative
purchases have taken two forms. Co-ops where groups of people purchase
land or property together, and co-investment from friends and family.
While co-ops have proven to have a number of economic challenges, they
still present an opportunity for groups of interested home owners
especially those interested in new developments in alternative living.
More exciting in my opinion is the opportunities for cooperative purchase of a single family home shared between 2 people or families.
Vancouver is replete with homes like the famous Vancouver Special which
provides for two full high suites between 900 – 1200 sq ft. These homes
are often priced up to 20% / sq ft below comparable condos, duplexes
and townhouses, plus you don’t have any pesky strata payments.
Effectively form your own duplex and save up to $100,000 each.
Co-investment continues to be a viable option for
people in Vancouver looking to get into the market for the first time.
Many people’s investments today are only paying 1-4%, I can show you how
you can offer your investor 7.6% returns based on today’s interest
rates. By leveraging your co-investment you can get more space for less
money and own a home, instead of a condo.
Your social network is your greatest asset, put it to work for you to create the home, community and future you are seeking.