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/friend 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.