Condo to townhouse in Richmond: how to upsize without the stress

If your condo felt perfect a few years ago and now feels like a storage unit with a view, you're not alone. Most of the families I work with in Richmond start right here: a one- or two-bedroom condo, a growing family, and the question of whether a townhouse is within reach.

The good news: it often is. The tricky part isn't finding a townhouse. It's selling one home and buying another without paying for two mortgages, moving twice, or rushing into the wrong place. Here's how I walk families through it.

1. Know when it's time

You don't need to wait until you're tripping over toys. These are the signs I hear most often:

• A baby on the way, or a child who needs their own room

• One of you now works from home and the kitchen table is the office

• You're paying for a storage locker or keeping bikes on the balcony

• You want a yard, or at least a patio where kids can play while you cook

If two or more of these sound familiar, it's worth running the numbers now, even if you plan to move next year.

2. Work out your real budget

Your budget isn't just what the bank will approve. It's what you'll have after selling your condo and paying the costs on both sides.

What you bring: the equity in your condo (sale price minus your mortgage balance) plus any savings.

Costs when you sell: real estate commission, legal or notary fees, and any mortgage penalty if you break your current mortgage. Some mortgages can be ported to the new home, which can avoid the penalty, so ask your lender early.

Costs when you buy:

• Property Transfer Tax. In BC it's 1% on the first $200,000, 2% on the portion up to $2 million, and 3% on the portion from $2 million to $3 million. On a $1,100,000 townhouse that's $20,000. As a repeat buyer, you won't get the first-time buyer exemption.

• Legal fees and adjustments, home inspection, and moving costs.

• Higher monthly costs: a larger mortgage, and usually higher strata fees and utilities than your condo.

I build this into one simple sheet for every client, so you know the price range you're comfortable with before we look at a single listing. That's what the Brighter step of my 3B's method is about: a real number, not a maximum.

3. Choose the right townhouse, not just the biggest one

A townhouse is still a strata, so look past the square footage:

• Strata health. Read the depreciation report, the contingency fund balance and the last two years of minutes. Upcoming roof, window or envelope work can mean special levies.

• Layout. Three floors with the bedrooms on top suits young kids. A main-floor bedroom suits visiting grandparents.

• Parking and storage. Side-by-side or tandem garage? Room for a second car?

• Schools. Richmond catchments can split a street. I confirm the catchment for the exact address with the Richmond School District before you write an offer.

Popular areas for Richmond families moving up to a townhouse include Steveston, Terra Nova, City Centre near the Canada Line, and East Cambie. You can browse current Richmond townhomes any time.

4. Time the sale and the purchase

This is where most of the stress comes from, so let's take the options one at a time.

Sell first, then buy. You know exactly how much you have to spend and you can make strong offers. The risk is having to rent or stay with family if you don't find the right home before your closing date. A longer closing on your sale gives you more time to search.

Buy first, then sell. You don't risk being without a home, but you could carry two mortgages if your condo takes longer to sell. Some lenders offer bridge financing: a short-term loan that covers your down payment until your condo sale closes. Lenders usually want a firm sale on your current home first, so this works best when the two closing dates are close together.

Buy subject to the sale of your home. You make your offer conditional on selling your condo. It protects you, but sellers often prefer offers without that condition, so it works better in a slower market.

Line up both closing dates. My goal is usually to have the condo sale and the townhouse purchase close on the same day or within a few days, with a short bridge loan if needed. It takes planning, but it means you move once.

One more thing to know: in BC, buyers of residential property now have a three-business-day protection period after an accepted offer, with a small fee to walk away. It doesn't replace your subjects, but it's useful to understand before you write an offer.

5. Use the 3B's to stay on track

When families feel overwhelmed, I bring it back to three questions:

• Bigger: How much space do you need for the next five to ten years, not just today?

• Better: Which neighbourhood, school and commute fit how you live?

• Brighter: What's the price range you're comfortable with, and what timeline lets you move once?

Answer those three, and most of the decisions make themselves.

Your next step

Every family's numbers are different. If you'd like to see what your condo is worth today, what it can buy, and the timeline I'd recommend, request my free Richmond upsizing plan. It takes about a minute, and I'll send you a plan built on real Richmond sales data. Prefer to talk it through? Call or text me at (778) 909-8639.

Katerina Zemlia, REALTOR® with RE/MAX Westcoast. This article is general information, not legal, tax or mortgage advice.