What are the pros and cons of condo living? Thats what I am going to talk about right now.
Pro #1, Amenities: Imagine living like you travel. New Condos, have outdoor spaces to walk your dog, swimming pool, sauna, gym and party room. Plus most new condos are build by rapid transit, shopping and recreation centres.
Pro #2, Low Maintenance: If you are not a handyman, and the thought of picking up a hammer or using power tools is something you dread, condo living maybe your thing. Just think about the last time your tried to assemble something bought from Ikea. Oh goodness you know what I am talking about. The strata will maintain everything on the exterior of the building including the landscaping all you need to do is to maintain whats inside your unit and pay your strata fees.
Pro #3 Affordability - Condos are priced for much less than a house. I am talking about average prices here. The price gap between a condo and a single detached home in Vancouver is about $750,000. For the price of a house you can buy two condos.
Con #1 Strata Fees are out of your control - Strata fees are fixed by your strata council, and you have no control. Each year the strata council will create a yearly budget and in that budget they will determine the amount strata fees you need to pay.
Con #2 Really Bad Bylaws - when you are living in a condo, you are living with a community of residents. You will be living with all types of people. Thats where the strata comes in and develops a set of bylaws. You are truly at the mercy of the strata council. Imagine living in a building and being forced to leave when you realize you a pregnant. Bingo some buildings have age restrictions. So if you plan in buying a condo make sure to read those bylaws.
Con #3 Noisy Neighbours - when you are living in a condo you literally are living beside, above or below someone. If the walls are thin enough you may hear them singing karaoke at 11:00 at night. I mean karaoke is ok, but please sing only if you are good at it.
Question of the day, would you consider living in a condo? Yes or No Please leave it in the comments below. I will try my best to personally answer all comments myself.
As always please like, share and subscribe and become smart savvy consumer. I make educational videos every Tuesday and videos every Friday.
Can’t find the home your are looking for in your price range? You should start looking at over priced listings, and write lowball offers on that house coming up next. (Me pointing to the camera)
If you have been house hunting for awhile, you may not be finding much available in your price range. I know it sucks……Why not look for properties at a higher price range and write low priced offers? In this video I will show you 5 things to be on the look out for so you can write that low ball offer.
#1 Look for Over priced properties - these are properties you know should be worth much much less but the seller has dreams of selling it for over market price. If you are searching for condos look at increments of over fifty to hundred thousand. If you are looking for a detached home look for homes that are over your price range by $100,000 to $200,000.
#2 Look for Stale Properties that have been listed for over 90 days - When properties are listed this long the sellers start to doubt themselves. At this time they maybe more vulnerable and look at low ball offers. Its best to keep tabs on these type of homes, because you want to write an offer on them before they do a price adjustment. In most cases you may get the home for much less than the sellers price reduction.
#3 Look at the realtor comments in the description - a realtor usually has a sense of what the market is doing, but if the realtor is unconfident on the pricing of the home, they may reveal this in the realtor or public comments. Be on the the look out for comments such as will look at all offers, and motivated seller.
#4 Look for Vacant homes - these are homes that you can tell nobody lives in. There is no furniture, no food in the cubboards, and maybe nobody maintaining that lawn outside. The sellers most likely already purchased another property, or this is just an investment property. They may look at your low offers. As these sellers may need the cash from the sale to fund other investments.
#5 Look for Tenant Occupied homes - Sometime selling tenant occupied properties can be a nightmare. The tenants usually restrict the amount of viewings and this also hurts the realtors marketing. Look for these types of properties for writing offers as the sellers may begin to get desperate with the low viewing activity.
Question of the day, What other strategies have you ? If not why? Please leave it in the comments below. I will try my best to personally answer all comments myself.
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Did you just miss out on your dream home? Let me show you how to use back up offers to your advantage, coming up next. As you may know purchasing real estate can be very competitive. When you finally find a property that you are interested in, their is a good chance that other buyers are interested in the same property. But as soon as you decide you want to purchase the property another buyer may have already tied it up. Hey, I understand!!!!! Its a bad feeling. As a realtor in this situation I would suggest writing a back up offer. In this video I will show you why you should write a back up offer and how it may save you money. New Videos: Real Estate Tips Every Tuesday, and Market Report Fridays. Subscribe: https://bit.ly/2yqdfVf
As you may know purchasing a brand new condo from the developer as a pre-sale is really difficult. You may line up for hours if not days outside a presentation centre and still miss out on an opportunity to purchase. Hey, I understand!!!!! Its frustrating, alot of these units are sold to “VIP buyers” or “insiders”. Another method to buy into these new condo developments is thru Assignment of Contract. The first place to look for an assignment of contract is thru www.realtor.ca. On realtor.ca all properties marketed are managed by the agent for the seller. Realtors have a duty to go thru all the paperwork to confirm the property details before uploading it to realtor.ca. In my opinion Realtor.ca is one of my go to trusted sources.
A second source to find assignment of contracts can be from kijiji or craiglists. On these platforms you can easily be scammed as these photos can easily be copied from the developers website. If a realtor had posted the ad it should be more reliable.
A third source to find is thru your local realtor, which may have a personal database of assignment of contracts available to purchase. Why do they have this personal database? Because some developers do not allow assignments to be marketed on the MULTIPLE LISTING SERVICE system. So realtors, including the brokerages they work for form exclusive assignment groups to market properties between agents.
Now that we know where to find these assignments, what do you need to look out for as a buyer?
I would read all the developers disclosure statements, floor plans, and site plans to verify all the details of the project and the unit.
The second thing I would look out for is the residency of the seller. Why is this important?? If the seller is a foreigner you could be on the hook for unpaid taxes if you structured you deal incorrectly.
The third thing to consider is where will the assignment moneys be held and when it needs to be paid. Some contracts have it paid directly to the seller, while the safer bet would be to have the deposits paid in a real estate companies trust account or brokerage and monies to be released upon registration at land title office when the project completes.
The forth thing to do is go to the construction site. Is there people working? Is the construction progressing on time. There have been cases recently that the developer has halted construction and cancelled the project entirely. Why do they do that? They do it when it becomes more profitable to flip the land versus completing the project. The last thing I would be aware is the price the assignment is offered at. Is the price desirable and how does it compare to properties that are currently for sale?
Buying real estate? You may need a home inspection
Buying a home can be super stressful, and buying a home with problems can be a nightmare. This video will show you 5 great things you need to know about home inspections.
Spring and Summer time is usually the most busiest time for home inspectors as this is the time most buyers are purchasing real estate. Once you have an accepted offer, I would recommend finding a home inspector immediately
You can start your search online by going to a website www.hiabc.ca which is the home inspectors association of BC.
Then you can cross reference then on the Better Business Bureau Website and look for an A+ Grade, you can read their reviews there or you can even go to google to find home inspectors with good reviews.
When you have found your home inspector, checked that they are certified and have a A+ rating on the Better Business Bureau website you should ask one more question. Find out what is included in your home inspection contract. Is there an extra cost to inspect the garage, the appliances, and mold. You can find a complete list of whats included in a typical inspection and whats not included
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