So....you're thinking of buying a unit in an older building? 

By Geraldine Santiago, Author and Realtor

www.vancouverhomes.info

 

If you are thinking about buying a unit in an older building (as many first -time home buyers do), you will need to look at the entire scope of your purchase.  The unit itself might be newly renovated and well-designed with granite countertops and hardwood floors throughout, but you need to think of the over-all health of the building as well. 


Here are some things you need to find out, and check for yourself:


 * Go over the Minutes in detail, highlighting any issues there may be regarding the building's health.  Look for issues from owners or tenants complaining about 'water ingress', 'leaks from balconies, windows or any other exterior areas', etc.


*When going over the minute (typically 2 years worth of minutes), see if the strata council is pro-active in maintaining, addressing and following up on concers of the owners.

 

Look to see if they are meeting monthly,or yearly?  If they are meeting yearly, is there a reason?  How many units are there in the building?


*Look to see if there are any assessments forthcoming, and if so for what?  And how much?  What are the strata council's plans?


*Look to see if there were any assessments in the past, and if so, for what?  How much?  What are the details? 


* Look at the contingency or reserve fund. Find out from the management company as to whether or not they are going to increase the maintenance funds for any repairs.  Find out how much the contingency fund is at present by looking at the Form "B".


*Look at the date of the Form "B" to make sure that it is current. (No more than 2 months as things could change.)


*Go over the financial statements and look to see if the operating budget is adequate or are they running a deficit year after year? Is it managed properly?


*Find out if the building has been rainscreened.  If so, who did the rainscreen, what type of warranties may be in place.


*Ask for a copy of the warranty provider, and any other details pertaining to the rainscreen/building envelope/assessment/engineer's report/engineer follow-up/maintenance programs/certification, etc.


*Look at the systems of the building, such as roof, plumbing, boiler system, electrical, parkade, elevator, and other common areas.


*How many are owner-occupied  vs. tenant occupied properties?


*Look for a certified home inspector with an errors and ommissions insurance who is familiar with the area.  Home inspectors can be found through their associations.  Unless they have the credentials to report on building envelopes or exteriors, he or she will not be a good candidate to report on those areas.  choose your home inspector wisely.

After going through the above checklist, you should also be realistic about your purchase.  Look at the age of the building, general condition of the building, and look at what you can afford in the area.  Look at the value of the property you are purchasing. 


You may have to live with small deficiencies such as older appliances, carpets that need to be changed or cleaned and so on.  But you need to outweigh the purchase price of a newer property versus the one that you are purchasing. There may be small assessments in the future that you need to deal with, but older buildings need to be properly maintained as this will add value when you sell your unit later down the road. 


Oftentimes, you may have to compromise some aspects of your purchase or make trade-offs.  Remember, your first home purchase will not be the final home purchase.  You are building equity and taking small, 'baby steps' in this real estate journey!  Good luck!  I hope this helps!

 
Read full post
Categories:   10 mistakes home buyers make | 13th annual vancouver first time home buyer seminar | 2014 new trends real estate | 3 top mistakes home buyers make | 5 mistakes home buyers make | 5 steps to buying a home | affordability | buy first home metro vancouver | buy home vancouver real estate expert | buying in burnaby home buying seminar | buying in east vancouver home buying seminar | buying in new westminster home buying seminar | buying in port coquitlam home buying seminar | buying in richmond seminar | buying your first home | Densification and Land Assembly | don't panic attend our free home buying seminar october 2013 | emerging and new real estate trends in vancouver | first home buy metro vancouver | first time home buyer | first time home buyer n a multiple offer or competing bid situation | first time home buyer seminar 2013 fall | first time home buyer specialist, home buyer seminar, realtor geraldine santiago, home buyer geraldine santiago agent | first time home buyer vancouver in a competing offer | first time home buyer zoning advice | first time home buyer--- noise, noise and more noise! | first time home buyer: zoning- what is it good for? | first time home buyers and foreclosures | first time home buyers buying a unit in an older building | first time home buyers pick | first time home buyers: open house etiquette | first time home buyers: where have they all gone? | forecasts, seminars and information on real estate | free home buying seminar | Free monthly stats- attend our free home buying seminar | geraldine santiago | geraldine santiago, first time home buyer agent, buyer agent, geraldine santiago published author | geraldine santiago, realtor remax crest realty, home buyer agent remax crest realty | home buy first metro vancouver | home buyer agent geraldine santiago seminar,home buyer agent geraldine santiago, home buyer seminar | home buyer agent, first time home buyer agent geraldine santiago | home buyer agent, first time home buyer specialist, first time home buyer realtor | home buyer seminar, tips resources geraldine santiago agent | home buyer seminar, vancouver homes info, buy and sell real estate, buyer agent geraldine santiago | home buyer, first home, first time home buyer | home buyer, geraldine santiago agent, buyer agent, buying first home agent | home buyer, home buyer seminar, first home tips, geraldine santiago, realtor vancouver, home buyer specialist | home buying 101, real estate seminars and books, geraldine santiago realtor | home buying first metro vancouver | home buying guide | home buying property | home buying seminar | Home Buying Seminar, Free Home buying Seminar | home buying seminar, geraldine santiago | home buying seminar, geraldine santiago buying seminar, first time home buyer seminar | home buying seminar, geraldine santiago realtor, home buyer seminar vancouver, geraldine santiago tips and resources | home buying seminar, home buying prices, home agent geraldine santiago on buying in vancouver | home buying seminar, new and improved | home buying seminar, reference letter from librarian, real estate home buying, real estate experts | home buying vancouver, home buying agent geraldine santiago, geraldine santiago home buyer specialist, home buy seminar, | home selling seminar vancouver | home vancouver buying, geraldine santiago author, real estate expert, geraldine santiago specialist in home buyers, buyers agent | how to buy your first home | l | la | land assembly | Land Assembly Block for Sale Vancouver | land assembly ebook | land assembly geraldine santiago | land assembly geraldine santiago Realtor | Land Assembly How to | Land Assembly in your neighbourhood | land assembly our answer to densification | Land Assembly Pitfalls | Land Assembly Pricing | land assembly realtor | Land Assembly Realtor Geraldine Santiago | land assembly realtor, land assembly expert geraldine santiago | land assembly seminar | Land Assembly Seminar Vancouver | land assembly seminar vancouver september 8, 2018, geraldine santiago author and realtor | land assembly seminar, land assembly agent, land assembly info | land assembly vancouver bc | latest info on selling your home | like going through a maze | lot information to builders | metro vancouver home buying seminar | NANOOSE BAY Real Estate | new and emerging real estate trends 2014 | new home selling trends | new trends in real estate 2014 | new trends in selling | OCP and Land Assembly | oil tanks, first time home buyers | panel of real estate experts empower you | RE/MAX 12th Annual First Time Home Buyer | RE/MAX home buying seminar 2013 | real estate 2006 | real estate emerging trends 2014 | real estate home buying seminar | real estate selling vancouver | real estate vancouver | real estate vancouver new trends | realtor help? first time home buyer | remax crest realty, geraldine santiago buyer agent, buyer agent homes vancouver, re/max crest realty westside | RRSP down payments, density, | savvy realtor | sell your own back yard | selling your home | selling your home to builders | the sellers told me their house was near the water. It was in the basement. | underground oil tanks first time home buyers | Vancouver | Vancouver First Time Home Buyer Seminar 2013 | vancouver real estate | zoning, lot, location, land for first time home buyers
Categories