Stephanie Peat DFH Real Estate - Sidney

Office 250-656-0131 | EMAIL info@stephaniepeat.ca |

 



Are you thinking of buying or selling a property covered by the Strata Property Act? If so, it's important to be aware of the following so that you can make informed decisions.

 



Strata corporation records


Minutes of annual and special meetings, including the results of any votes
-  Strata Council bylaws and rules
-  Budget and financial statements
-  Correspondence directed to the Strata owners by the Strata Council

-  Resolutions dealing with changes to common property
-  A list of Strata Council members and owners
-  Names of tenants and assignments of voting or other rights by landlords to tenants
-  The registered strata plan and any strata plan amendments

 

Access to records


Under the Act, the Strata Corporation must make these and other records available upon request and provide copies to an owner, a tenant (who has been assigned a landlord's right to inspect and obtain copies of records and documents) or to a person authorized in writing by an owner, such as a REALTOR®. The Strata Corporation must comply with such a request within two weeks unless the request is for copies of the bylaws or rules, in which case the Corporation must comply within one week.

 

Information certificate


An Information Certificate must disclose the following information:


-  Monthly strata fees
-  Any special levies that have been approved
-  Any amount by which the expenses of the Strata Corporation for the current fiscal year are expected to exceed the expenses budgeted for the year
-   The amount in the contingency reserve fund
-   Any amendments to bylaws

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There are many reasons why you may need to sell your home quickly: a sudden job relocation; a change in family situation; or perhaps an opportunity to purchase a new home that you just can’t pass up.

 

Whatever the reason, this strategy will help when you need to sell fast. It’s called the “3 Up” strategy.


     1. Fix it up.

     2. Clean it up.

     3.  Spruce it up.

 

First, you need to fix it up. That simply means getting things repaired around your property, such as a broken floor tile in the kitchen or a sticking patio door that’s difficult to open and close. Maintenance issues like these distract buyers from the appealing qualities of your home. Fortunately, repairs can usually be done quickly.

 

Second, clean it up. Obviously, when your home is clean and tidy it’s going to look its best. You also want to eliminate as much clutter as possible. You don’t need to make every room look like a magazine cover — but that’s a good attitude to have when prepping your home for a quick sale!

 

Finally, spruce it up. That means making any quick improvements that are going to make your home even more appealing. It might mean replacing the kitchen counters or giving the main rooms a fresh coat of paint.

 

Of course, the number one strategy for getting that SOLD sign on your front yard is to select a great REALTOR®.

 

Looking for a great REALTOR®? Call today.

 

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If you own a car, you know there’s more to the cost-of-ownership than just finance payments and gas. You also need to budget for maintenance and repairs. If your car is older, those costs are going to be higher. That’s just common sense.

 

The same is true of your home. It’s wise to budget for anticipated repairs and maintenance. Otherwise, you might be caught by surprise when you find that your furnace stops working and needs to be replaced. That can easily be a four-figure expense.

 

Experts recommend that you set aside 1% of the value of your home for repairs and maintenance. For a $500,000 property, for example, that would be $5,000. That is, of course, merely a rule of thumb. If your home is older, you may need to budget more.

 

Another recommended method is to budget $1 a square foot. If you have a 2,500 square foot home, that would be a budget of $2,500. Again, that number would need to be higher for older properties.

 

When budgeting, consider things that are getting old and will likely need to be replaced within the next three years. Examples include roof shingles, furnace, A/C unit, deck, fence, plumbing, and windows. Depending on the size and model, a new A/C unit will cost at least $5,000. Anticipating that expense will help you plan accordingly and avoid the shock of an unpleasant and costly surprise.

 

Keep in mind that budgeting $2,000 for repairs and maintenance doesn’t mean you’ll actually spend that money this year. But, if needed, the budget will be there, and that’s peace-of-mind.

 

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Location, location, location


Location is one of the most important factors in making any real estate purchase. For example, if you work in downtown Victoria and you are comfortable with the idea of commuting, you might want to consider buying a home in one of the outlying communities for a quieter, more peaceful environment.  On the other hand, living closer to the city centre often means a short commute to work and easy access to shops and entertainment facilities. When focusing on location, you will likely want to consider other important factors like the proximity of schools, access to public transit, shopping facilities, etc.


Identify features you need and want


Once you have decided on the location, it’s time to identify your needs so that you can zero in on the home of your choice. For instance, if your family is outgrowing its present apartment or home, you know you are going to require something bigger and more comfortable -- possibly with more bedrooms and a second bath. In addition to your needs, you should also consider your wants -- things you would like to have if you can afford them and if they are available. These are important factors to consider during discussions with a REALTOR®.


Matching needs and wants with available properties


With access to the Multiple Listing Service® (MLS®), your REALTOR® can draw up a customized list of homes that match your needs, wants and budget in the locations of your choice.

Take your lifestyle into account and the things that could enhance or detract from your daily enjoyment, then add these preferences to your needs or wants shopping list. Your REALTOR® will arrange for you to see the homes for sale that appeal to you and will offer guidance throughout the home-buying process. 

Remember also that all of the properties listed for sale on MLS® can be viewed at mls.ca.

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July 2, 2015, Victoria BC – The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for June 2015. A total of 910 properties sold in the Victoria Real Estate Board region this June, a 33.8% increase compared to the 680 properties sold in the same month last year.


“The Victoria real estate market has had another big month – and we continue to see consistent year over year sales growth,” Victoria Real Estate Board President Guy Crozier says. “What’s going on? Positive market conditions such as the low interest rate along with the diverse mix of properties and price points available have likely helped support this increase in interest in local real estate. The activity in the market may also in part be due to pent up demand from the past six or seven years. The market cooled off around 2008, and with the US markets improving and our local economy showing strength, consumer confidence is improving. Those that may have been hesitant to move over the last few years are making a change now.”


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $568,600. The benchmark value for the same home this month has increased by 4.61% to $594,800. There were 4,003 active listings for sale on the Multiple Listing Service® at the end of June, 14.7% fewer than the 4,695 active listings in June 2014.


“We saw 48 single family homes sell for over one million dollars this month, and we saw 74 single family homes sell for under $400,000,” adds President Crozier. “There’s also a lot of selection in our condo market, with new development in the Victoria Core and in the West Shore helping to meet demand, and maintain solid pricing. For detailed information on the Victoria and area housing market, connect with your local REALTOR®.”

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