My value proposition<\/b><\/h2>\n
Buying a property is no easy feat. There are a lot of moving parts and so many things to think about. One of the biggest elements of buying is knowing the integrity of the building. This is the condition or health of the structure. This aspect of the purchasing has the potential to wildly affect your bank account after you buy. The last thing people want is a money pit. It\u2019s definitely best to know what you are getting into ahead of time.<\/p>\n
One of the main facets of buying a building, is having a professional building inspection done. This is very important as it will give you a complete run down on all the visual issues. However, by the time you\u2019ve reached that point in your offer, you\u2019ve put in many hours negotiating and doing your due diligence, working with the bank and possibly spending over 1000$ on a professional inspection, only to, perhaps, find out that there are too many renovations, big structural issues, or main frame replacements. As well, a list of a bunch of small things that add up quickly. Wouldn\u2019t it be great to find all this out during the initial visit?<\/p>\n
When you are shopping online for a property, the description, pictures and mandatory declaration only tell you so much. The first visit is where you can discover many things about the building, even things that an owner may not even know!<\/p>\n
A real estate broker who knows a thing or two about construction, the health of a building, how it works and certain renovation price points, can save you so much money and time. On the first visit, they can potentially flag many issues that may stop you from moving forward. Wouldn\u2019t it be been nice to know some of these things before putting in an offer and spending your money on an inspector?<\/p>\n
This is not to say that a knowledgeable real estate broker replaces the inspector. Any good real estate broker will always recommend to get a professional building inspection.<\/p>\n
<\/p>\n
What is a home inspection?<\/a><\/h1>\n <\/p>\n
With all things in life, you have to be aware of who you have hired and their skillsets. If a real estate broker is pointing out issues and talking about costs, as them questions on how they came about to know so much. As them their background, training and question why you should trust what they are telling you.<\/p>\n
A real estate broker is here to make your life easier. You should feel comfortable and secure in your decisions. Buying a property should be based on research, fact and don\u2019t forget \u201cgood ol\u2019 intuition\u201d. Make sure the end result is that your budget lines up with your purchase, including all that needs to be done immediately and in the near future. Knowing what to expect and budgeting, will make your life so much easier.<\/p>\n
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By Jennifer Lynn Walker My value proposition Buying a property is no easy feat. There are a lot of moving parts and so many things to think about. One of the biggest elements of buying is knowing the integrity of the building. This is the condition or health of the structure. This aspect of the […]<\/p>\n","protected":false},"author":2,"featured_media":10600,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"
By Jennifer Lynn Walker <\/span><\/p>Buying a condo is a different process from buying a house. There is much more to consider and it\u2019s imperative that you do your research. <\/span><\/p>When you buy a condo, you are also buying into how the property is run and the management company. You\u2019ll have to deal with the other owners and you should expect eventual condo fee increases and extra fees that are not included in the condo fees. <\/span><\/p>Many documents: reviewing them is important<\/b><\/span><\/h4>Once you have found a condo that you love and you want to submit an offer, make that offer conditional upon reviewing all the condo documents from the last two or three years. <\/span><\/p>Don\u2019t be shy about making this request. The OACIQ, the organization responsible for protecting buyers and sellers, has a mandatory form for all real estate brokers that includes a special clause for condo sales (B2.5) in its promise to purchase. It clearly states:<\/span><\/p>\u201cREVIEW OF CO-OWNERSHIP DOCUMENTS This promise to purchase is conditional on the BUYER\u2019s examination of the declaration of co-ownership, including the regulation of the immovable and the following documents\u2026\u201d<\/span><\/p>What are the most important documents to review?<\/b> <\/span><\/h4>The regular documents that should be available to the buyer include the following: <\/span><\/p>- budget<\/span><\/li>
- minutes of the annual meeting<\/span><\/li>
- reserve fund update<\/span><\/li>
- financial statements <\/span><\/li>
- proof of condo fees<\/span><\/li>
- building insurance plan <\/span><\/li><\/ul>
The insurance plan is an important document to give to your insurance company so they can analyze it and propose a plan to cover your condo and personal belongings. They will make sure nothing is left out.<\/span><\/p>The buyer has a time period to receive and review these documents. A buyer who is not satisfied upon examining the documents and wishes to withdraw the promise to purchase can notify the seller in writing within seven days of receiving the documents. At this point, the promise to purchase becomes null and void. <\/span><\/p>If the buyer is satisfied, the condition is automatically waived and accepted once the timeline has expired.<\/span><\/p>Other questions to ask <\/b><\/span><\/h4>Here are some other questions to help you assess the overall condo association and community: <\/span><\/p>- How helpful is the president or treasurer of the association when you approach them for information?<\/span><\/li>
- Is the building clean and well maintained?<\/span><\/li>
- Are you allowed to have pets? Can you have a barbecue on the balcony?<\/span><\/li>
- Is there enough money in the reserve fund to pay for any work that the association is planning to do?<\/span><\/li>
- Do you get the sense that all the owners are paying their condo fees?<\/span><\/li>
- Is there a management company hired or are the owners running the association?<\/span><\/li>
- Is there an annual maintenance contract for the roof?<\/span><\/li><\/ul>
Just remember that all buildings, whether they are a house or condo, need regular maintenance and small repair. For a condo, these costs should be shown in the annual budget. <\/span><\/p>When doing your due diligence, look out for the big jobs. For example: roof, re-pointing the bricks, new heating system, foundation work, windows, balconies, etc.\u00a0 <\/span>These costs can add up. Well-run associations will have quotes available for the work they are considering.<\/span><\/p>For more information on condos in Quebec, you can visit: www.condolegal.com<\/span><\/a><\/span><\/p>Read more article on buying a selling a home here<\/a>.<\/p>Featured in:<\/p>
Buying a condo is a different process from buying a house. There is much more to consider and it\u2019s imperative that you do your research. <\/span><\/p> When you buy a condo, you are also buying into how the property is run and the management company. You\u2019ll have to deal with the other owners and you should expect eventual condo fee increases and extra fees that are not included in the condo fees. <\/span><\/p> Once you have found a condo that you love and you want to submit an offer, make that offer conditional upon reviewing all the condo documents from the last two or three years. <\/span><\/p> Don\u2019t be shy about making this request. The OACIQ, the organization responsible for protecting buyers and sellers, has a mandatory form for all real estate brokers that includes a special clause for condo sales (B2.5) in its promise to purchase. It clearly states:<\/span><\/p> \u201cREVIEW OF CO-OWNERSHIP DOCUMENTS This promise to purchase is conditional on the BUYER\u2019s examination of the declaration of co-ownership, including the regulation of the immovable and the following documents\u2026\u201d<\/span><\/p> The regular documents that should be available to the buyer include the following: <\/span><\/p> The insurance plan is an important document to give to your insurance company so they can analyze it and propose a plan to cover your condo and personal belongings. They will make sure nothing is left out.<\/span><\/p> The buyer has a time period to receive and review these documents. A buyer who is not satisfied upon examining the documents and wishes to withdraw the promise to purchase can notify the seller in writing within seven days of receiving the documents. At this point, the promise to purchase becomes null and void. <\/span><\/p> If the buyer is satisfied, the condition is automatically waived and accepted once the timeline has expired.<\/span><\/p> Here are some other questions to help you assess the overall condo association and community: <\/span><\/p> Just remember that all buildings, whether they are a house or condo, need regular maintenance and small repair. For a condo, these costs should be shown in the annual budget. <\/span><\/p> When doing your due diligence, look out for the big jobs. For example: roof, re-pointing the bricks, new heating system, foundation work, windows, balconies, etc.\u00a0 <\/span>These costs can add up. Well-run associations will have quotes available for the work they are considering.<\/span><\/p> For more information on condos in Quebec, you can visit: www.condolegal.com<\/span><\/a><\/span><\/p> Read more article on buying a selling a home here<\/a>.<\/p> Featured in:<\/p>Many documents: reviewing them is important<\/b><\/span><\/h4>
What are the most important documents to review?<\/b> <\/span><\/h4>
Other questions to ask <\/b><\/span><\/h4>
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