And the title says it all.
With our current market trending to be more on the seller's side when it comes to strata properties like condos and townhouses, many real estate buyers are interested in these property type. The motivation varies whether it is a designated residence for this buyers or simply an investment, there are many things to watch for and review when buying a strata and or condo for sale in Vancouver.
Every strata property has bylaws and rules. These provincial bylaws have been voted by the strata and approved by its council.
A) Age Restriction: Specifically existing in older buildings, many strata condos or townhouses listing in MLS®, have age restriction. Some are only for senior of 55+, and others are adult only building and have 19+ restrictions. It is crucial for any buyer to review this section. Whether a young couple planning to start a family or a grand parents who get to keep their grand children for the weekend, some buildings they don't even allow anyone under 19 to visit or stay. This is very important to inquire all strata expectations prior to purchasing such condo or townhouse unit.
B) Pet Restriction: Most of us, have our furry friends become part of our daily life and a member of our family. This is important to review this bylaws restriction, as many have different requirement. A standard BC bylaws permits 2 pets with no size restriction. some strata complex, have added size, or kind restriction and in some cases wont allow any pets in their complex.
C) Rental Restriction: In many Strata bylaws in Vancouver, rentals also is restricted or partial. That means either it is not allowed, or it is restricted to certain amount of unit per the entire complex with strata approval. This is an important step to review this bylaws for an investor or a family who knows at one point they wish to rent this unit.
There are also zonings for certain buildings that makes them transient and allows daily rentals. This new popular investment, although profitable for the unit owner, can be not as pleasant for someone wishes to reside in this complex, knowing their next door neighbor changes daily.
- Rules and Regulations
In addition to Bylaws, strata council also record their prefer regulation and rules. This rules are attached to the bylaws and if any changes to the bylaws, it is indicated as amendment. It is crucial for every buyer to review these requirements and making sure it can be implemented.
- Type of the property Title
A) Freehold / Strata
B) Leasehold / Strata
C) Leasehold / non-strata (rental prepaid)
Always review these variety of titles. As a buyer it is important to be educated in these properties for financing, equity requirement, future investment potential and or many restriction associated with it.
- Form B and Form F
This is another important information which needs to be inquired by a buyer from strata council. Form B indicates everything about the unit including monthly charges, any liability and or any money owed. This form is usually accompanied by all strata financials and depreciation report if applicable. Engineering reports are way more accountable and detailed than depreciation reports.
- Minutes, monthly and AGM meeting reports.
This information indicates every conversation and history about the units and the complex. Most financial institution require a full review of these forms as they discuss any previous problem history and whether it has been remedied and fixed.
There are many other paperwork and details involved. Need more information, I'd be happy to assist with your real estate purchase and or sale.