First-time condo buyer tips

SEAN MOSS

When looking at a condominium to buy, initially, you’ll have more questions than answers, especially in the competitive Vancouver condo landscape. In addition to the wish list, new homebuyers go through a number of challenges en route to making a firm first-time decision. To feel good about your investment, obviously you need to have most or all of your questions answered in a satisfactory manner. To help you with that goal, this article provides a list of realistic expectations and tips so that you can be equipped with the details you need to know before you make that investment.

1. When you buy into a condo, you no longer have control over how much you will have to spend on maintenance, upgrades and emergencies. Condo living is shared living, especially when it comes to big repairs such as the roof, exterior building envelope, underground garage leaks, plumbing or other unexpected costs.

2. Be prepared to pay more than expected for strata fees or emergencies. Over time, strata fees will always increase and you must anticipate extra costs in addition to those listed on the data sheet. Budget accordingly.

3. The strata minutes you get do not reveal the whole picture. Vancouver condo sellers only have to go back two years, so you may not know the true history of the building or unit in which you want to invest. When you look through the minutes, pay particular attention to assessments from engineering companies, rehabilitation exterior work or major repairs needed. Fortunately, there is new legislation in place for you to get a depreciation report.

4. Be aware that a home inspection for a condo only includes the unit and none of the common areas, or even the appliances. Some inspectors will go beyond the standards to put you in a favorable buying position. By going beyond the standards, home inspectors increase their liability, but protect you better. Be sure to find out in advance exactly what the inspector will do for you.

5. Be aware that home inspectors may not be able to get access to all the common areas, even when they go beyond the standards. It is really up to the real estate agent to ensure that the inspector is provided access by asking the strata or property management company what can and cannot be inspected. Furthermore, some building managers have special rules around what common areas, if any, can be inspected, so find this out in advance.

6. Be aware of the history of your unit to ensure that any renovations were completed legally and with the proper city permits. On the flip side, if you want to renovate, be sure that you are allowed to do so by asking the strata in advance about areas for upgrading. For example, you may not be allowed to use a particular type of flooring due to noise restrictions.

7. Not all strata boards have property management companies taking care of their buildings. Ideally, you want to have a company in place. In addition, you should do some research to find out about their reputation and history. A red flag should go up if there is no history of a property management company, or if there is one that has changed hands several times.

8. Try to be objective and look beyond the esthetics. Before you make a firm commitment, try to look at the condominium as an investment, rather than as a possible dream come true. It can be tough, but be willing to walk away instead of denying certain realities. Also, decide whether will you will actually use the amenities like a pool, sauna, gym, etc., because, regardless, you will still have to pay for them.

9. If the condo is new, see if it is covered by a two-, five- or 10-year warranty and exactly what this warranty covers. The homeowner protection office can give you some information on this. Find out about the building contractor, and then do some research with the Better Business Bureau or other online sources to see if the builder has a reputable history.

10. Vancouver condos built with a stucco exterior from the late-1980s to mid-1990s were the most problematic due the “leaky condo” issue. Subsequently, and because of age, most major plumbing repairs will need to be addressed with buildings built during this period. On average, most condominium building copper supply lines last between 20 to 30 years. The older the condo, the more it will cost you over time.

Sean Moss is a home inspector. For more information about home inspections or maintenance, visit homeinspectorsean.com or call 604-729-4261.

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