A Langley Realtor’s Guide for Planning Your Condominium or Townhome Purchase
Andrew Szalontai In my experience as a Langley realtor, it is very easy for novice buyers to buy wrong, and therefore extremely important for them to have a well thought out purchase plan. A plan helps you to fully consider the reasons behind why you are buying. When you know what is really important to you vs. what would be really nice to have, you are much less likely to get swept up in all the excitement and make a poor buying decision. When making your plan for buying a condo or townhome, be sure to think about the following: Have a realistic budget and know what your top price is. The goal of your Langley realtor should to get you the best value possible without overtaxing you financially. If you are considering a floating rate mortgage, crunch the numbers and ask yourself if you could continue to make your mortgage payments with interest rates several points higher than they are now. Lifestyle -- think about the features and amenities that are important for you to have in a particular unit and complex. How much square footage do you need? Is your family growing or shrinking? Do you want a small and intimate 4 unit setting? Or would you prefer the greater choice of amenities that a larger complex may have to offer? Location - where do you want to live? Is it a specific location? Or are you open to different locations so long as they have the same standard of living? If you aren't tied to one particular location you can often trade a slightly longer commute for a better lifestyle and greater affordability. Some things to consider when selecting a condominium unit or townhome complex: The Strata Monthly and annual fees -- it's important to consider that larger strata fees are not necessarily a bad thing, and that a complex that has a good budget for present day maintenance can save you a lot of money vs. other stratas that have lower maintenance fees that result in costly repairs down the road. Is the complex self managed or professionally managed? Professionally managed is usually a better choice -- owner managed complexes may not have the expertise to accurately forecast maintenance costs and budget accordingly. Higher maintenance fees are usually a lot cheaper in the long run than costly repairs that stem from poor maintenance. Do they have an adequate contingency account? Having a proper financial cushion is desirable as it can protect you from the shock of large financial levies in the event of an unforeseen problem. Does the association have any outstanding legal issues? Look over the minutes of previous meetings -- look for any signs of upcoming expenses . . . see if there are any recurring issues or contentions. Do these issues have an impact upon you? The regulations Know the rules and regulations for your unit -- Are they consistent with your lifestyle? Can you own pets? If so how many, what type and what size? Does the complex have restrictions about certain activities or noise levels? If you are a car repair enthusiast you will want to make sure your potential complex doesn't have bylaws restricting your ability to work on a car outside your unit. What about long term guests? If you have frequent guests that stay for extended periods you will want to find out how the strata feels about this. What parts of your unit are you are responsible for and what parts are joint responsibilities? If you are planning extensive interior renovations your strata may have something to say about it. It's always best to check before buying than to assume that it won't be a problem. Check to see if the unit can be rented. If units can be rented find out how many units are currently owner occupied vs. rented AND how many units can be owner occupied vs. rented. This is an important issue that can affect the resale value of your unit as well as your quality of living. It is generally preferable to have owner occupants as neighbors The structure Was the structure built as a condominium or townhome complex? Or was the structure converted from apartments into its current form? Conversions can look very nice with all of their new finishes, but they can have noise and insulation problems. Your building inspection -- having a building inspection done for a condominium or townhome unit can be somewhat different than for a traditional house. Although you are buying a unit, some costs that you might face may be associated with other units as they fall under the responsibility of the association jointly. And some problems may not be discernible without invasive or destructive investigative techniques. In addition to getting your own building inspector who specializes in condominiums and townhomes it is a good idea to ask the strata if they have a comprehensive building inspection survey conducted recently by independent engineers and have your inspector look it over. Is there a sense of community in this complex? Often you can get a sense of community fairly quickly just by spending time in the common areas. Do people seem friendly? Do they smile and make eye contact? Is pride of ownership displayed in the common areas and outside individual units? Talk to some of your potential neighbors. Introduce yourself and see what they are like and how they react The ‘extras' Does your unit come with a parking spot? If so where is it? Having a parking spot 300 meters away from your unit may not seem like a big deal initially, but you may feel differently when you are carrying a bunch of grocery bags by hand 3 months from now . . . Storage -- does the complex have extra storage? Is it communal? Is it free? How secure is it? Pools, hot tubs and other amenities -- are they well maintained? Would you want to use them? Is there adequate liability insurance to protect you if someone gets hurt while using them? Get a professional opinion Even if your realtor is a condo and townhome specialist, you should still consider having a real estate lawyer go over the rules and agreement for your complex. Spending a few hundred dollars to get some expert legal advice can be a very smart investment! Once your plan is in place, you are in a better position to find the right complex and unit... and well on your way to owning your perfect home! About the Author
Andrew Szalontai is an experienced Langley realtor and Langley townhome and condominium specialist serving Langley and Surrey. For questions about buying or selling condominiums and townhomes please visit andrew at www.mylangleyrealestate.com. Andrew Szalontai may be contacted at http://www.mylangleyrealestate.com. Click here to view more articles by Andrew Szalontai. Reprinted with Permission from IdeaMarketers.com
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