Greater Vancouver June 2019 Real Estate ReportThe June 2019 Real Estate numbers are now, and it was the lowest amount of sales since year 2000. The trend of reduced demand and increased
Buying an old condo
Buying an old condo
Have you thought about buying an old condo? They are much bigger than newer condos, and you do not have to pay GST. Watch this video and find out the 5 things I would look out for when buying an old condo in Greater Vancouver.
- Current condition of the building - Before purchasing any condo, I would hire a professional property inspector to go over the unit and inspect the building.
- The second thing I would do is to read the engineers report and depreciation report. In the depreciation report you could find the estimated year when you would likely to make a big contribution to buildings maintenance. An Example of this would be an investment of $55,000 on replacing all the windows in your unit.
- Balance of Contingency Reserve Fund - I would make sure to look over the financials to make sure that this contingency reserve fund has enough money to cover for unexpected expenses.
- Bylaws - I would also look at the byways to insure that one, that I am not breaking any of the rules, and two I would be comfortable with the current building rules. Most buildings now do not allow any smoking in the units or in the common areas.
- Recent sold prices - I would look at recent sold prices and see how this buildings prices relate to neighbouring buildings. Only when I can see value like most other people, I would make an offer for the unit.
So that’s it, the 5 things I would look out for when purchasing an older condo.
Question of the day, would you purchase an old condo? Please leave it in the comments below. I will try my best to personally answer all comments myself.
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