This invaluable checklist will make sure you don’t miss any red flags or opportunities

 

If you’re in the market for a new home, there are a lot of things that you need to keep track of during your home searching journey. Purchasing a home is an endless checklist of questions that both you and your REALTOR® need the answers for so you can ensure you’ve done all your due diligence and are purchasing the right place for you. To make the process a little easier, here are eight essential questions that you and your agent should ask the listing agent at an open house before you can seriously consider buying.

1. When was the roof/hot water tank/plumbing/electrical/etc. last done?

This is an important question to ask, because it will help to give you a good idea of the current condition of the property or building. By keeping a mental record of the maintenance and upgrades that have already been completed, it will allow you to estimate any future or immediate expenses upon ownership. While the listing agent may not know all these answers off the top of their head, it is at least good to ask the agent to follow up with the seller to get the answers. This information may also be obtained from an inspection, the depreciation report, or the property disclosure statement.

2. (If a strata unit) Is there a depreciation report for the building?

If the property that you’re interested is a strata unit such as a condo or townhouse, then you should ask if a recent depreciation report is available to review. It’s important to ask the seller’s agent this question, especially if you need to obtain a mortgage, because you may have more pushback from the lender without one. Furthermore, the depreciation report will provide you with information given by a third party about the state of the building and whether or not the contingency reserve fund (CRF) can keep up with the maintenance and upgrades required over time. It will show a variety of funding models, and estimate when special levies will be necessary and how much will be required of each owner.

3. (If strata) Are there any special levies coming up?

A special levy is an amount of money that needs to be paid by the owners to cover the cost of an upgrade or repair in the building or complex, such as the roof. If there’s a $5,000 bill coming up at the end of the year, you’ll definitely want to know about it. If you know that a special levy has already been approved, then your agent may be able to negotiate that the seller pays for it upon completion.

4. Is there a property disclosure statement available?

A property disclosure statement (PDS) provides a history of the property based on the seller’s knowledge. While not to be fully relied on, the PDS will provide you with a basic background of the history of the property. On this document, the seller will have answered a variety of yes or no questions such as “has there been any history of a leak?” or “has there ever been an insect infestation issue?” to the best of their knowledge. It is a common subject on a real estate contract; however, it is not required for all sellers to complete a property disclosure statement. For example, if a seller has never lived in the property because it is tenanted, then they most likely won’t want to put themselves on the line when it comes to answering questions that they’re not 100% sure about. If there is a PDS available, it typically means that the sellers have lived in the property and are therefore confident in their answers and being held liable for them.

5. Have the sellers bought a home already?

If the sellers have bought a property and need to be out in a week then the dates will be really important to them. You’ll also want to ask this because you’ll want to know whether the sellers are motivated to move or if they’re just testing out the market. This question will allow you to understand where the sellers are at in their own real estate process, and also assist you during the negotiation process to make your offer as attractive as possible so that the seller accepts.

6. Do the sellers have fixed dates in mind?

Following on from #4, before you fall in love with a property, you’ll want to know whether or not it is possible for you to move in, based on your own time frame. For some sellers it is not always about the price, and if you can find out what the preferred dates are for the sellers, you may have an upper hand when it comes to offers. If you’re able to be flexible and accommodate those dates, there have been cases where a seller is willing to accept a lower price for more ideal dates. On the flip side, if your own dates are fixed and don’t work with the sellers’ dates, then you must be willing to make a higher bid to stand a chance of success.

7. Have you received any offers on the property?

If you’re checking out a property and ask this question, the listing agent is going to tell you one of the following: we already have an accepted offer pending subject removal; we’re taking offers on a specific day; we’ve received offers and rejected them; or we’ve received no offers yet. If they have an accepted offer, they’re continuing to show the property with hopes for a backup offer in the case that the current offers collapses. If it’s a new listing, they are likely collecting offers on a specific day at a specific time in the hope of getting multiples offers. You’ll want to know whether you’re competing against no offers or five offers, because it’s likely that your offer will vary based on how many you’re competing against. If the listing has been on the market for a while, you may be lucky enough to be the only offer. However, in this case it’s important to ask if they’ve received any offers in the past and whether or not they’ve rejected them and why.

8. How long has the property been on the market?

A follow-up question to # 7, you’ll want to know how long the property has been on the market, for a couple of reasons. One is because if it’s a new listing, you may want to prepare yourself for a multiple-offer scenario. Alternatively, if the property has been on the market for a long time then you may be able to negotiate the price to your advantage. However, if it’s been on the market for a long time and you’re in a hot market then you may want to ask yourself why that is. Is there a stigma on the house? Is the property overpriced? Proceed with caution.

Buying a home is a lot of work, and it requires a lot of time spent searching for the right property and performing due diligence. For most people, purchasing a home is the largest investment you will ever make. It’s important that you ask the above questions to ensure that you know how to make your offer appealing to a seller. Furthermore, these questions will also make sure that you know exactly what you’re purchasing and are aware of additional costs for things like necessary upgrades that may come up in the near future. 

 

 

 

 

Source:http://www.rew.ca/news/8-essential-questions-to-ask-at-an-open-house

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Please visit our Open House at 113 ELLESMERE AVE in Burnaby.
Open House on Saturday, December 16, 2017 1:00PM - 3:00PM
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Please visit our Open House at 113 ELLESMERE AVE in Burnaby.
Open House on Sunday, December 17, 2017 1:00PM - 3:00PM
Brand new!! Stunning custom built home with the most amazing views of the mountains & the inlet from your rooftop deck. The open layout is perfect for entertaining your guests with the modern chef kitchen. The home boasts wide plank hardwood floors, stainless steel appliances, quartz countertops & much more. Enjoy the views from your walk out front porch in your master bedroom which also features a spacious WIC & a lavish ensuite with a soaker tub to unwind. Need more? This home offers a legal suite, security with 4 HD cameras & 2-5-10 warranty for piece of mind! Conveniently located, the home has easy access to SFU, BCIT, Brentwood & Metrotown Shopping & Downtown Vancouver.
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Please visit our Open House at 175 DELTA AVE in Burnaby.
Open House on Saturday, December 16, 2017 1:00PM - 3:00PM
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Please visit our Open House at 175 DELTA AVE in Burnaby.
Open House on Sunday, December 17, 2017 1:00PM - 3:00PM
Perfect family home on Capitol Hill! Breath-taking westwards views of DT Vancouver & the Burrard inlet from all levels. This home offers a very functional layout on the main which includes a den & a spice kitchen! Above you'll notice 4 bedrooms (rarely found on 33 ft lots) with a master taking advantages of the views with a covered balcony. Home boasts many features including beautiful hardwood flooring, HD Security cameras radiant heat & more! Below you'll find a 1 bed legal suite. Conveniently located, the home has easy access to SFU, BCIT, Brentwood & Metrotown shopping and downtown Vancouver. Call for your personal showing!
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City of Vancouver’s plans for more homes “not enough” without wider regional housing/transit strategy, says UDI

 

All levels of government are urged to “act quickly” in order to prevent Metro Vancouver’s housing shortage from worsening, in the latest quarterly State of the Market report issued December 5 by the Urban Development Institute.

 

The development industry group reported that an acute housing supply shortage continues, with just one new, move-in-ready townhome available for sale in Vancouver proper, and only 14 available across the whole Metro region, as of the end of 2017’s third quarter.

 

 

At a total of 1,813 units, new and unsold multifamily homes for purchase in Metro Vancouver, at all stages of construction, are down 84% from the peak of 11,090 units in Q1 2013.

 

Anne McMullin, UDI president and CEO, said, “Our industry wants to build more multi-family homes for all budgets across Metro Vancouver. The biggest obstacles are still municipal permitting delays, which can take years, and single-family zoning, restricting 85% of residential land.

 

“While we’ve seen an encouraging 10-year strategy to provide more multi-family options in the City of Vancouver, on a regional scale, a combined housing/transit investment action plan is needed now, or this will never be enough to meet local demand, around 97% of buyers.”

 

The UDI said the local population growth likely to come from the new federal immigration target increase of 13% a year by 2020, “will only add to our housing shortage and keep prices high, if local governments don’t act quickly.”

 

 

 

 

Source:http://www.rew.ca

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Please visit our Open House at 113 ELLESMERE AVE in Burnaby.
Open House on Saturday, December 2, 2017 12:00PM - 2:00PM
Brand new!! Stunning custom built home with the most amazing views of the mountains & the inlet from your rooftop deck. The open layout is perfect for entertaining your guests with the modern chef kitchen. The home boasts wide plank hardwood floors, stainless steel appliances, quartz countertops & much more. Enjoy the views from your walk out front porch in your master bedroom which also features a spacious WIC & a lavish ensuite with a soaker tub to unwind. Need more? This home offers a legal suite, security with 4 HD cameras & 2-5-10 warranty for piece of mind! Conveniently located, the home has easy access to SFU, BCIT, Brentwood & Metrotown Shopping & Downtown Vancouver.
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Please visit our Open House at 113 ELLESMERE AVE in Burnaby.
Open House on Sunday, December 3, 2017 1:00PM - 3:00PM
Brand new!! Stunning custom built home with the most amazing views of the mountains & the inlet from your rooftop deck. The open layout is perfect for entertaining your guests with the modern chef kitchen. The home boasts wide plank hardwood floors, stainless steel appliances, quartz countertops & much more. Enjoy the views from your walk out front porch in your master bedroom which also features a spacious WIC & a lavish ensuite with a soaker tub to unwind. Need more? This home offers a legal suite, security with 4 HD cameras & 2-5-10 warranty for piece of mind! Conveniently located, the home has easy access to SFU, BCIT, Brentwood & Metrotown Shopping & Downtown Vancouver.
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Investing in condos can be a very lucrative pursuit. Everyday I work with condo investors whose portfolios outperform stocks and hedge fund!

 

Deciding whether to invest in condos, or where to invest, is usually a matter of simple math – deduct maintenance costs, insurance costs, taxes, association fees and other foreseen expenses from the value of the property and the rent you’d charge.

 

However, there are certain condo investor habits everyone should develop to ensure amazing cash flow from their condo investments. And today, we are going to give you five of our favorite habits of successful investors.

1. Condo Investor Habits: Maintain And Upkeep The Property

When you properly inspect, maintain, and occasionally renovate your property, renter appeal increases. This ensures the value of your unit and the rent you can charge is always maximized.

 

All well-maintained property projects a sense of pride in your properties, and shows a lot about you as a conscientious landlord.

 

Clean windows every once and a while, install a new doorknob, make sure fire detectors work, fix defects in the wall, pay for a professional cleaning during tenant turnover, consider painting. This is all minor upkeep that is minimal cost, but will make sure your investment is as profitable as it can be.

 

Tenants will want to rent from you, which means less vacancy rates and you’ll enjoy a steady stream of income for longer periods of time.

2. Condo Investor Habits: Have A Niche And Brand

As an investor in condominium real estate, you are essentially running a business, and it’s no secret that all successful businesses have a niche they cater to and a brand they’ve developed.

 

Think of who and what you want your business to cater to. Who is your target renter? Write it down, their age, profession, lifestyle, income, etc. Develop a profile of who it is you want to market to. This is part of your business plan and will help keep you on track.

 

Also, know your strengths and weaknesses – if you’re very familiar with a particular location or type of property, that should be what you focus on. Know what you can’t do as well – like physical maintenance – and take steps to mitigate your weaknesses while advertising and playing to your strengths.

 

Not a handy person? Don’t waste 6 hours trying to fix a toilet! Build a team of qualified contractor to come in and fix it. After all, your time is worth something.

3. Condo Investor Habits: Be Proactive

There’s only so much time you can whittle away at a decision, trying to figure out if it’s a good one or not.

 

For condo investor habits, it’s important to develop proactivity. If a property comes up for sale that’s a good deal, jump on it, because someone else sure will if you don’t.

 

A renter told you they’re moving out in a month? Advertise now and start coming up with a plan on what needs to be done before a new renter takes over. Plan now!

 

That isn’t to say you should make rash, uninformed decisions. But, inactivity will only cause you to miss out on an opportunity and your investments will stagnate. Be aware of any risks or obstacles involved, and pull the trigger.

 

Sometimes you will fail or have losses, but taking calculated risks are paramount to success.

4. Condo Investor Habits: Keep Learning

As investors, we often forget about the best investment anyone can ever make. Investing in ourselves!

 

There are always new strategies, new locations, and new information to digest. Financial and real estate laws change, and it’s important to keep up to date with those for obvious reasons.

 

Be involved in the condominium’s association as much as possible, as nearly every condominium complex has one and they have control over what happens at the complex and how funds are saved, spent and invested.

 

Commit to attending a monthly real estate meetup, or reading a real estate book once a month to keep up your skills.

There are thousands of real estate courses that can be taken online as well. Yes, the cost money, but it’s an investment in yourself, which will pay off dividends in the future.

5. Condo Investor Habits: Good Tenant Screening

It’s okay to be choosy about who you rent to, minus any applicable discrimination laws, of course. But when it comes to condo investor habits, this is the most important.

 

Successful real estate investors have a few things in common, and good tenant screening practices are one of them. You need a process to find tenants who pay their rent on time, don’t get into legal trouble and generally don’t cause problems.

 

Taking the time to ensure you get quality tenants up front will prevent a myriad of problems down the road. Here are a few important points to consider:

  • – Have a standard application form
  • – Be prepared with questions for any prospective tenant
  • – Check with professional references
  • – Do some simple online research of the prospective tenant, you’ll be amazed at what kind of public information people put on the internet
  • – Do a credit check – I like to ask tenants to submit one with their application
  • – Make sure the tenant understands the terms
  • – Give copies of condo by-laws to the tenant and make sure they know the key points

If you can develop these condo investor habits, you’ll be in a much better position to run a killer condo investment business. Know the risks, take some risks, have smart people and develop good habits, and your condo investments are sure to help you live a more financially flexible lifestyle.

 

 

 

 

 

Source: http://connectassetmanagement.com/5-condo-investor-habits/

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