Friday, January 25, 2013
Real Estate's Dirty Little Secret
Real Estate’s Dirty Little Secret - It’s The Price That Makes The Sale
Every Real Estate Agent should tell you to remove your personal items and to declutter your home to make it show better. Some will suggest bringing a stager in to ‘Fluff’ your home. Good agents will have professional pictures taken as 90+% of buyers see your home on the internet first. Great Marketing, Mobile Sites, Social Media, Open Houses. All these things will drive buyers to your home, but in the end, it’s the price that makes the sale, especially in a Buyers Market.
If you would like an accurate estimate of your homes value please fill out my Free Home Evaluation Form, give me a call or send me an email. I do a CMA, an Assessment based Price, and an average price per square foot price to set the right price, right away.
Monday, January 14, 2013
Depreciation Reports - Will My Condo Fees Go Up?
Depreciation Reports AKA:Will My Condo Fees Go Up?
What’s a Depreciation Report?
It’s Mandatory, Maybe
The Strata Property Act requires all strata properties with more than four units to have a common property depreciation report to provide estimates for “the repair and replacement costs for major items in the strata corporation and the expected life of those items” completed by December 13, 2013.
We are not alone
Similar legislation has already been enacted in Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Yukon, Northwest Territories, and Nunavut. Ontario’s legislation has been in place for 10 years or more.
Report Now, Pay Later
The law does not require that the funding requirements identified in the depreciation report be implemented. It does, however, allow for a simply majority vote to increase the reserve fund instead of the old 75% yearly vote.
How are Depreciation Reports Used?
The depreciation report will assist strata owners with the prudent management of their common property by providing information on repairs and replacements that will need to be funded, as well as determining the amount that should be contributed to the contingency reserve fund.
How Long Does A Depreciation Report Last?
Depreciation Reports have a 3 year lifespan, then they must be updated. This includes a visual inspection.
What must be inventoried?
Who can Create A Depreciation Report?
According to the act: “ A "qualified person" who has the knowledge and expertise to understand the individual components, scope and complexity of the strata corporation’s common property, common assets and those parts of a strata lot or limited common property, or both, that the strata corporation is responsible to maintain or repair under the Act, the strata corporation's bylaws or an agreement with an owner and to prepare a depreciation report that complies with the act.”
How Much Does A Depreciation Report Cost?
The initial report will cost several hundred to several thousand dollars depending on the size and scope.
All costs are paid by the Strata Council on behalf of the owners. In other words, it's included in your monthly Condo Fees.
Will My Condo Fees Go Up?
Today’s Strata Corporations focus on keeping monthly Condo Fees down. This often results in putting off needed maintenance which increases the cost of doing the repairs by as much as 50%.
The concept of Reserve Fund Studies - CHOA
Wednesday, September 26, 2012
Free Maintenance Matters PDF's & Videos - Strata Buildings
Do you ever wonder what your Strata council is supposed to be doing to maintain your home?
Check out the Maintenance Matters bulletins and videos, provided free by the Homeowner Protection Office for helpful information on the following topics:
Never miss any of the bullietins by subscribing to the email lists: http://www.hpo.bc.ca/email-subscriptions
Monday, June 18, 2012
Home Owners Grant Renewal Time
Everyone should have received a 2012 - Property Tax Notice in early July, which shows how much you owe. There are 3 columns that show what you owe without the Home Owners Grant, with the basic grant and with the additional grant.
You must renew your Home Owner Grant every year between late May and December 31. The easiest way to do it is online.
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