Condos with cheaper fees are always better 

Paying additional fees above your mortgage hurts, we get it, but it's not always beneficial to invest in the lowest condo fees to avoid further costs. Higher condo fees could signal work is being completed and buildings are well cared for by the management company. Prospective owners are advised to review condominium documents for cost, finances and reserve funds. No new owner wants an assessment after taking possession, and a lower applied condo fee could mean one is on its way. Lower fees may also indicate the strata corporation is not performing the required work and could demonstrate inadequate budget and funding to operate smoothly. 

It’s just as important to look at what’s included in the maintenance fee and the history of the building’s finances. While one building may have a lower maintenance fee, one may use special assessments, which require larger lump sum fees to fund repairs, whereas the other has never had a special assessment, and some of your utilities are included in the fee.  

We strongly encourage clients interested in condos to review current and previous documentation. The lowest cost isn’t always the best deal

While home inspections aren't mandatory, they're highly recommended to protect your future investment. Whether it's a new home or that cute 50's bungalow you've had your eye on for a while, every home should be inspected thoroughly by a qualified inspector. A home inspector advises you of necessary repairs, and their expertise enables them to spot issues before they become significant problems. Home inspectors found ten of the most common issues: run down or old roofing, drainage issues, faulty foundation, plumbing problems, pest infestations, hidden mold, failing heating systems, electrical wiring, poor maintenance and structural damage.  

While cosmetic issues like peeling paint and cracked caulking aren't major issues, an accumulation of them can signal to an inspector and a buyer the home has been poorly kept. The home inspection is the buyer's last chance to uncover defects in the house.

We strongly encourage you not to skip a home inspection. 

Some extras for consideration: mortgage appraisals, property transfer taxes, or GST, home inspections and closing costs for your lawyer or notary. Down payments might be the highest cost, but if you’re planning to buy in British Columbia, you’re likely to have a few extra charges you weren’t expecting. Property Transfer Tax will comprise your most significant cost, followed by legal fees and title insurance. We encourage you to build into your budget a buffer of an additional 3% of the home’s sale price for costs associated with closing on your ideal home.  

You shouldn’t call a Realtor until you’re ready to buy 

Involving a Realtor at the beginning of the buying and selling process means you have access to their knowledge and data. Great real estate agents help clients navigate the ever-changing real estate market and avoid pitfalls common to purchases and sales. The sooner you’re equipped with that expert knowledge, the better.  

When you work with an agent, you can expect they have extensive market knowledge, a wide professional network, are adept at spotting potential problems, provide valuable price guidance, possess excellent negotiating skills, finely honed marketing skills, and save you time and energy.  

If you are pre-approved for a mortgage, have a deposit saved to cover all contingencies, a Realtor can help you navigate a shorter, more manageable timeline in terms of buying or selling. The right Realtor can also reduce the amount of time it takes to sell your home even in a seemingly slow market because they are promoting and networking with others to make sure your house is getting the attention it deserves.