Cont: “A Langley Realtor’s Guide to Buying Condominiums and Townhomes in Langley and Surrey”

“A Langley realtor that helps you plan – The importance of knowing what you’re really looking for before you start looking”

In my experience as a Langley realtor, it is extremely important for buyers to have fully considered the reasons behind why they 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, be sure to think about the following:

• Have a realistic budget and know what your top price is. My goal is 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

Once your plan is in place, we can begin to help you find the right complex and unit…

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 wont 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.

The community

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!

Negotiating on price

Part of the real estate buying process involved negotiation and haggling to get you the best possible price and terms for the purchase. There are a few times when I would recommend against haggling – If it’s a hot market or if you need to buy quickly and the unit you are looking at is well priced and has the location amenities and other features that you desire then an offer very close to the asking price may be appropriate. But otherwise you should always look at the list price as ‘a conversation starter.’

As a Langley realtor and condominium and townhome specialist I can help you get the best purchase price on the unit that’s right for your lifestyle. I know the ‘comparables’ – what other listings are on the market and what they have to offer, which means that I can negotiate a fair price for you.

• Does your unit have limited storage?
• Only one parking spot?
• Kitchens and bathrooms looking a little dated?

Even if these facts don’t matter to you they still have a dollar value, and it’s my job as a Langley realtor and condominium specialist to know what their values are and make sure that they are reflected favorably for you in the purchase price! Often, small issues like parking are overlooked during negotiations – sure you may only have one car, but when you decide to sell your unit in the future many potential buyers will have two cars… I take every opportunity to make sure that things like this are reflected in your purchase price in order to protect you and your investment.

If you are thinking about buying a condominium or townhome in Surrey or Langley it would be my pleasure to talk with you and assist you with creating a plan to find a unit that will meet your lifestyle and financial needs.

As a Langley and Surrey realtor specializing in condominiums and townhomes, I can show you how to find the condominium that fits your lifestyle AND your budget. I can also show you how to avoid the hard to spot problems that the unwary sometimes encounter when purchasing shared property like condos or townhomes. And I would be very pleased to show you how you can save several thousands of dollars off of the purchase of your condominium or townhome!

You can also request my detailed ‘Insider’s Guide to Buying and Selling Condos in Langley’ absolutely free! And it’s jam packed with even more tips and advice about:

• Which Langley neighborhoods to watch and which ones to avoid
• How to spot the best complexes for quality of living and financial appreciation
• What condo and town home features you can use to negotiate 1000’s of dollars off of your purchase
• How to avoid the condo nightmare mistakes that even experienced buyers can sometimes make And much, much more…

Fill in the form below to get your free Insider Guide now.