Getting Started – Your Wish List

You’re ready to buy a home in Fraser Valley. Before you begin searching for a home, make a detailed “wish list” of what you want and in a home. Your Realtor will help you prioritize your list and will suggest features you may overlook.  First, you need to decide where you want to live or the neighbourhood you’re going to call home.  Location is just as important as the property you choose.  Decide what you need in a neighbourhood. Do you have children that are school age or will soon be? Are you single without a vehicle and using local transit? Are you downsizing from a large home in the suburbs?

When you have determined your requirements, your Realtor can quickly source information about potential neighbourhoods, pricing trends and community information and suggest areas that seem best suited to your requirements.  Second, think about the type of home you want, for example, condominium, townhouse or single family, acreage, new or resale, and the amount of space you need. Print the Home Requirement checklist fill it out, and take it with you to your realtor.

 Finding a home that suits your lifestyle
When choosing the right home, it’s easy to be overcome by a beautiful setting or a unique architectural style, overlooking the practical details of size, layout and functionality.

Before you begin your search, consider what you like and dislike about your current home. Then compile a list of all the characteristics you want in a home — both practical details and cosmetic features. These characteristics should reflect your current lifestyle as well as your plans for the future. Your Realtor will review your list and determine how best to help you meet your needs, given your price range and the current market conditions.

Here are some points to consider when creating your house-hunting wish list:

Eating areas and kitchen. First, think about the amount of time you spend in your kitchen and the workspace you will require. Is a separate dining room needed for entertaining, in addition to an eating nook?

Light and exposure Generally speaking, large south-facing windows produce lots of light in winter but can make your home very hot in summer. Consider which rooms you would like to receive the most light during the morning versus the afternoon.

Outdoor space. You may be enchanted by the idea of a garden, but think carefully about the amount of upkeep involved. Would a deck or patio be suitable?

Electricity and wiring. Will special wiring such as a high-speed data line for Internet access or a security system need to be installed? Look around your current home and think about how many electrical sockets, cable and telephone outlets you use. Although these can be added after you move in, they can be expensive to install.

Renovations. If you’re considering buying a “fixer-upper,” think about how much work you are realistically capable of handling yourself, and how much disruption to your lifestyle you can put up with during the renovations. Get some cost and time estimates before making an offer. Remember, there’s a big difference between cosmetic renovations (such as changing flooring and cabinetry) and structural alterations (such as removing walls).

Other things to investigate include number of bedrooms required and available parking for you and your guests. Also ensure that there is ample storage space for all your possessions.

Of course there are many other factors to consider when a choosing a home — your realtor will help you evaluate your needs further. By investing time and thought in choosing your property, you can find a home with the most functional fit for your lifestyle

 Old versus new – which house is best for you

Are you in the market for a home? If so, how do you envision your ideal abode? Do you picture yourself in a cozy character home with ornate decor? Or does the image of a brand new home built with today’s state-of-the-art technology beckon? Your decision, to a large extent, will be determined by your lifestyle and as a matter of compromise.

As you start looking for a home, you will want to enlist the services of a realtor to help you match your preferences with the benefits of old versus new homes.

Advantages of an older home

• You can see exactly what you are getting and don’t have to try and picture the completed house from a set of blueprints.
• Improvements have been made by the previous owner(s).
• The house has been “shaken down” — structural faults are clearly seen and can be or have been corrected.
• The neighbourhood is fully built up and its character has been established; there are existing recreation areas and a variety of local services. Landscaping is in place and trees are mature.
• There are generally fewer immediate move-in costs with an older home, because basic features like drapery tracks (and sometimes window coverings) are already installed. And chattels, such as special lighting fixtures, are often included in the sale.

Advantages of a new home

• You can choose from a model house or a custom-built home design
• You have much more flexibility in customizing your decor and landscaping to suit your tastes.
• You get fresh, unblemished walls and you can usually choose the type of flooring, carpeting and cupboards that you want.
• With most new homes, you generally get much more storage space (such as closets) and larger rooms.
• Today’s minimum standards for plumbing, electrical, insulation and heating systems are higher than ever before.

These are only a few of the advantages to consider when determining your preference over old versus new homes. By speaking with a realtor who regularly consults with individuals evaluating their home choices, you can narrow your search and focus on the style of home that best suites you.

Finding a sound and solid strata property

Before purchasing a strata property, here are some evaluation measures you can take with the assistance of your Realtor

1. Review Strata Council minutes. Obtain copies of Strata Council minutes for the past year or more, along with by-laws, financial statements, Annual General Meeting minutes, and any engineering reports that may have been completed. Look for past problems, previous repairs, special assessments, and upcoming expenditures.

2. Ensure a maintenance program is in place. Reading Strata Council minutes and speaking with the property manager will help you determine whether the building has a solid preventative maintenance program in place.

3. Check contingency fund. By law, a portion of strata owners’ monthly maintenance fees must go into a “contingency fund” to pay for extraordinary repairs, such as a new roof or exterior painting. Find out whether the building has a substantial contingency fund to cover any upcoming expenses.

4. Review the Strata Property Condition Disclosure Statement. Sellers are required to complete this form, which serves as a checklist for buyers to address concerns about the property’s condition. It should be carefully reviewed for any defects or potential problems.

5. Investigate the warranty program and builder background. Whether the condo is new or resale, your Realtor can find out what type of warranty the building carries, noting the limits and duration of coverage. He or she may also be able to help you obtain background information about the builder/developer of the project.

6. Consult with a professional home inspector. You may consider hiring an accredited home inspection professional (one who carries Errors & Omissions insurance) to inspect the condition of the suite, common areas, and the overall building structure.

Many Realtors specialize in condominium sales and will be happy to speak with you further about evaluating strata properties. You can also visit the Homeowner Protection Office website at www.hpo.bc.ca or call 1-800-407-7757 for a copy of their helpful booklet, “Buying a New Home: a Consumer Protection Guide,” useful for buyers of both new and resale homes.