Vancouver Condo Real Estate Video Blog #187 - November 21, 2008
Co-Op real estate ownership in the West End of Vancouver
Ian Watt video blogs about co-op real estate ownership in the West End of Vancouver and how there may be some restrictions that you weren't aware of. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real estate Video Blogs.
Ian Watt: Hi good afternoon! It’s Ian Watt in Downtown Vancouver. As I was talking the other day regarding leasehold properties another thing you find the lot in West End. Maybe in Kerrisdale or Fairview. You will find a lot of co-op properties and co-ops are very interesting way to purchase a property. I like co-ops to tell you the truth. However there are a lot of restrictions. What it is instead of buying strata unit. Your buying to share to that corporation that owns that building. Now the problem with that is you can make up all your own by laws and laws regarding it because it's a private company. You could say no children, no this, no that, no mortgages. So sometimes like down on morton street those properties down there the West End. You can't have a mortgage and there's about eight hundred or a million dollars its cash only. So there's a lot of restrictions when it comes to co-op. However, you do own a significant share your proportionate share of the property the land and all the building of a street. So it is a great investment however you do need a lot down and also you will have to make sure that you understand the ins and out of a co-op. So if you want to know more about co-ops. you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!