Vancouver Condo Real Estate Video Blog #736 - October 22, 2012
Don't Let Your Vancouver Condo Strata Minutes Scare You
Ian Watt video blogs about how most strata minutes are littered with negative information about the subject condominium building or complex. However, even though the minutes are filled with unfortunate happenings like break ins, pipes breaking, flooding toilets, loud music and other noise complaints, you shouldnt let that scare you. Every strata complex has issues and there is no perfect building. What you should be looking for are situations that are not being addressed and costly issues that will impact the value of the condo. Make sure your realtor reads all the documents and emails you all the notes and make sure you understand them as well. 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. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2012.
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Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. If you’re buying a condo. What you have to do is make it subject to everything your financing, your minutes, your inspection etc. etc. But what i think is very important is that you read the last 2 years of minutes and if you read the last 2 years of minutes it’s going to be a great indication on the status of the building. Now a lot of people get free doubt when they read the minutes because you’re gonna see there’s gonna be a pipe broken, someone dishswasher flooded, there’s gonna be a break into the underground, there’s gonna be somebody playing their music too loud. There’s going to be this and this and this. The minutes are there to report any of the things that go wrong if nothing happen and everything is perfect it won’t be in the minutes. So I think it’s very important that you think about this. Things break, things flood, places are broken into those are very common. I bet you if you walk around to 200 houses chances are there’s about 200 units and a strata complex in Downtown Vancouver. But if you walk around to a neighborhood of 200 houses and you ask 200 people I bet you in the last 2 years you could probably find 1 place that was broken into. You could probably find someone who had a flooded toilet, you could probably find somebody who had a domestic dispute something going on within those 200 units. So don’t let that freak you out. Speak to your inspector to see if that broken pipe had something to do with the unit or it had something to do with somebody hang in their dry cleaning off of the fire sprinkler it happens all the time don’t freak out because every time you read the minutes. You’re gonna find something wrong with the building there’s no such thing as a perfect condo. My name is Ian Watt and if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!