I had an email from a viewer who was frustrated at the amount of special levies he had been getting on his townhouse to replace many of the major components on his unit. Being on a fixed income he was thinking about selling to avoid getting hit with more unforeseen expenses down the road. Unexpected special levies and assessments can happen. However, they can be greatly reduced by simply doing some due diligence on the unit you are thinking of buying. You and your Realtor should be able to determine with a fair bit of accuracy the current condition of the major components of the home (Roof, Windows, Siding, Balconies, Heating system), the current life expectancy of these components and what they will cost to fix or replace. Most of the information you will need can be found in the Strata documents, Depreciation report and Engineers reports, phone calls to the property manager and finally a home inspection by a qualified inspector. Unexpected levies can happen but seldom should they come as a surprise.
This entry was posted on January 1st, 2014 by Owen Bigland | Posted in Video Blog