i also think for condos or townhouses, check the status certificate, one of the most important thing about the health and potential problems of a condo corp. its worth paying your lawyer couple of hundreds to make sure, the condo corp has good cash liquidity and no legal issues.Hi, All I been doing research lately for first time home buyers in BC and I wanted to ask our members about several things. which hope can provide further guidance.
The reason I asked this ff questions, as most first time home buyers are somehow not well aware of all these extra expenses that can easily build up the monthly obligations of owning a home (aside from saving some cash for a future maintenance work needed for the house)
- Strata Maintenance Fees - Monthly fees, as per my understanding like here in UAE (We call it service charges) to pay the common expenses of the development. e.g. landscaping, concierge, security, hallway, elevator maintenance, etc.)
- Strata Property Insurance- for ensuring the building/townhouse/condo/duplex, etc?
- Is this cost included in the Strata Maintenance Fee or totally separate?
- Land Transfer Tax - As per my understanding (based on my research on realtor.ca) if a first time home buyer/buying a newly built home this will be waived/rebate if house price is under 750,000 CAD.
- Let say for a usual 3 bedroom townhouse what the average cost of electricity, water, cable/internet, phone
- Lastly, is there anything else that a first time home buyer needed to be aware of that can add to the monthly expenses/obligation of a new homeowner.
Thank you so much in advance.
especially when u put no condition on your offer and you're buying with less than 20% down, you can have all the income in the world, but if the default insurer doesnt like the status certificate, they have the right to decline your application. it happened to a client of my lawyer, it was on the news, they put the blame on the agent, and were able to get out of the purchase without losing their deposit(evenyhough they didnt put any)