|Mount Cheam and Harrison's Cascade Apartments|
My real estate activities have lately included looking at strata apartments with a client. It got me thinking what materials should a potential British Columbia apartment purchaser peruse?
Chilliwack has a large apartment inventory at the present at this time there are 181 units for sale and more shall be added as the selling season matures.
How does one go about wisely purchasing an apartment in Chilliwack or for that matter anywhere in British Columbia? My simple response is this "know what you are buying".
Apartments have been around for a considerable length of time but it wasn't until the 1960s that "strata" apartments were created with the adoption of the Strata Titles Act in 1967. Prior to that time apartments had been rental properties and inhabitants tenants with the exception of the odd owner occupied unit.
That has changed, last year 216 apartments were sold in the Chilliwack* real estate market area to individuals that became owners in an apartment unit and common owners in the strata assests that contains the land, building, parking areas, trees that surround the building.
How do you get to the point where you "know what you are buying"? First, some good news, there is a lot of fine information online and I am going to suggest a mini course of link related documents that might help you make a wise acquisition of an apartment. Sorry you need to read some information to get comfortable with an apartment purchase.
You need to start with a general outlook. Note: I am going to suggest that as time lapses from this post that you make sure that you "google" the most current version of these documents.
- Buying a Home Guide - Real Estate Council of British Columbia
- Buying a Home in British Columbia A Consumer Protection Guide - The Home Protection Office
- Buying a Condominium - The Canadian Bar Assocition BC Branch
- Condominium Buyers' Guide - Central Mortgage and Housing Corporation
- Intrepreting Strata Plans - Department of Sustainability and Environment
- The Strata Property Act - The Province of British Columbia
- Office of Housing and Construction Standards - The Province of BC
- Schedule of Standard Bylaws - The Province of British Columbia
- Public Resources of CHOA the Condominium Home Owners Association of British Columbia in particular the section Smart Condo.
In cases, where legal issues are being examined I would suggest that the use of a lawyer be considered. If you are thinking about selling or buying an apartment the services of a Realtor® or a professional member of the Real Estate Institute of British Columbia are essential.
Imagine living here...then call Steve.
Stephen Mullock RI is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.