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Buying a Condo in Burnaby? Look Beyond the Unit
Finding a condo you love is only part of the buying process. When purchasing a strata property in Burnaby, it’s just as important to understand the building, the strata corporation and its financial position as it is to evaluate the individual unit.
Before making an offer—or during the subject-removal period—there are several important areas we recommend buyers investigate.
Review the Strata Documents
Strata documents can provide valuable insight into how a building is being managed. These may include recent council meeting minutes, annual general meeting minutes, financial statements, bylaws, insurance information and Form B documentation.
Meeting minutes in particular can reveal issues that may not be obvious during a showing, including recurring leaks, building maintenance concerns, owner disputes or discussions about future repairs.
Understand the Depreciation Report
A depreciation report looks at the major components of a strata property and estimates when they may require repair or replacement.
Items can include the roof, elevators, plumbing, windows, exterior building envelope, parkade and other major systems.
A projected repair does not necessarily mean the work will happen at that exact time or cost. However, the report can help buyers understand what expenses may be coming and whether the strata's contingency reserve fund is adequately prepared for them.
Look for Special Levies and Major Projects
Major building projects can sometimes result in special levies charged to individual owners.
Before purchasing, we look for completed, approved and proposed projects as well as discussions that could eventually lead to significant expenditures.
Understanding these possibilities ahead of time can help you make a more informed decision and budget appropriately.
Review the Strata's Insurance
Strata insurance has become an increasingly important consideration for condo buyers.
We look at the building's insurance coverage and deductibles, particularly deductibles relating to water damage. Buyers should also speak with their own insurance provider to make sure appropriate personal coverage is available.
Consider the Building's History
Every strata has a story.
A well-maintained older building with a history of proactive repairs can sometimes be a better purchase than a newer building with unresolved problems.
That's why we don't simply look at the age of a building. We look at how it has been maintained, what work has already been completed and what may be coming next.
Local Knowledge Matters
Burnaby has an enormous variety of condo buildings, from established communities in areas such as Highgate and South Slope to newer towers around Brentwood and Metrotown.
Understanding the building and neighbourhood can be just as important as understanding the individual condo.
Thinking About Buying a Condo in Burnaby?
Team Keenan Neilly helps buyers evaluate not only the property they're considering, but also the strata information and building history that can affect their purchase.
If you're considering buying a condo in Burnaby, contact Keenan Neilly or Kelly Huber for experienced, straightforward real estate advice.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.