Categories: Strata Management

What to watch out for when buying a strata property

As a Vancouver strata management company, we tend to see a lot of strata buildings throughout the lower mainland. Some are great, but unfortunately others are not so good…

Buying a strata property can be quite complicated, as you’re not only buying your individual strata lot, but you’re essentially buying into a percent of a strata corporation.

Here is a list of the top 5 things to watch out for when purchasing a strata property

1. Not enough cash in the CRF. Sometimes this doesn’t mean anything, especially if the strata just recently completed a major renovation and depleted the CRF to do so, but be sure that there isn’t another cash call coming down the road.

2. Many strata buildings built in the 90’s are now due for an elevator replacement as they typically only last 25-30 years before requiring replacement. An elevator replacement can easily cost $500,000.

3. Building envelope; if your strata building was built in the late 1980’s or early 90’s, and hasn’t yet been rainscreened, then buyer beware! This could easily run $1-$2m, and could cost each individual strata lot owner $40,000- $50,000. If they find rot when redoing the building envelope, be prepared to shell out even more!

4. Plumbing pipes. Copper pipes will eventually need to be replaced due to leaks, and this can easily run $10,000- $20,000 per individual strata lot. Make sure that this has been done prior to you buying in, or get ready to fork out a few bills

5. Roof condition. Be sure to check the condition of your roof. Roofs will only last for 25-30 years, and can be very expensive to replace, not to mention the damage that an expired roof can cause to the building,.

As you can see, there are quite a few landmines that strata property purchasers can step on. Read our next article to find out how you can avoid making a costly mistake;

Looking for help purchasing a strata property? Reach out to our real estate and strata management company here.

Chris Stepchuk

Recent Posts

How to crack into the strata management industry for new licensees

What can I do as a newbie to break into the strata industry? So you’ve…

4 days ago

Self-Managed Strata in Vancouver: The Best of Both Worlds?

Condo living in Vancouver is how most of us live. Whether it's a townhouse or…

2 weeks ago

What does a Strata Manager’s typical day look like?

A day in the life of a Strata Agent I get asked all the time…

3 weeks ago

We just had our depreciation report completed and are grossly underfunded. Now what???

As you probably know by now, depreciation reports are now mandatory in BC, and all…

4 weeks ago

Why many management companies don’t want to manage small strata properties

For those who live in a smaller/ medium sized strata communities (under 100 units), it…

1 month ago

Why do property management companies get such horrible Google reviews

If you’ve been searching for Strata Management Services, then there is a good chance you’ve…

2 months ago