Essentially there are three types of suites you’ll find in most municipalities in greater Victoria; legal conforming suites (the best scenario); legal non-conforming (zoning for the lot allows for a secondary suite but there are no permits in place for the suite); and final non-legal (the zoning does not allow for a secondary suite which also makes it impossible to be conforming). When purchasing a property with a suite one should familiarize themselves with municipal bylaws and especially the risks that come with having a legal non-conforming or non-legal suite.
What are the risks and differences; legal, non-legal, and non-conforming suites in greater Victoria?
A big component of deciding whether to buy a fixer upper or turnkey rental property depends on your personal circumstances and lifestyle. A larger fixer upper may not be an ideal investment property for someone living out of town or with a busy work schedule; however, it may work well for a trades person or semi-retired individual.
Does it make sense that it costs the same amount to sell a home as it costs to frame the home? As a REALTOR® it doesn’t really make sense to me, does it make sense to you?
Buyers buy from the most motivated sellers and those transactions set market price.
In general, with a townhome you get more quality interior living space; however, there are trade-offs such as less yard space, strata fees, and bylaw restrictions.
Three key things too look for in my opinion.
1/ Cost and structure of cost
2/ What’s included?
3/ Performance/success rate of the company offering the mere posting package.
In 2013 there were approximately 80 mere postings listed in with the Victoria Real Estate Board, for 2014 that number will be approximately 90 mere postings. Personally, I’ve doubled my mere posting sales year over year and hope to continue the trend in 2015.
96% plus more of the time the cooperating commission offered is 3.0%100k+1.5%balance, or more!
Engineering, Home Protection Office, municipal requirements, and more have made new home construction a lot more expensive than in the past.