Rob Joyce - Vancouver's West End Specialist

Condo buying made easy

Buying a condo can be easy and painless. We invited Rob Joyce, the West End Specialist at Sutton West Coast Realty to answer questions most on the minds of West End purchasers. Rob has lived in the West End for 29 years and sells exclusively in the West End.

›How does a smart buyer prepare to buy a new condo?

Rob Joyce: “First, decide upon a preferred area. Then immediately obtain a no-cost, no-obligation, pre-approved mortgage quote from a lending institution. This sets a realistic price range and strengthens an offer to purchase.”

›Where is the best place to obtain a mortgage?

Rob Joyce: “If a buyer has a suitable down payment and earns a qualifying income, every lending institution will want to do business. The buyer can visit each institution in person, or have a mortgage broker shop for the best interest rate and terms. The broker is paid a commission by the lending institution, not by the purchaser.”

›After the financing is sorted out, then what?

Rob Joyce: “Make a list of must-have items: size, view, desired floor plan, ensuite laundry, fireplace, frame or concrete, and so on. Make a second wish list.”

›Which has the best value: strata, leasehold or co-op?

Rob Joyce: “Strata is yours forever. Leasehold is yours until 2073 at which time ownership reverts back to the corporation holding title to the property. In a co-op condo, you own shares in the complex with the exclusive right to occupy your suite forever. You have to decide which situation is best suited to your needs.”

›Is it better to look alone, or are there benefits to working with a realtor?

Rob Joyce: “A realtor who specializes in an areas is familiar with every listing for that area. Two of my three sales last week were in buildings where many people are waiting to buy. My purchasers got to see them first and bought the listings before they were registered on the Multiple Listing Service (MLS) catalogue. If they had been working alone or with a realtor who doesn’t have extensive knowledge of the West End, they would not have known these apartments were for sale.”

›Who pays the commission?

Rob Joyce: “Buyers do not pay commission. Both realtors split the commission paid for the vendor’s proceeds.”

›What do you write into a contract to protect a purchaser?

Rob Joyce: “Everything. Write everything in at the time of the offer: parking, locker, approval for your pet, requests to see minutes of recent board meetings, and any items included in the sale. Leave nothing to chance. Once your offer is accepted, you are unable to renegotiate any terms of the contract.”

›What are some things to watch for?

Rob Joyce: “Know about the condition of the building, water leaks, plumbing, roof, upcoming assessments, rental and pet restrictions, and the amount of cash in the contingency fund. Pay close attention to traffic noise, neighbors, potential problems and future resale prospects.”

›Doesn’t the bank take care of this when they do an appraisal?

Rob Joyce: “No. The bank’s appraisal is a conservative estimate of market value of the condo. It is not intended as a guarantee of quality. For additional security, the buyer has the right to order and independent inspection report. It might be the best $300 you ever spend.”

›Are there any hidden costs?

Rob Joyce: “Always allow an extra two per cent of the selling price for closing costs (one per cent B.C. property purchase tax, appraisal, and legal costs).”

For additional information or a free personal consultation, please feel free to call Rob Joyce, Sutton West Coast Realty at 604 623-5433.