Barry Magee : One Percent Realty Ltd.

Phone : 604.773.2948 |


How Important Is Home Warranty Insurance

Most people assume that when you are buying a new housing product, it is built to a high standard. After all, it's a multi billion dollar industry that is regulated by multiple levels of government. And it's also backed by a 2-5-10 warranty, which should provide some basic level of protection.

What Does The 2 Stand For

The 2 year part of the warranty protects everything that is inside of the property, and the labour and materials to fix any said issues. An example would any sort of delivery system that becomes inoperational during the 1st two years. So if your hot water heater stops working, this would be covered under warranty.

Another example could be if a door comes off a hinge. Technically, this is the builders responsibility to repair and replace within the 1st two years. Another example would be if a window stops opening and closing.

What Does The 5 Stand For

The 5 year part of the warranty covers the exterior for water penetration. A few examples could be if the rainscreen technology on the exterior of the building is faulty or if the roof is designed is an ineffective way so it is not repelling rain as it falls.

Water penetration can cause rot, which in turn can cause mould. Mould is a cause of respiratory illness and most people would want to avoid having it around at all costs. This becomes especially true when you are buying a newly built home.

What Does The 10 Stand For

The 10 year part of the warranty provides coverage for the foundation of the property. This wouldn't be relevant if you didn't maintain the property properly. A good example of this would be if you don't regularly maintain the gutters. If you don't maintain the gutters this can cause drips from a specific location, which in turn can cause cracks in your foundation.

If you have maintained the home to a good standard and there are issues with the foundation, it can be quite difficult to prove this is a violation of the home warranty. You'll need to contact various professionals and build a case against the warranty provider and builder.

There are multiple companies that offer home warranty insurance regulated by the provincial government. But they do have different standards on what level of builder they offer this insurance. It's best to do your research on the warranty company and the builder.

Buying a new property can be very exciting. But there are certain pitfalls you'll want to avoid. You'll want to purchase a house from a reputable builder, which you can usually find quite a bit of information about online. An old fashioned way of confirming this would be to go knock on the door of someone who has purchased a home from this builder previously. A little due diligence can go a long way.


Property Maintenance - How Important Is It?

Purchasing a home or condo comes with the responsibility of maintaining the property. Many people do struggle with these tasks, but they are important and are valuable skills to learn. If you can't do them yourself, it is in your best interest to hire a qualified contractor to do the maintenance for you.

Clearing The Gutters

Avoiding this task can lead to cracks in the foundation of your house and cause damage to the gutters themselves. Falling off a ladder is a leading cause of injury with house maintenance. But, this task should ultimately be performed twice a year. Your foundation and building exterior will thank you for it in the long run.

Change The Filters

The furnace or HVAC system in your property can become clogged with all sorts of particles. Pet dander, dirt, dust, all collect and become part of your air flow. Checking and maintaining all of the filters in your home will improve your air quality. This also brings the added benefit of allowing your system to run more efficiently.

Check For Leaks

Roofs, windows, and doors can be spots where leaks come into your property. If the leak is left unattended, it can also provide a spot for rodents or other pests to gain access. Another factor is mould, which can lead to respiratory issues. Any unwanted water ingress can lead to damage that costs to repair.

Fire Safety Devices

Condos are required to conduct fire safety inspections every year, but houses are not. Smoke detectors are an important safety feature. They should all be checked regularly to make sure they are operational. Seconds can make the difference in the worst case scenario of emergency. Don't be left with an unsafe home by avoiding a task that only takes a few minutes. Most often, it's simply a case of changing the batteries.

Maintain The Landscaping

Some Vancouver homes come with immaculate landscaping. But this feature doesn't come naturally. It requires work and maintenance. There are plenty of companies available to offer this service, but many home owners prefer to do the work themselves. It is one of the advantages of having the space, and a green thumb.

Probe The Plumbing

Plumbing issues can be difficult to identify, mainly because they are out of sight. Excess water consumption can be costly, bad for the environment, and also put unnecessary strain on your plumbing system. That clog or leaky faucet might seem like a small nuisance, but avoiding the repair can cause the need for costly repairs in the future.

Cleaning By Schedule

It might seem boring, but setting a cleaning schedule can be an effective way to maintain your property. Allergens, dirt, dust, pet fur, will often embed itself in the carpets or floors. Stop their spread by cleaning them regularly. Your floors will last longer as a result, as will the rest of your possessions. Bathrooms can be a perfect recipe for mould if not maintained by cleaning. Mildew and bacteria can also flourish in unclean environments.


Selling Mom and Dads House? Here's What Buyers Want

There is nothing more important than making sure that mom and dad have all the care they need in their elder years. After all, they have provided you with the same in your early years and have the money to pay for excellent care. The money might be in their property, but it is there. When you are selling an older house, these are the features buyers are looking for.

Oil Tank Scan

Up until the 1960's, many homes in Vancouver were heated by underground oil tanks. If there is an oil tank under your house, it will affect the property value. There are many companies that offer oil tank scans as a service, where they use radar equipment to try and determine if there is an oil tank present. These scans aren't 100% effective, but they do offer buyers and sellers some piece of mind.

If an oil tank is discovered, it's important to have it removed and the soil assessed around the property afterwards. This will provide the buyer with piece of mind knowing they won't have to pay for removal and remediation. If you don't, an the buyer discovers an oil tank, this will affect your property value negatively.

As Is, Where Is

Often times, families will want mom and dad to live in their house as long as they are able to keep up with the housework. And, just as often, mom and dad will be stubborn and not want to leave the house. This can lead to defects in the building itself, which may not be worth guaranteeing. This can especially be true if the buyer wants to rent out the property while they are waiting for permits to build, which can usually take approximately 1 year.

With the price of land in certain parts of Vancouver being so high, and the building on the land being valued lower, many sellers won't want to guarantee the building itself. If the land is worth $2,950,000 and the building is worth $50,000, this represents 1.6% of overall value. Often times the building will have been unmaintained to a high standard, so this is a conversation to have when listing.

Subject To Feasibility

With building zoning restrictions easing over the past few years, it's becoming more profitable for developers to add multi family properties on land in Vancouver. Over the past few decades, most often it would be someone looking to rebuild the house who would end up as the purchaser, or a builder building a single family dwelling. The new zoning regulations have put multi family properties in a position where they are now more competitive and lucrative.

The developers will sometimes want 5 to 10 business days to decide whether it is feasible to develop the land to their requirements, and will include a subject condition for this purpose. They will want to confirm the land size, have an independent survey done, see if there are any large trees which could hamper the development process, and any other issues that may affect their desire to purchase the land.


Are EV Chargers A Popular Strata Feature?

As the world recognizes the need for different types of energy to fuel our vehicles, it is becoming more common to hear visitors ask about a strata buildings capability to add electric charging to each individual parking stall. Most, if not all, new buildings now come with this feature. Not every older building has the capability of adding this feature, so if it is important to you as a buyer, you should ask before committing to viewing a property.

The Convenience Factor

Convenience is a major roadblock to many purchasing electric vehicles. Filling up the gas tank in less than 5 minutes is convenient, even if it is more costly. Planning roads trips around stopping for an electric charge can be challenging to say the least. Most people who have electric vehicles are used to planning their commutes around getting a charge. So, having the ability to charge a vehicle from a strata parking stall is a major advantage.

Increasing The Value

There is no doubt that this ability will also increase the value of a property. The production of electric vehicles is being encouraged by governments at all levels, so the ability to charge them will continue to have more and more value to real estate buyers. It would be logical to conclude this factor could be considered a make or break feature in the future. Adding it to any building will increase the value of that property.

What Is Needed

Older buildings may require upgrades to their electrical system to facilitate the additional capability. There are many government incentives or grants available to a building if they need to hire an EV solution experts to help them understand what is needed. This will need to be coordinated by the strata management, who will them conduct a study about the availability of this feature.

Who Pays The Bill?

Billing can raise some question marks among condo residents. A lot of people will assume that the building will become responsible for paying for each charge and subsequently everyone will be paying. That isn't true, each charging station will be individually billed to the owner of that station. This is important to clarify.

Where There Is A Will, There Is A Way

It does take a willingness from a strata council to consider adding this feature to their building. But, every day, it is becoming more and more beneficial. Electric vehicle production shows no signs of slowing down, so this is a feature that will continue to be popular.

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