Barry Magee : One Percent Realty Ltd.

Phone : 604.773.2948 |


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

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.

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