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First Time Buyer - Looking for advice & possibly representation


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#61 Mike K.

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Posted 05 November 2017 - 09:45 AM

Have you ever heard of service workers tipping off municipal departments about violations in the home they’re working in, as in electrical stuff, unpermitted modifications, etc?

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#62 tjv

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Posted 05 November 2017 - 10:16 AM

I haven't directly heard of that, but i am sure if could happen especially if its a major issue like someone getting electrocuted or danger of the house burning down

 

I have heard of an Oak Bay building inspector (it could have been the chief building inspector although I am not sure) going to open houses and noting unpermitted work and making a big stink about it.  I don't know specifics thou


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#63 MarkoJ

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Posted 05 November 2017 - 02:02 PM

You’re not likely to receive a homeowner’s permission to start tearing up drywall or other components to test for asbestos, though.

And I would personally never let someone off the street enter my home and look around all willy nilly. Can someone say scoping a place out for a break-in? No agent, no entry, and no entry without a pre-determined appointment where the home is presentable, sensitive materials are hidden from view, etc.

 

You might get a seller to accept vermiculite testing, but it would be highly unlikely that a seller in this market would let you do a full on environmental report. You could barely get sellers to agree to that 3-4 years ago, let alone now. 

 

As for letting people in off the street to view a home.....lol. Don't know even how to reply to that. 

 

Once again, I totally understand your frustration with high real estate fees but your approach to buying real estate is highly unorthodox and really bad advice for the vast majority of buyers out there.

 

Much better approaches out there like scanning usedvictoria, craigslist, and kijiji every day for sale by owners.


Edited by MarkoJ, 05 November 2017 - 02:03 PM.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2016 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#64 tjv

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Posted 05 November 2017 - 02:41 PM

^agreed, unconditional offers go to the top of the pile

 

My way is unconventional I will absolutely agree to that, but it can work for some, but not all.  Just like some people are scared at building their own home while others aren't.  I remember how scared my mom was when I tried to convince her to be the general contractor on her kitchen renovation a few years ago.  Once I told her that I could get her the people and showed her the savings, she was off to the races



#65 Mike K.

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Posted 05 November 2017 - 02:48 PM

Jesus.

 

You had to convince your mom to handle her kitchen reno? What kind of a real-estate builder/developer/tradesman/contractor/mogul are you?

 

 

 

 

 

 

:banana:


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#66 tjv

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Posted 05 November 2017 - 04:32 PM

haha...one with a very tough mom


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#67 RustyNail

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Posted 08 November 2017 - 10:57 PM

Anyone know if there is any sort of Realtors info package or further info about the building that isn't readily available on the website?
I occasionally stumble across bits of info here and there about features I didn't think to ask about (no AC for example)


Overall, to those of you with real Estate experience, do you feel that buying in this building is a good investment for those people who qualify to buy here?

Edit: the building being the Vivid at the Yates

Edited by RustyNail, 08 November 2017 - 10:58 PM.


#68 Mike K.

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Posted 09 November 2017 - 06:27 AM

100% it is.

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#69 tjv

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Posted 09 November 2017 - 08:54 AM

I think buying anywhere in Victoria is a good investment.  Real estate might go down a little during a recession like 2009, but its usually a small correction and it picks back up and recovers within a few years until it reaches new highs.  Its impossible to lose money in Victoria real estate if you are in it for the long haul

 

If you don't get in now you better just keep socking money away because you are going to get left in the dust as prices keep rising.  That could also be the reason why people are rushing to buy over the past 18 months or so



#70 MarkoJ

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Posted 10 November 2017 - 04:06 AM

I think buying anywhere in Victoria is a good investment.  Real estate might go down a little during a recession like 2009, but its usually a small correction and it picks back up and recovers within a few years until it reaches new highs.  Its impossible to lose money in Victoria real estate if you are in it for the long haul

 

If you don't get in now you better just keep socking money away because you are going to get left in the dust as prices keep rising.  That could also be the reason why people are rushing to buy over the past 18 months or so

 

If you bought a condo in 2007 it was worth 10 to 20% less by 2014 depending on the location. I saw a lot of people get fried that wanted to upgrade to SFHs from condos.  If you bought on Bear Mountain you lost up to 40% so I don't agree that real estate is always a good investment and I don't agree that buying anywhere is a good investment.


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2016 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#71 lanforod

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Posted 10 November 2017 - 08:42 AM

If you bought a condo in 2007 it was worth 10 to 20% less by 2014 depending on the location. I saw a lot of people get fried that wanted to upgrade to SFHs from condos.  If you bought on Bear Mountain you lost up to 40% so I don't agree that real estate is always a good investment and I don't agree that buying anywhere is a good investment.

 

In the long term though, that condo is now worth considerably more than it was in 2007, right? Would you consider 10 years long term? Why choose 7 years?



#72 tjv

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Posted 10 November 2017 - 08:49 AM

If you bought a condo in 2007 it was worth 10 to 20% less by 2014 depending on the location. I saw a lot of people get fried that wanted to upgrade to SFHs from condos.  If you bought on Bear Mountain you lost up to 40% so I don't agree that real estate is always a good investment and I don't agree that buying anywhere is a good investment.

If you take short specific windows of course you can prove stats wrong, but over the LONG TERM (10 to 20+ years) name me a place in Victoria that has lost value.  Compare those values and areas from say 2004 to 2014 or 2007 to 2017 and see what the results show



#73 MarkoJ

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Posted 14 November 2017 - 01:25 PM

In the long term though, that condo is now worth considerably more than it was in 2007, right? Would you consider 10 years long term? Why choose 7 years?

 

Problem is you can't always ride out downturns so it is not realistic just to buy and hold forever.....divorce, death, upgrading from a condo to a SFH. When SFH prices drop in a soft market you've likely lost equity in the condo which makes it difficult to upgrade and not that many people have the means to carry both (i.e. buy a SFH and rent the condo until the market improves).


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2016 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


 



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