Strata Monthly Maintenance Fees
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- Опубліковано 18 вер 2024
- Time for another video on strata fees. What to look for, what’s included in the monthly strata fee and what’s considered an elevated fee.
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Taxes are out of control. Insurance is out of control, government salaries and benefits are out of control.
Owen, as a fellow realtor doing work in Richmond, I just want to commend you on this video. The knowledge discussed here is low-key, underrated but people might not realize how valuable it really is! Keep up the great work!
Thanks for that!
Insurance is definitely out of control. I had my first claim last year in a rental property. Had insurance for 30 years claim free. The leak was from a pipe burst in the ceiling which no one could have foreseen (unit 7 years old). When I get insurance now, that one claim affects ALL my other units by an additional $200 per unit and $800 onto the unit with the claim. This isn't right. I understand if someone left the water on in the tub, but there was no negligence here. I would also get on council and find out where money can be saved, i.e. wash windows every 2nd year.
Great video Owen!!!! Thanks!
My pleasure!
Agreed I'm rather hold on to my money too and do a special levy as needed on unexpected repairs. I think the logic from the Strata point of view is that if we just increase the monthly strata fee and grow the reserve then the money is there whereas a special levy requires 75% of the owners to vote yes which is a future risk as they may not get that vote.
I am on the fence on that. Yes. I rather pay less every month and just pay a levy when needed. But some of the repairs are rather huge. We are in the midst of doing windows right now, and it's 450k for 33 units. That's almost 14k. Thru levies over 3 years we saved about 180k. That's still 270k left: a little over 8k per unit. That's a lot if we were to levy and get it done. Then there's elevators, roof, etc coming in the future (each one of those is a huge amount specially with the way prices are going). Without putting in the proper amounts into the CRF, as the building gets older, you will just have to pay huge levy after huge levy, just to keep up.
Maybe some can put those amounts of money in, but there are many that can't (on top of regular strata fees, mortgage, etc). So if the repairs are needed and there are not enough people to go thru with the levy, then the building will get into disrepair and eventually the value of the unit drops.
I wonder what's driving higher insurance costs--inflation, fraud, natural disasters? But wait, there are no natural disasters around Vancouver. So are we paying for insurance company losses in other provinces/countries? Hurricanes damages, or just bad investments by insurance companies. I suspect bad investments.
low maintenance fee = low maintenance
Correct
Trying to buy a home without a Realtor ouch. I wouldn't even consider that. I would remind people the seller pays all realtor fees so it's a no brainer for any buyer to have one. But even as a Seller I'd get a Realtor too because my day job is in Engineering. Nothing related to real estate. Any savings from realtor fees would be more than offset on the higher price I could have got with an experienced realtor showing me what to do.
Strata fee go up every year and will go up more the next 5 years.
My strata has gone from $380 in 2017 to $648 currently . I’m under the impression that most of the cost increase has been insurance related . Just curious why the gravy train is ending as far as the term deposits go ?
interest rate is getting a hair cut so will be the term deposits
how big is your place in square feet?
you're bang on, the cost of living in GVRD, as home prices increase so does the cost to replace, insurance costs follow
how long should I keep my condo? it will be 9 years old this year and the condo fee is 680$ which is BANANA