Author: Marion Anderson

Marion specializes in helping Buyers who are considering the purchase of ski-in ski-out real estate in Whistler. Not everyone ends up with slopeside, but it is a great place to start looking. Marion has sold real estate in Whistler since 2005 and has lived in Whistler since 1993. Sutton Group - West Coast Realty, Whistler.
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Insurance Upon Destruction (IUD)

Estimated reading time: 3 minutes

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Key Takeaways

  • The Insurance Under Destruction (IUD) value determines payouts when a strata lot is destroyed and is instrumental in rebuilding decisions.
  • Unit Entitlement may influence monthly fees and voting power; it relates to the IUD and was calculated using the same values.
  • Upgrades made by owners are not covered by strata insurance, so additional personal insurance is necessary for replacement costs.
  • Stratas with a rental pool need pre-determined IUD calculations to manage revenue sharing accurately.
  • Working with an experienced buyer’s agent can help navigate strata complexities and find the right property in Whistler.
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RENTAL POOL Phase 2 Hotel Condos

Estimated reading time: 3 minutes

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Key Takeaways

  • The Rental Pool allows condo owners to earn revenue even when their unit is not rented.
  • Owners receive a share of room revenue based on Generally Accepted Hotel Accounting Principles.
  • Detailed financial statements are available for major Phase 2 properties, but smaller properties offer more basic reports.
  • Monthly owner statements are crucial to understanding individual use and its impact on revenue.
  • Consider additional resources on Phase 2 properties for potential investment opportunities.
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Phase 2 CONDO_HOTELS

Estimated reading time: 2 minutes

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Key Takeaways

  • Owners can use their Phase 2 condo-hotel for up to 28 days in both winter and summer, reserving dates seven months in advance.
  • Each hotel has a unique management agreement outlining personal use rules, cancellations, and property disposition.
  • Revenue from Phase 2 condos is classified as business income, requiring CRA approval for the entire hotel.
  • Whistler has 14 Phase 2 properties, with major hotels providing detailed financial reports to owners.
  • Contact an experienced Whistler realtor to navigate the buying process and understand upcoming renovations.
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FAQ Strata Insurance

Estimated reading time: 6 minutes

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Key Takeaways

  • Understanding strata insurance is crucial for owners to ensure full coverage.
  • Unit owners need insurance to cover risks not included in the strata corporation’s policy, like water damage.
  • Cover for Phase 2 and Quarter-Shares covered in the strata, no additional insurance may be required. Check rules.
  • Owner locker insurance in Phase 2 and Quarter-shares fall under home insurance policy.
  • Disclose to insurance rep the nature of the property and who will occupy it.
  • Strata insurance covers the building but not personal contents, improvements, or living expenses after a claim.
  • Owners must carry insurance for deductible assessments as strata bylaws often require coverage for property damage.
  • Preventive measures can help reduce claims and liabilities associated with strata insurance.
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