The Depreciation Report – how important is it?

Understanding The Depreciation Report

There is great value in a Depreciation Report (DR) for the strata. I can see no negatives in it at all. However, some strata councils continue to vote against having a DR completed. Obviously they don’t want to have a to-do list which will result in either increasing the strata fees or having an assessment. Repairs and maintenance are a part of any property ownership. You don’t walk around the outside of your house blindfolded, you look to see what needs to be repaired and then you plan accordingly. I advise my buying clients (insist is a better word) to read the strata minutes, financials, Form B and the depreciation report before writing an offer. To obtain the Depreciation Report once you have an accepted offer, is like buying a second-hand car and then taking it for a test drive.

Marion

Will the Strata Depreciation Report warn me about future Assessments?

Continue reading “The Depreciation Report – how important is it?”

Insurance of Whistler Real Estate for Nightly and Monthly Rentals

Bike Storage Room 4800 Spearhead Drive, Aspens

Insurance of Whistler Real Estate

Insurance of Whistler real estate is a vital part of any property purchase. The contract of purchase and sale confirms that you are legally bound to insure your property effective 12.01 am on the date of closing. Mortgage funds will not be transferred until the bank has documentation which states the insurance is in place. Thankfully, there are a lot of safe-guards to assist the buyer, apart from me calling every day to ask if you have purchased insurance yet!

Kelly C. Hill of the-co-operators insurance and David Livesey & Associates, is my insurance contact in Whistler. I asked Kelly the following questions recently and I know you will be interested in her responses.

1) What is the best type of insurance of Whistler real estate zoned for nightly rental?

This can fall under commercial rooming and boarding insurance. The main benefit to the insured, is the loss of income portion. This is well received by those who have bought the property depending on the income to retain the property. There are several components to this insurance.

2) Does insurance of Whistler real estate zoned for month to month rental different from nightly rental insurance?

Commercial rooming and boarding insurance also applies in this case.

3) How do you determine the insurance fee for a house renting to tenants on a month to month lease?

The rate is based on several points, especially the number of people living in the house. However, it is not unusual for us to come out to inspect the property in order to determine the rate. Furthermore, the insurance policy rate stays in place for a year.

4) When tenants are added to the house what happens to the insurance policy?

The rate stays the same for a year. However, there is a reasonable capacity for any house, so the number of tenants should be considered by the owner.

5) What about unauthorized accommodation in a house? Do you have a policy on that?

We are not the by-law, we insure the property.

6) Is honesty the best policy with the insurance company?

Absolutely, tell us everything and we can get you the best insurance protection.

Here are Kelly’s contact details:

Kelly C. Hill
Associate Insurance Advisor II
David Livesey & Associates Inc.
212-7015 Nesters Road, ,Whistler, BC V0N 1B7
(604)938-6100
[email protected]

Insuring your property should be a priority for any buyer. When a client buys a house, I obtain the current insurance details from the listing agent. That way, the insurance company is familiar with the property and also the content. This is important if there is a fireplace in the property. It is also important if there is significant artwork in the house. Changing insurance companies is a hassle that you do not need to add on to the stress of moving. Visit the page on FAQ on buying Whistler real estate.

It’s a Good Life in Whistler!

Marion

[email protected]
(604)938-3885
Marion Anderson
Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC V0N 1B1 CANADA

 

 

 

 

Sunridge Plateau Ski-in Ski-out or Not?

Ski-in Ski-out Sunridge Plateau Whistler BC

Ski-in Ski-out Sunridge Plateau Whistler BC appears in many real estate listing descriptions of this development. Unfortunately, it may be true for some properties, but it is plain un-true for the majority of the properties. However, don’t let that put you off considering Sunridge Plateau. There is still a lot of merit to owning in that development. The location to Whistler Village is certainly a key factor, and the ski-home trail is also big plus.

Marion.

Video showing the ski-home trail to Sunridge Plateau

Some real estate listings advertise that Sunridge Plateau in Whistler, BC is a ski-in ski-out location. It doesn’t look like it from Google Earth…what’s the deal?”

Sunridge Plateau in beautiful Whistler, BC is a neighborhood of large, high-end, luxury homes situated on Whistler Mountain. The neighborhood is touted by several real estate agents as being in a ski-in ski-out location. Unfortunately, this is a stretch. No denying that there is access off Whistler Mountain leading into Sunridge Plateau. You can see the trails provided by the strata, courtesy of Google Earth, which I have marked for you:

Showing the ski-trails leading from Whistler Mountain into Sunridge Plateau.
Showing the ski-trails leading from Whistler Mountain into Sunridge Plateau.

Ski-In to your Front Door from Whistler Mountain.

The best ski-in access is when you own a property close to these marked ski-in trails. It is not as convenient if you don’t. Sunridge Plateau is built on the side of the mountain, so it would be tricky navigating the neighbourhood in ski boots. The development is wide so that if you are in the middle of the development and the ski-home trail is at either end, it is still a significant walk home. However, it is simple for someone to jump in the car and pick you up within minutes at these access locations.

Ski-Out to Whistler Mountain from Sunridge Plateau

This is another matter. Watch the video above and you will see that I am not convinced that this is a ski-out trail. I have highlighted the map with the steep section, and it really is steep. Some people may be able to climb this un-groomed trail, but young children and those of an intermediate fitness level will not…simple as that.

Showing the different gradients of the ski-out trail.
Showing the different gradients of the ski-out trail.

Do any Sunridge Plateau Properties Have True Ski-In & Ski-Out Access?

There are a few locations at the very top of Sunridge Plateau which could be called true ski-in ski-out property. Please note, the above Google Earth map was taken years ago, and Sunridge Plateau was approximately 80% built-out by the end of 2017.

“When you see the ad and it says ski-in ski-out in Sunridge, question the realtor about the access and ask them for details. If you are not working with a realtor,  contact me, Marion Anderson (604)938-3885. I will advise you on whether the house is a true ski-in ski out property.

It’s a Good Life in Whistler!

Marion

[email protected]
(604)938-3885
Marion Anderson
Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC V0N 1B1 CANADA

 

Managing your Whistler investment as a non-resident

Aspens' hot tub and pool

Managing your Whistler property from afar as a non-resident is easy. You just need to identify what services you require. I guarantee there will be a person or company in Whistler who will provide those services for a fee. Whistler was built on entrepreneurs who identified a service that was needed, and then built a business around it. Whether you own a condo, a townhouse or a luxury house, there is someone in Whistler who will provide service to you.

What Property Management Services Are Available to Me?

All you have to do is Google property management services in Whistler. There will be a good selection of companies.  When you purchase a condo there may be a front desk management company. That is your first point of contact to manage your condo. If there is no front desk, then there will be several management companies involved with the building, so choose the best fit.

Before, During and After the Transaction

I offer my clients real estate service before, during and after the transaction.  You cannot be expected to manage the property from overseas. I ensure that you are connected with the people who can help you manage your property. That service can be someone who will help you prepare for your visit to Whistler, and make sure your property is ready for your arrival. In addition, let me connect you with the support system who will assist you in setting up all you need so you can enjoying the time you spend in Whistler. 

You may be interested in the Investment in Whistler real estate page on this site, which has revenue examples. Contact me at your leisure, and let’s talk about what you need, so you can own, and fully enjoy your piece of the Whistler.

It’s a Good Life in Whistler!

Marion

[email protected]
(604)938-3885
Marion Anderson
Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC V0N 1B1 CANADA

 

What is a strata Form B?

The exterior of the Le Chamois complex building

Strata Form B is a Requirement of any Whistler Real Estate Contract

What is a Strata Form B? Is a typical question I get asked with every buyer I work with. The strata Form B is a financial snapshot taken on a specific date of both the particular strata lot or unit, and also the strata corporation. Every condominium building and every townhouse development is run by a strata. The ski-in ski-out homes on Snowridge Crescent also have a strata. So, the Form B is a regularly requested document.

Once the offer has been accepted, the form B is prepared by the strata manager. It is then signed off by the strata management company, i.e. the company hired to manage the building and land.  It can also be signed by a someone on the strata council, i.e. the group of owners elected to represent all the owners and liaise with the strata management company.

What type of Questions are on the Form B?

The Form B answers a lot of questions for a buyer, e.g. is the parking stall(s) assigned? Is there a storage locker for the unit? The questions pertaining to the strata ask for confirmation as to any judgements or legal proceedings against the strata. Furthermore, it asks for financial and budget figures.

Acting as your real estate agent, I really want you to know the answer to these questions before writing an offer. Typically, the listing agent does not order the Form B until an offer is accepted. This means that it can be tricky getting this information in advance. In that situation, the receipt and approval of the Form B is written into the contract as a subject. This is a condition which must be satisfied by the buyer.

I have added a copy of a blank strata document as provided by the British Columbia Real Estate Association (BCREA) 2018. The form will identify the sort of information that is available to you. Please note the following Form B is a courtesy copy for information purposes only:

In summary, click the link for a clearer version of the Strata Form B.  Furthermore, you may be interested in the other frequently asked questions (FAQ). These are on a separate page on this site, please click the following link  Buyer FAQ. 

[email protected]
(604)938-3885
Marion Anderson
Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC V0N 1B1 CANADA