Kelowna Real Estate Blog – Paige Guernsey

Townhomes with no STRATA CORP?

Posted by paige on November 10, 2011 | No Comments

STRATA REAL ESTATE

Kelowna has a healthy inventory of strata real estate properties available.  One of the biggest complaints I hear these days about strata is that there can be a heavy hand when dealing with pets and rentals.

MLS LISTINGS

When trolling through Kelowna’s listings you’ll almost always see some sort of rental restriction as well as a size restriction for pets. Sometimes no pets area allowed at all.  This can seriously affect your ability to sell your property when the time comes.  One may argue that you bought at a price that reflected these restrictions and because of this restriction it’s a wash when you go to sell.  If things were different, it may not be so.

RENTAL RESTRICTIONS

A primary issue for Strata’s is rental restrictions.  Strata corporations have the ability to limit or restrict rentals in not only Kelowna, but through BC under the Strata Property Act.  In parts of the US and Europe, their type of governing can be completely different allowing for individual units to be owned freehold without any governing body like the familiar Strata Council. Therefore making each and every owner responsible to city by-laws just like a regular single family dwelling.

PET RESTRICTIONS

Another concern for buyers and sellers of real estate is pet restrictions.  Interestingly in Vancouver, there are very few pet restrictions due to the fact that prices are so high and affordability is a huge issue forcing many buyers to be looking at strata units.   A large number of young people buying their first place, families, as well as older people with empty nests in have beloved pets that they won’t part with.  I also think most people will agree that pet owners, for the most part, are responsible owners who are respectful of those living, working, playing around them.

IMAGINE CHANGING THE GUIDELINES IN KELOWNA

Imagine if you could buy a zero lot line attached home with no strata fees or strata by-laws etc.  This would open up the potential buying pool for hundreds of sellers right now as well as increase affordability and inventory for those currently looking to buy with pets or rental requirements.  Investors could buy without concern about rental restrictions providing affordable housing for the many who find it difficult to find suitable rentals. Pet owners could choose from a wider inventory pool without owners who have no pets losing any ground to potential pet problems next door.  Sustainability is another key factor here.  With less urban sprawl, we can encourage more people to be living, working, playing, and commuting  in “downtown” areas with fewer restrictions. Check out this fantastic strata townhome listing at 6-1853 Edgehill, Kelowna that can be rented and allows pets with generous restrictions.

This interesting article in the Vancouver Sun illustrates how this can be down and how it can change how we look at Strata property. Check it out and see what you think!

VOTE FOR SUSTAINABILITY NOV 19TH

Also, with our civic elections around the corner, it might be interesting to put these ideas forward to our council.  There are many that have sustainability on their radar, but these three are my favorites. They have great ideas on how to create sustainable and environmentally friendly growth that benefits everyone in Kelowna or the Okanagan Valley. Check their sites out and be sure to vote on Nov 19th!

Angela Reid-Nagy ,

Colin Basran

Michele Rule

If you’re looking to buy or sell strata real estate in Kelowna, are thinking of making an investment, or are interested in sustainable real estate call Paige Guernsey direct at 250-862-6464.

Talk to you soon…

Paige

Want somebody else to pay your mortgage?

Posted by paige on September 16, 2011 | No Comments

With real estate prices and interest rates being low, coupled with the fact there are some great deals to be had in the condo market with a flood of inventory, more and more people are looking at real estate to bolster their financial portfolio.

Consider this, you take a mortgage out on a newer 2 bedroom condo that you can rent, factoring in property tax, payments on this are approximately $850.  Turn around and rent this unit out for $900-$950 a month and you’ve got a money-maker.  Interest on this loan is deductible as are any expenses to maintain the property.  I used 30% that came from a Line of Credit and a conventional mortgage of $110,000, making this a 100% financing scenario. If you have cash to put down, your payments would be substantially less.  We all know the real estate market in Kelowna will go up again. Wouldn’t it be nice to have someone pay off a loan for something you bought today for $165,000 that in 5 years time is worth $200,000?

I know that all sounds so simple, but if you are considering a Kelowna real estate investment, call Paige Guernsey on her direct line at 250-862-6464 for some useful information that can provide for your future!

Talk to you soon…

Paige

Buying a furnished lake view?

Posted by paige on June 8, 2011 | No Comments

One of my associates at Coldwell Banker Horizon Realty was able to save her clients $900 in HST when they bought their beach front condo at The Lagoons in Kelowna recently.  The beautifully upgraded 2 bedroom 2 bath condo with a south west view of Lake Okanagan sold for $415K INCLUDING the furnishings.  The buyers Realtor   was prudent and checked with an accountant regarding the HST and the furniture.  If the furniture is included in the body of the contract with a dollar amount assigned to it, it is fully taxable.  If however, the furniture is listed on a separate document including what it sold for… not taxable.  So you might be wondering… What about the fridge, stove, washer, dryer I want to include in my offer to purchase?  They are considered the “mechanics” of a home and don’t usually have a specific dollar value attached to them in the contract. Not taxable.

Have a specific real estate question? Call me on my direct line at 250-862-6464.

Talk to you soon…

Paige