1 out of 3
For several years now, the Lower Mainland of BC has been one of the most attractive places in the world for investing in real estate. You’re one of the lucky ones who got in before it all became so mind-numbingly expensive to own a home, and a 60-year mortgage. Knowing your strata property investment is worth $300,000, $400,000 or even $500,000+, and increasing every year, certainly doesn’t hurt either. It certainly makes the$250 or $400 per month strata fees a lot easier to swallow. You’re really not too worried about how much money the strata is spending, because it’s spread out among all 50, 100 or more owners; it’s cost sharing at it’s best, and you just assume things are being done at the best price and value possible. Why would anyone settle for less?
You see all the things that need to get done around the strata, and understand there’s got to be a cost; the grass needs to be mowed, the bushes landscaped, the mechanical systems maintained, the carpets vacuumed, and the floors mopped. Insurance is a non-negotiable; you’ve heard about the horrific stories of fires, and floods in other stratas, and maybe even had nightmares about it. Having to live in a hotel for 3 months while your damaged home gets restored sounds like hell on earth to you.
You heard that the building’s roof has reached end of life, and there’s a rumor going around about a special levy. You know a friend of a friend who does roofing – maybe they can save some money. You send an email to the strata manager, asking what she thinks, and a week later, have yet to hear a reply. Do they not appreciate your offer to help out?
You pride yourself on getting great deals. You may even research several different options, compare pros and cons, and take the time to ensure you’re making the right decision. You know that the lowest price is not always the best choice, and yet it can work out pretty good when it comes to items on the grocery shelves, or gasoline at the pumps. Regardless, price should always be one of the most important factors in decision making, right?