Tony Gioventu
Province
Dear Condo Smarts: We are travelling to the Olympics and will be looking for vacation property for our family. We have received several packages from developers and vacation properties to review, and they all refer to different types of ownership, the use of property and different types of covenants that prevent us from using our property at our leisure. We have spoken with our lawyer, but need some idea of what to look for in vacation property and what type of conditions we will come across. Should we consider new or pre-owned? Are there pitfalls?
Jay and Del Heilberg, California
Dear Jay and Del: Investing in a vacation property can be broken into a number of types of properties: freehold detached (single-family, non-strata titled home); freehold strata without restrictive covenants (the typical townhouse or apartment-style condominium); freehold detached or strata with restrictive covenants; and several types of shared interest on title such as one-quarter share or time-share.
All types are available in either new or pre-owned properties, but before you make a decision, consider how often you intend
to use the property, whether
you intend to receive any type of income from the property, your initial investment and what your future monthly costs are going to be.
Before you buy, consult with a legal professional about the terms and conditions of the sale, the terms and conditions of management and rental agreement contracts that affect the property and the bylaws of a strata corporation.
The CHOA website hosts a series of spring seminars and a number of information guides on strata properties at www.choa.bc.ca. The B.C. Real Estate Association has helpful information on buying property in B.C. at www.bcrea.bc.ca.
Tony Gioventu is executive-director of the Condominium Home Owners’ Association. Send questions to him at [email protected]
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