So you've heard the Vancouver real estate market is hot, and decided that it's time to put your home or condo on the market? But how can you be sure that your Vancouver home is in one of Vancouver's real estate hot-spots and, more importantly, what are the most important factors to take into account when selling Vancouver real estate? In this post we'll guide you through the top tips to selling your home in Vancouver.

First things first, how to decide if your home or condo is in one of Vancouver's best selling areas? Well, we would say this, but ask your Vancouver Realtor! Realtors are naturally ideally placed to advise you on what is selling, for the best price and in quickest time possible. However, if you'd like to back up this advice with a little of your own research then visit the Real Estate Board of Greater Vancouver. The organization's website contains a very valuable set of resources for both those searching for homes to buy in Vancouver and those looking to sell Vancouver real estate – for the latter the monthly statistical reports are likely to be especially useful.

Having taken the advice of your Realtor and checked the monthly stats for your area, if you've decided your home or condo is as hot as it's likely to get, then it's time to go to market. There are three important tips you should consider at this stage, to ensure you get the best price going and in the fastest time possible.

Enticing Pricing

The bottom line is, of course, likely to be one of the defining factors in marketing your home. Again, your Realtor should provide you with an accurate, fair and realistic price at which to market your property. However, further checks on sold prices and competing properties in your area can be a good plan – check MLS listings and even ask around in the neighborhood. For the hottest properties in the hottest areas discounting that best price by up to five per cent is an excellent strategy. Counter-intuitive as this may seem it's a strategy that is almost guaranteed to generate an off-the-scale amount of interest and will, hopefully, push up the final sale price you achieve beyond that best price threshold!

Delayed Responses

When the offers come flooding in – and with the top Realtors they will – don't accept the first offer that comes your way. In a sellers' market your Realtor is likely to advise you to hold the property for at least a week. Accepting the first offer may well lose you several thousand dollars but keeping the property listed and visible should bring in increasingly good offers. Once you have a healthy set of offers set a date for final offers and, if your home or condo is truly desirable, expect a bidding war!

Timing is Everything

When it comes to viewings or open houses schedule these for the weekends where possible and try to include Friday's in this schedule. Ideally also ensure that the property for sale is listed on MLS listings early in the week, allowing time for people to plan their viewing. Friday viewings or open houses may be best attended by agents but the weekend open house is the one that is most likely to find your perfect purchasers. If you've priced your home or condo low (as discussed above) you should expect a very busy weekend!

Condos are a popular form of property for many people looking to buy a home in Vancouver.   They offer attractive, affordable convenient and secure  accommodation and, as many are new, their state of the art technology and additional facilities are also very attractive to home-buyers.  Condos in Vancouver are generally owned and managed under one of two systems – Strata ownership or Cooperative ownership.  This type of ownership often comes with more limitations than owning freehold property and also, potentially, more costs.  Before you make the decision to buy a condo in Vancouver (or anywhere else, for that matter) there are a number of important points to consider.  In this quick guide we look at the top ten questions to ask before buying a condo in Vancouver.   

Bylaws and Grandfather Clauses

Condos are governed by their own set of bylaws.  You should always ask for a copy of these and double check that no “grandfather” clauses apply.  These are old rules that have been superseded by new ones but may continue to apply in certain circumstances (usually where they were still in  force when an issue was identified).  

The Depreciation Report

Check the date of the last depreciation report; maintenance fees should be linked to the value of the building as a whole and should therefore reflect the age of the complex.  Viewing a copy is also advisable, especially in older buildings.  The report also identifies any upcoming work – general maintenance and also major repairs or work.  

Other Reports

Engineering reports may be available on condo buildings, certainly they should be in the case of new condos and it's advisable to ask to view before buying any condo.   

Contingency Funds

Strata cooperations are required to hold a contingency fund – ask how much this fund is currently worth and, importantly, how it is invested.  If the fund is invested in magic beans you might want to avoid the condo purchase, however attractive the condo!  

Buying Older Condos

If you're looking at older, established condo properties in Vancouver, ask for details of repairs made in the last decade.  Take note in particular of major infrastructure repairs, including those to the fabric of the building or the internal infrastructure.  Recent major repairs can be a plus, or the can be a sign of underlying problems.  

Special Fees

Check if any recent assessments have been made that are not covered by general strata fees and ask what the cost of these was per unit.  Special assessments may be required from time to time and you may need to pay towards these in addition to ongoing standard fees.   

Owner Occupiers?

Although not an essential question you should consider asking how many units are owner occupied and how many are rental units.  This will give you an idea of the make-up of the community in the building.

Litigation Cases

Have their been or are their any ongoing litigation cases affecting individual units or the complex.  Given the complexity of ownership within condos there are many reasons why legal action may occur.  Litigation cases should not put you off buying a specific condo – but it is worth knowing about and taking legal advice before making your final decision.   

Unit Deductible

Ask what is the individual unit's deductible?  The strata as a whole will have insurance for major incidents (usually fire, flood and earthquake cover).  As with standard policies there will be a deductible amount on the policy.  This is generally shared between all units in the building but may vary depending on the size of each unit.  Also check the small print to see when the bylaws of the building allow for the deductible to be applied to only one unit.   

The Strata Fee!  

Last, but by no means least, check the monthly strata fees!  Don't forget to ask what these actually cover.  As this can vary from building to building it can be an important consideration.  High fees may include a whole range of services while low condo strata fees may only cover basic maintenance, this could leave you with higher utility or service bills.  The lowest strata fee may not be the best!