Blog - Knowledge Blog

Wednesday, October 30, 2024   /   by Janine Thomson

Your Guide to Fall Cleaning and Storing Outdoor Furniture Like a Pro!

As the leaves start to turn and the temperature dips, it’s time to think about putting away that well-loved patio set for the season. Outdoor furniture takes a beating all summer from sunlight, rain, and everything in between, so giving it a thorough clean before storage is essential. Here’s a simple, step-by-step guide to ensure your outdoor furniture stays in top condition for next summer.
1. Gather Your Cleaning Supplies
You’ll need:
Mild dish soap
Warm water
Soft cloth or sponge
Garden hose or a bucket of clean water
Soft-bristled brush (especially for textured surfaces)
Furniture wax (for metal pieces)
Each material requires a different approach, but most can be cleaned with these basic supplies.
2. Clean According to Material
Metal Furniture
Mix mild dish soap with warm water and use a soft cloth or sponge to scrub the metal surfaces.
Rinse with a garden hose or a bucket of clean water, then dry with a soft cloth to prevent rusting.
App! ...

  home renovations

Wednesday, October 30, 2024   /   by Janine Thomson

The Facts on Closing Costs for Buyers

Buying a home in Victoria, BC, is an exciting process, but beyond the sale price, buyers need to prepare for additional expenses known as closing costs. These costs cover various fees and charges associated with finalizing the purchase, and understanding them can make your buying process much smoother. Let’s break down the major closing costs you can expect as a homebuyer in Victoria.
1. Property Transfer Tax (PTT)
The Property Transfer Tax is one of the largest closing costs in British Columbia. It’s calculated as a percentage of the property’s fair market value at the time of purchase:
1% on the first $200,000
2% on the portion between $200,000 and $2,000,000
3% on the portion above $2,000,000
For example, on a $900,000 home, this tax would amount to $16,000. However, there are a few exemptions, such as for first-time homebuyers purchasing homes under a certain value or newly built homes that meet specific criteria.
2. Legal Fees an. ...

  buying a home

Tuesday, October 29, 2024   /   by Janine Thomson

What are Special Levies?

In British Columbia, a special levy is a one-time fee that strata owners are required to pay to cover expenses beyond the routine strata fees. Special levies typically arise when major repairs, upgrades, or unforeseen expenses occur that the strata's contingency reserve fund (CRF) can’t fully cover. Common examples include roof replacement, elevator upgrades, major plumbing work, or significant exterior repairs.



Understanding Special Levies in a BC Strata


When Special Levies Are Issued: These are proposed when the strata council identifies a need for a major project, especially if it can’t be funded with existing reserves. The decision requires a vote among owners, with a 3/4 majority needed for approval. If approved, each owner must pay a proportionate share based on their strata lot’s unit entitlement.



Amount and Payment of Special Levies: The levy amount is determined by the project's estimated cost. The council may collect this in a . ...

  strata fees, strata

Tuesday, October 29, 2024   /   by Janine Thomson

How to Compete in a Bidding War Strategically

Navigating a bidding war in British Columbia’s competitive real estate market can be a challenging experience. As a buyer, you want to make your offer appealing without overpaying. While it’s tempting to keep raising your bid to win, a smart approach can improve your chances of success while keeping your budget in check.
Here’s how to compete in a bidding war strategically, ensuring you don’t overpay.

1. Get Pre-Approved and Know Your Financial Limits
Start by obtaining a mortgage pre-approval, which not only shows sellers you’re serious but also sets a clear boundary for your budget. A pre-approval gives you a realistic view of how much you can afford, helping you stay disciplined in a competitive bidding environment. It’s essential to stick to this limit and avoid getting emotionally swayed by the excitement of a bidding war.

2. Work with a Skilled Real Estate Agent
A knowledgeable agent can be invaluable in a bidding war. They. ...

  buying a home

Sunday, October 27, 2024   /   by Janine Thomson

Top Questions to Ask When Viewing a Home

When you’re exploring the possibility of purchasing a home in British Columbia, it’s important to know which questions to ask to ensure that the property is right for you. The real estate market in BC can be competitive and fast-paced, making it crucial to gather as much information as possible before making an offer. Here are some top questions to consider when viewing a home in BC:
1. What is the Home’s History?
Understanding a home’s past can reveal insights into its condition, repairs, and maintenance history. Ask the seller or real estate agent:
How old is the home?
Has it undergone any significant renovations or upgrades?
Are there any known issues or defects?
Have there been any recent repairs or replacements, such as roofing, plumbing, or electrical work?
This information can help you estimate future maintenance costs and potential repairs, as well as identify any red flags that could affect your decision.
2. What are the Monthly and Annual Cos. ...

  buying a home