Watching all this rain come down has me thinking about the many Condo buildings in Vancouver and how equipped they are to handle our annual rainfall. We have all heard the term "leaky condo" and I wanted to share with you tips on avoiding these problem buildings.
• Ask your Realtor if the building is 100% rain screened it was built before than 1999. Almost daily, we encounter buildings that are not 100% rain screened. Home Buyer beware.
• Receiving last 2 years of Strata documents is just bare minimum to acquire from your Realtor.
It doesn’t provide you with an adequate scope of the building’s overall condition. You may be
missing some pertinent Strata activity that may have occurred in prior years that could sway
your decision on purchasing the property.
-Read the Property Disclosure Statement.
- Make sure you hire a quality inspector such as Mike Zeggara at www.zegarrahomeinspections.com.
Have the inspector walk the perimeter and look for signs of either water ingress or building design flaws.
An example would be: exposed balconies, proper roof overhang, face seal stucco envelopes,proper flashing and more.
• Has there been a recent Building Envelope Assessment.
• Ask if there is a rental restriction. How many owner occupied vs. rented units are in the complex.
Owners take pride in maintaining the complex.
• Are there any major improvements/repairs for the complex in the short term (1-5 year time horizon)
- The Home Owner Protection act handled claims
Follow these simple steps when considering a condo purchase and you will greatly reduce any chance of purchasing a building that may have "leaky condo"issues.
Thank you Mike Zegarra for tips on avoiding leaky condos.