schadenfreude

I must admit … for the blue wrapped building I could t afford and its occupants

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Thank you

May 28, 2022 at 2:25am

Not because I feel the same way, but because this is an actual confession. As far as what you’re saying, I do understand why you might feel that way because of the insanity of the housing situation. But just because a building is wrapped doesn’t necessarily mean that there’s anything unusual wrong with it. Like any other structure, buildings require regular upkeep and renewal, just like someone with a detached house has to attend to roof replacement and exterior maintenance. When it’s on a condo, it’s just a larger version of the same thing.

0 0Rating: 0

Your neighbor

May 28, 2022 at 4:24pm

Well aware of the blue plastic wrapping reasons in Vancouver. I hope you find what you’re looking for.

1 0Rating: +1

You are correct

May 29, 2022 at 8:22am

I have been through that blue wrapped ordeal. And trust me, it was an ordeal. You have escaped with your sanity. Indeed, blue wrapped means there is something wrong with the building and may have even affected the base structure so you are correct. Good luck on finding another place!

0 0Rating: 0

@Thank You

May 29, 2022 at 9:26am

I owned a condo years ago, and figured out that it would eventually be a leaky condo, so I dipped with some profit- and have been renting ever since. Two years later, each owner (mortgage slave,actually) had to chip in $85k to repair the building.
Factoring in interest, you pay for the place 1.5 to 2 times over. Then add $300-500 a month in strata fees, mandatory mortgage insurance if you don't have the six figure down payment so another $500-800 a month, then mandatory condo insurance of maybe $100 a month, and maybe another $150-200 a month in taxes. And then massive repair bills WHEN a problem comes up.
Every single one of my relatives/friends/co workers has been nailed with mid to high 5 figure to six figure repair bills at least once, and often twice.....which required a second mortgage along with more interest. And more stress.

Sure, my rental isn't as nice as those newer condos- but I got in early enough and with the small rent increases my rent is $920 a month in a decent and quiet building.
And all of those other fees that I avoided by renting? I invested them-every month- wisely and actually made enough to retire 20 years earlier than what I thought.

Come on people...get the calculator out and start adding stuff up- it's not rocket science.

9 0Rating: +9

@@Thank you

May 29, 2022 at 6:32pm

Unfortunately too many people assumed that they were buying only their individual suite instead of a small part of a large building. ALL buildings require regular maintenance. If you have ever owned a detached house you would understand that. The reason that many people who own condos now wind up paying a large sum for an assessment is because they failed to understand that not doing the regular maintenance on the outside of the building meant that sooner or later it would become a much bigger problem. I’m not talking about the leaky condo problems that have mostly been fixed by now because of legislation and their age. I’m talking about normal buildings that have multiple components that, just like everything else, have an expected lifespan. So when you see a building under wraps, instead of assuming it means it’s a “problem” building, maybe you should assume that the owners are doing what any responsible homeowner should do, and they’re doing the normal, expected, and required maintenance. If you have never owned a home then this will all seem outrageous and unusual, but I can tell you from experience that it’s not. The only difference between owning a condo and owning a detached house is that if you own a house, you’re the only one to decide whether or not you take care of it properly. In a condo you’re only one of many other owners and you’re subject to legislation that requires you to do the necessary maintenance, so sometimes you’re going to have to pay an assessment. The legislation nowadays requires condo owners to fund their savings account (the contingency fund) much more than in previous years. So eventually large assessments should become unusual, because the owners have been forced to put that money aside in the form of larger strata fees to ensure that their contingency fund will be able to cover normal necessary maintenance. Definitely condo living isn’t for everyone, but it’s important that people understand these basics before they decide.

0 0Rating: 0

Your neighbor again

May 29, 2022 at 9:03pm

Omg. After reading the comments and seeing the expenses my strata owner pays (I rent). Heavy sigh of relief. I’ll leave the real estate repairs and liability to you rich folk and will visit exotic locations Airbnb and create life experiences instead. Btw my clear rental windows have a great view. Would move if they wrapped them

5 0Rating: +5

You are correct

May 30, 2022 at 7:34am

Not only are you paying for the entire building but you are literally partners in business with people you don't know. Stratas SUCK. During repairs on a leaky condo which bankrupted me because of a serious lack of maintenance, low ball quotes and the strata council going with the cheapest bid there were numerous problems including workers entering my suite with no notice against the rules. I was sleeping with a baseball bat under the bed it was that bad. Don't regret walking away from the mess under the advice of 2 different lawyers. The levies were well over what I'd paid for the condo. NOT WORTH IT.

3 0Rating: +3

@@You are correct

May 30, 2022 at 2:09pm

Astonishing, isn't it? A neighbour in a strata I commuted with for 5 years has become insufferable. He used to be fun to talk to before I moved in, lately the whole bus ride and seeing him around the building is him blabbing about how perfect he is. He's constantly talking about how smart he is and how dumb everybody else is, he knows everything about everything. But then he does dumb shit like flush a months worth of cat litter down the toilet and the whole building has to pay extra for repairs. His personal growop also shorted out the electric and he didn't admit to being the culprit. The sneaky thing he does is write memos chastising everyone for the plumbing and other issues knowing full well it's his terrible maintenance responsible for the hike in monthly costs. I lied and told him my shift changed so I don't have to commute with him anymore and hear his constant lying and bragging, can't wait to move.

3 0Rating: +3

@ @@Thank you

May 30, 2022 at 8:41pm

You are making false equivalencies. there is a whole list of differences between doing self maintenance on a house vs. scaffolding an entire condo tower and tearing whole walls out, along with a whole group of lawyers,engineers etc etc etc

1 0Rating: +1

@@@You are correct

May 30, 2022 at 9:06pm

I’m trying to figure out what your rant about your obnoxious neighbour has to do with stratas. This could just as easily happen in a rental building. The reality is that the future isn’t looking good for any detached homes in this area. Not one new development that I’ve seen in years includes them. So you either live in a rental or you’re likely going to be buying a condo or townhouse, both of which are stratas. If you’re lucky enough to be able to afford to buy a detached home in Vancouver then yay for you; you’re the only person who gets to decide whether or not you let the place collapse around you or you spend the money to take care of it. But if you want to own any other type of property you’ll need to accept that being a joint owner is part of the deal.

0 0Rating: 0

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