Q: How does the taxation authority come up with the value on my property every year?A: BC Assessment Authority utilizes real sales data between July 1 and June 30 of the preceding year and attempts to find similar houses and similar lots of similar age and finishing which are used as "comparables" to value a property in a similar neighbourhood.
Q: Is the "assessed value" an accurate reflection of what the house will really sell for?
A: Only an experienced and professional real estate agent who is active in your market area and neighbourhood can accurately evaluate your current "market value". Your real estate agent will know what other homes in your neighbourhood are like inside and out, and what they are priced at, how long they have been on the market and why they have, or haven't sold yet. Your realtor should be able to accurately provide a marketing plan, tips for preparing your home for sale, and an anticipated "net" value which you will actually receive after your home is sold.
Q: The strata corporation which my condo belongs to already has an insurance policy. Why do you recommend getting insurance for my own condo as well?
A: Every property should have insurance, whether the occupants are tenants or homeowners of houses, condo's, or townhouses. For condo owners there is a "condo owner's package" which, for a relatively small amount of money, covers the owners for liability if they cause damage (by way of a dishwasher leaking, fire, etc) to another property. (If you are the landlord, or a tenant, there are different insurance packages available, too.)
In addition your policy will cover a number of other things that could happen to you and/or your possessions. If in doubt, talk with your insurance agent. If you need some insurers to speak with and don't know where to start, call or email me. Happy to help.
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