Q: What cities do you work in?
A: RBC Holdings has completed its projects all over British Columbia’s lower mainland. As a result, we have become familiar with application processes, zoning, building codes and bylaws in many neighbouring cities.
Q: What are your fees?
A: Our fees vary depending on the type of project at hand. For instance, whether it is a renovation, a new residential build, or a commercial project. This further varies depending on how much work needs to be done and how much involvement you would like on our part. Please feel free to contact us for more information.
Q: How long will it take to complete my home?
A: Again, this depends on the type of project. For a brand new home, we would recommend budgeting approximately 10-18 months depending on the size of the home. However, renovations may be done in a shorter period of time. Please feel free to contact us for more details.
Q: How much control do I have over the project?
A: We will be working on providing you with a house you can call home – as cheesy as that sounds. We want you to feel comfortable while you trust us with providing your dream home. In doing so, we would love to have your input, and most importantly, we will keep you informed every step of the way.
Q: Does my home come with a warranty?
A: Your new home is covered by a comprehensive warranty, commonly referred to as the 2-5-10 year warranty. This is regulated by Homeowner Protection Office and is supported by National Home Warranty, your third-party warranty provider.
Q: Can I use a realtor?
A: Of course you can. We are happy to work with your Realtor, if you have one. Realtors bring market experience and professional guidance, and will handle correspondence on your behalf if you are unavailable. If you do not have a Realtor, we are more than happy to connect you with our friendly and professional network of Realtors.
Q: How much of a deposit will I need to put down?
A: Deposit structures vary from project to project. Typically, we require an initial 5% deposit for a pre-sale home (which is 2-3 years away from completion) with a total of 20% deposit paid in 4 installments over a year’s time. Please inquire for our current/project specific deposit structure.
Q: How do I know what I can afford?
A: Your first step is to talk to a mortgage specialist and get pre-approved. Mortgage decisions are based on your ability to carry a certain amount of debt, your income, and your debts and assets, which include, but are not limited to, RRSPs, GICs, and stocks. Banks apply two standard rules when qualifying you for a mortgage: gross debt service ratio (GDSR) and total debt service ratio (TDSR). GDSR means a maximum of 32% of your gross income can go toward a mortgage payment and TDSR means a maximum of 40% of your gross income can go toward servicing all your debts.
Q: What is the benefit of buying a pre-sale home?
A: Buying pre-sale offers many advantages. Typically buying a pre-sale means you get a better selection of the type and style of home you desire than a re-sale home would – often at a better price than you would pay down the road, upon completion. Pre-sale homes are attractive to many buyers as they allow you to grow your equity now with just a deposit (before your mortgage begins at completion). In some markets, the wait between when you buy your home and when you take possession gives you time to save by providing the convenience of installment payments. During this time, your home’s value may rise. Interest rates are held at today’s level by the banks, so if the rates rise, your rate is protected until completion. If the rates fall, so will yours. Either way, you benefit. People like buying pre-sale as they take comfort in the fact that they will be moving into a brand new home that takes advantage of newest in technology and design trends.
Q: What are the benefits of condo living?
A: Condo owners love the lock-up-and-go lifestyle. It is ideal for people who travel or are away often for extended periods of time, or simply prefer less maintenance. Condo living means your home is secure and maintenance-free while you are gone. Plus, condo living is low maintenance. Owners pay a monthly maintenance fee and the building manager handles aspects like landscaping, snow removal, care of the common areas, and the garbage/recycling facilities. Condo loving is also one of the safest ways to live. The close proximity of neighbours results in less crime. Features, like gated parkades, security cameras, and personalized FOBs, that restrict access to your particular floor are additional security-minded features. New condos have new technology, such as pre-wiring for internet and cable. The variety and quality of amenities are attractive and often include a fitness facility, a media room, a yoga studio, a lounge or part room, a hot tub, a guest suite or even a concierge. Location of condominiums is typically convenient in major city centres and near many urban amenities, including public transit, walking trails, shopping and restaurants. Condo living allows people to live in a more desirable location for a more affordable price than a house. Often, condo living is the only way to be able to live in the heart of a city. As an added bonus, condos often offer views from higher levels and provide interesting outdoor spaces.
Q: Will I be able to rent out my home?
A: Yes, but like other bylaws, this is subject to potential changes or amendments by the strata council. The main benefit for you, as the original buyer of a pre-sale home, is that your ability to rent out your home is grandfathered in so that even if a bylaw stating rental restriction is enacted after completion of the building, you are exempt from this restriction.
Q: Will I be able to have pets in the building?
A: Yes. The guidelines are outlined in the Strata Property Act of BC. But like all other bylaws, the pet bylaws are subject to potential changes or amendments. The benefit with buying pre-sale is that changes in the bylaw would not affect your pet(s) for the span of its life, should you have owned this pet prior to initiation of the new bylaw.
Q: What are bylaws?
A: Bylaws are guidelines that are specific to your strata corporation, unlike the Strata Property Act. Bylaws and rules govern how the strata corporation operates and how residents behave. Bylaws are decided upon by a vote of the general ownership; rules are determined by the elected strata council. Residents must abide by the bylaws and rules or face financial penalties.
Q: What is a strata?
A: A strata corporation is formed when land and buildings are subdivided so that parts of the total property are individually owned and parts are jointly owned by all those involved. The parts of the property that are individually owned are called strata lots (more commonly referred to as your suite or your home). The parts of the property that are jointly owned are called common property and include the land, hallways, garage, and elevator. You will own 100% of your own suite and will share in the ownership of the common property with all other owners. There is also Limited Common Property, which means common property designated for the exclusive use of the owners of one or more strata lots. This often includes a balcony or terrace. We encourage all owners to vote and participate in their strata councils, and to fully understand how the building and homes are being managed.
Q: What is a disclosure statement?
A: A disclosure statement is a legal document describing all of the details of the project. Usually, this includes information on the developer, information pertaining to the development, information pertaining to the strata (estimated strata fees, common properties and facilities, estimated budget, rental disclosure, bylaws, limited common property and parking/storage areas), title and legal matters, construction and warranties, and approvals and finances. A: RBC Holdings has completed its projects all over British Columbia’s lower mainland. As a result, we have become familiar with application processes, zoning, building codes and bylaws in many neighbouring cities.
Ready to start your project with RBC Holdings?