{"id":3851,"date":"2016-11-01T15:15:11","date_gmt":"2016-11-01T22:15:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3851"},"modified":"2016-10-29T10:08:18","modified_gmt":"2016-10-29T17:08:18","slug":"building-science-specialist-what-to-look-out-for-in-a-condo","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/11\/building-science-specialist-what-to-look-out-for-in-a-condo\/","title":{"rendered":"Building Science Specialist : What to Look Out for in a Condo"},"content":{"rendered":"<p style=\"text-align: justify;\">What\u2019s a building science specialist? Someone who will make sure you don\u2019t take a bath on your condo investment. We spoke with one who told us the key things to consider before investing.<\/p>\n<p style=\"text-align: justify;\">As Brian Shedden explains it, a building science specialist is \u201clike a hybrid engineering discipline \u2013 building science is the study of how we separate indoor environment from outdoor and how living in the building actually impacts it.\u201d<\/p>\n<p style=\"text-align: justify;\">He\u2019s serviced the condo market for almost 20 years and he\u2019s got a few tips for investors looking to purchase a unit.<\/p>\n<p style=\"text-align: justify;\">\u201cReally you have two scenarios: You\u2019re either going to buy brand new condominium or you\u2019re going to buy one that\u2019s of some vintage other than new \u2013 it could be 10, 20, 30 years old,\u201d Shedden, who is the senior building envelope specialist at Entuitive, told Canadian Real Estate Wealth. \u201cIn the case of an older condominium, some of the pluses are any of the original construction deficiencies have been addressed.<\/p>\n<p style=\"text-align: justify;\">\u201cBuildings are built by real people using real hands and oftentimes they\u2019re not the best in craftsmanship. These problems usually show up in the first year or two,\u201d he continued. \u201cSo with an older building you\u2019re getting some measure of assurance that some of the major issues have already been dealt with.\u201d<\/p>\n<p style=\"text-align: justify;\">One thing you need to be wary of when purchasing an older unit, however, is the state of the building\u2019s reserve fund.<\/p>\n<p style=\"text-align: justify;\">These funds are put in place to ensure sufficient funds are available to cover major projects, such as damages to the roof, windows, doors, balconies, and other shared elements.<\/p>\n<p style=\"text-align: justify;\">\u201cSo really what you\u2019re looking at is a healthy balance on a per-unit basis,\u201d Shedden said. \u201cSo if you\u2019ve got 20 units in this condominium and they\u2019ve got $1 million in the reserve fund, you\u2019ve got $50,000 a unit.\u201d<\/p>\n<p style=\"text-align: justify;\">If the fund is low, and lacks the funds to support a maintenance project, a special assessment can be levied against unit owners.<\/p>\n<p style=\"text-align: justify;\">\u201cThe thing to be wary about with a special assessment is that it\u2019s the purview of the board of directors to levy that,\u201d Shedden said. \u201cAnd so in virtually all cases that I\u2019m aware of, when a special assessment comes down the pipe it\u2019s usually rather substantial; it\u2019s usually quite a shock to the residents.\u201d<\/p>\n<p style=\"text-align: justify;\">Of course, some investors choose to purchase a new unit \u2013 which minimizes the chance of requiring a special assessment for the foreseeable future.<\/p>\n<p style=\"text-align: justify;\">Still, there are things to consider before purchasing a shiny new condo.<\/p>\n<p style=\"text-align: justify;\">\u201cOn the other hand, if you\u2019re looking at a new building, some of the things to look at are builders\u2019 deficiency lists. Sometimes it takes a very long time for the builder to correct all of the outstanding deficiencies,\u201d Shedden said. \u201cAnd one of the safeguards that we have is the new home warranty program, which provides you with substantial warranties on the structure of the building, the finishes. So you want to make sure that these documents are all available and reviewed.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/building-science-specialist-what-to-look-out-for-in-a-condo-216190.aspx\" target=\"_blank\">Building Science Specialist : What to Look Out for in a Condo<\/a> by Justin da Rosa | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What\u2019s a building science specialist? Someone who will make sure you don\u2019t take a bath on your condo investment. We spoke with one who told us the key things to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/11\/building-science-specialist-what-to-look-out-for-in-a-condo\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-3851","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Building Science Specialist : What to Look Out for in a Condo &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/11\/building-science-specialist-what-to-look-out-for-in-a-condo\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Building Science Specialist : What to Look Out for in a Condo &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"What\u2019s a building science specialist? 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