Should I submit an offer?
Hi! I'm a first-time homebuyer (Vancouver area) and grew up low-income so I don't have family members who I can ask for a second opinion and would love some outside perspective plsss
The property I'm considering is a ground-floor 2bed condo in a 1990s building. The unit itself is great in terms of sqft, price (600k), layout but I have some concerns with the building:
- The depreciation report is ten years old, and the new version isn't available yet. The existing report suggested some major projects (including windows) may be overdue.
- There have been mentions of pest issues on the ground floor.
- The reserve fund seems reasonable but not huge for a building of this age and they have charged special levy often before.
If you were in my position, what additional questions would you want answered before making an offer? The list price is already lower than the assessed value and I plan to stay for 10 years but I want to know if there are any red flags I am missing?
Thank uuuu :)