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D’Arcy Harris – Weekly Real Estate Update October 18, 2005
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This week, I’ve included part 2 of the Inspection series. The inspection is one of the most important parts of the buying process. It’s the part where you get to ask all the questions about the home you may buy, and it’s the part where you can deal with all your little fears that go along with any purchase. This week, the article deals with insurance issues, so read on.
I have a listing coming on shortly, a one bedroom apartment on W.6th, steps to Granville Island and under $200,000, which is practically a non existent price range in Vancouver these days. I would love to sell it to one of you. Email me for more information; be sure to include your phone number.
Looking forward to hearing from you,
D'Arcy Harris
Real Estate Broker
Sutton Group - Westcoast Realty
P.S. Wondering what your home is worth? Probably more than you think! Find out with an Over the Phone Market Evaluation, sign up here:
http://www.vancouverrealestateinfo.ca/redir.asp?page=homeeval.asp&t=list1
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Success Story of the Week
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Congratulations to E., a university professor who just bought his first home using my VIP Buyer System. It’s a loft style apartment on the best street in Kits, Yew St. It’s got 16-foot ceilings with huge skylights. Walking distance to the beach, walking distance to great amenities and with a view of the mountains and water, this is one of those rare places that nearly everyone would want to live in. It’s a 2 bed/2 bath, and we got our offer accepted while the open house was on, for a price below what they were asking. That’s how you do it in this market.
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Weekly Real Estate Listings
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These are all the current listing out right now; in fact, some of them are so new they’re not even posted on Realtylink or MLS.ca. Want to get them before they’re even in the newsletter? Sign up for the VIP Buyers Program. (http://www.vancouverrealestateinfo.ca/redir.asp?page=vip_buyer.asp&t=list1) If they don’t load, hit refresh. If you’re using FireFox, the above links won’t work; but I’m working on it!
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Possible Household Insurance Issues, from Dobney and Associates, Home Inspectors -----------------------------------------------------------------
We are receiving an increasing number of calls from clients for assistance in completing their applications for homeowner insurance. It seems as though insurance carriers are requiring more details about houses and are becoming more restrictive about which houses they will cover. The following issues are some of the ones we have run across.
Electrical Fuse Panels: Screw-in type fuses in the electrical distribution panels were in common usage until the mid 1950’s. Fuses although inherently safer than circuit breakers afford the ill-informed occupant to replace a properly sized fuse with one, which is too large. This can result in a circuit overload and a fire hazard.
“Knob and Tube” Distribution Wiring:
In common use until the early 1940’s this is an ungrounded electrical distribution system identified by its separate hot and neutral conductors and the use of white porcelain mounting knobs and cylindrically shaped tubes to support the conductors and isolate them from the wood framing members. Although a relatively safe system (except for the absence of grounding) concerns centre around improper modifications and mechanical damage subsequent to the original installation.
60 Amp Electrical Services:
Often present up until the early 1960’s. It is not possible to positively identify without removal of the distribution panel cover. A smaller service capacity is not a safety issue so much as a convenience one. The reason for denial of insurance coverage may be based on the notion that a 60 amp service indicates an older, and potentially less safe, system.
Aluminium Branch Circuit Wiring:
Many homes built from approximately 1968 to 1975 contain aluminium branch circuit wiring in their electrical systems. It was used as an alternative to the more expensive copper. It is more prone than copper wiring to developing loose connections, which can lead to overheating. Houses with aluminium wiring should have all connections checked and repaired as required by a licensed electrician.
Marijuana “Grow-Op” Houses:
It is a common occurrence in B.C.’s lower mainland to find indications in a house that it may have been used for the cultivation of marijuana. There are several indicators which, when present, may trigger a desire to carry out further investigation into whether or not a house has been used for this illegal and sometimes house-damaging practice.
Modifications to the plumbing and electrical systems may have been carried out for irrigation and lighting purposes. Sometimes there have been structural changes. In some cases there is evidence of excessive condensation, which can cause damage to components and may also result in mould growth. The presence of mould is believed by some to result in health problems for some people.
Sometimes houses, which have been used as “grow-ops”, come to the attention of the authorities. In these cases most jurisdictions have a process in place involving the issuance of a permit and the inspection of the house by the appropriate building officials (electrical, plumbing, building inspectors etc.). Any deficiencies discovered must then be corrected.
Galvanized Steel Water Distribution Lines: Used until the late 1940’s they are identified by their grey colour and threaded fittings. They are prone to deposit build-up resulting in restricted water flow and also to rusting. Leaks are common in aging systems of this kind.
Wood Burning Stoves and Fireplace Inserts: Most insurance companies will want to see documentation that the installation has been inspected and passed by the authority having jurisdiction. If this was not obtained at the time of the original installation it can be difficult or impossible to get. The issue with these appliances is obviously the possibility of fire. Fireplace inserts are especially problematic.
Underground Oil Storage Tanks: Most insurers will require the removal of abandoned buried oil storage tanks. The concern is that leaking oil may have resulted in soil contamination. Specialists are available to search for underground tanks even when there is no visual evidence of their presence.
Summary: Different insurance companies have different requirements. These requirements can change and the best way to be sure what they are is to contact your company of choice just prior to purchase.
James Dobney, RHI
President of James Dobney & Associates
Registered Home Inspector (RHI) with CAHPI BC
Appears regularly on BCTV’s Sunday Morning Newshour’s ask-an-expert
(The above article is used with permission, for more information or to book an inspection, please visit: http://www.JamesDobney.com/)
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Insider Secret Revealed
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Would you like to have access to all the new listings that match your home buying criteria, including area, price range and style of home, emailed to you directly? Tired of leafing through hundreds of listings to find what you’re looking for? This is a free service and will allow you to view only the homes that you're interested in seeing. Become a VIP Buyer and beat other buyers to all the hot new listings in Vancouver. How does it work? Visit:
http://www.vancouverrealestateinfo.ca/redir.asp?page=vip_buyer.asp&t=list1
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Market Tidbit
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Canadian Real Estate Markets Remains Strong
VANCOUVER October 15, 2005
Canadians in big cities bought and sold 264,114 units of residential real estate in the first nine months of 2005, more real estate than has ever changed hands in the country's major markets over a nine month period, the Canadian Real Estate Association (CREA) reported Friday.
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From the News ----------------------------------------------------------------- Canada home sales still strong
Quarterly sales up; September sales down from August
Monday, October 17, 2005
http://www.inman.com/inmannews.aspx?ID=48392
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Contact Info
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I supply this information to you free of charge and without obligation with the hope that when you do decide to buy or sell your home, you’ll call me to help make it a reality.
If I do all this for free, imagine what I do when we’re working together!
I invite you to forward this newsletter on to friends and family.
If you are receiving this newsletter from someone else and would like to sign up to receive it directly, please click here:
http://www.vancouverrealestateinfo.ca/redir.asp?page=silver_customform.asp&t=list1
Comments and suggestions are always welcome, thanks for reading!
D'Arcy R. Harris
Real Estate Broker
Sutton Group - Westcoast Realty
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