While many guides focus on the red flags when buying a home and the warning signs that tell you to walk away, it’s equally important to recognize the green flags.
Whether you’re looking at a condo in Burnaby, a townhouse in Richmond, or a detached house in Vancouver proper, these insights will provide reassurance and clarity.
By the end, you’ll feel confident that the property you’re considering is one you should make a firm offer and move forward on. Let’s jump in!
Green Flags to Look For When Buying a Home
There’s nothing better after you find your dream home than seeing all the green flags to look out for when home buying. But what are those? Here are some of the top items to look out for.
Of course, we recommend working with a reliable Realtor to help you navigate the nuances of Metro Vancouver properties, but let these insights guide you to a confident close.
1. Well-Maintained Building and Property
One of the most immediate green flags is the property’s actual condition. When you see a home or building that has clearly been well cared for, it’s a strong indicator that the current owners have been diligent. This diligence typically extends throughout the property, which is why it’s essential to consider.
Detached Homes
For detached homes, look for the following, both inside and out:
- clean and refreshed paint,
- landscaping,
- clean gutters, and
- a roof that appears in good shape.
- Regular interior upkeep,
- clean floors, and fixtures that look stable and solid.
Ultimately, this attention to detail and pride of ownership can save you from unexpected repairs down the road.
Condos & Attached Homes
In a condo or townhouse complex, this extends to the common areas. If the hallways, lobby, and amenities are clean and look well-maintained, this is a green flag. More specifically, you could look for things like:
- Problem-free exterior,
- Proper landscaping,
- Functioning entry system,
- Clean central garbage areas,
- Running and operational gym equipment,
- Balcony damage,
- Fresh paint,
- Working the laundry and dryer.
And more!
A well-maintained building often reflects a proactive strata council and a responsible property management company. All of which helps support the narrative you want: that the strata fees are being used properly.
Keep in mind that if you’re purchasing a unit in a building with many renters, this can lead to more wear and tear on the building.
Buildings with high ownership rates or buildings without retail space at the floor level can help avoid these potential issues.
2. Close Proximity to Transit and Skytrains
Location, location, location! When your home is in proximity to transit stations, that’s a major green flag. Why? Well, proximity to public transit is a huge green flag because a home that’s a short walk from a SkyTrain station offers incredible convenience. Properties near major transit hubs also tend to hold their value better and are often more desirable to renters.
If you ever decide to rent your property out later in life, you can easily find a high-quality renter who will pay reasonable rental rates.
Recommended Resource: Leasehold vs Freehold Property in British Columbia
3. Reasonable Strata Fees
This green flag is a major one when looking specifically at condos. If you’re considering a condo or townhouse, the monthly strata fees can tell you a lot about the building’s financial health.
While very low fees seem appealing, they can sometimes lead to major financial headaches down the line. A low fee could indicate that the strata corporation isn’t collecting enough funds to cover routine maintenance or build up a healthy contingency reserve fund (CRF).
A green flag is a strata fee that is reasonable and in line with similar buildings in the area. When strata fees are stable, and the other condo financials look solid, this indicates that the council has created a realistic budget that covers operational costs (such as landscaping, cleaning, and insurance) while also contributing to the reserve fund for future major repairs.
4. Bulletproof Strata Documents
Before you commit to buying a strata property, your realtor will help you review a large package of documents. While it can seem daunting, a set of “bulletproof” strata documents is one of the biggest green flags you can find. Great strata documents mean the paperwork is organized, transparent, and paints a picture of a well-run corporation.
The primary documents you’ll want to review in deep detail include:
Form B
Form B provides a snapshot of the strata’s financial health, including the CRF’s current balance. A healthy CRF is a major green flag, as it means there’s money set aside for major projects like roof replacement or building envelope upgrades.
Strata Council Meeting Minutes
Reading the minutes from the last couple of years can reveal recurring issues, owner disputes, and upcoming projects. If the minutes show that problems are being addressed proactively and professionally, it’s a great sign.
Depreciation Report
The depreciation report outlines the expected lifespan of major building components and provides a long-term financial plan for their repair or replacement. A strata with a recent depreciation report and that is actively following its recommendations is a fantastic green flag.
If these documents are clear and show no signs of major unresolved issues, this is a green flag that you can trust and should align well with #3: reasonable strata fees.
Recommended Resource: Contract of Purchase and Sale For New Home Buyers & Sellers
5. A Clean Inspection Report
This area is one you’ll have to review after your offer is accepted, if you have a clause for allowing for a satisfactory home inspection.
A clean or mostly clean inspection report is a massive green flag. While no home is perfect (especially older ones), an inspector’s report that finds only easily fixable issues is a great outcome.
6. Recent Major System Upgrades
If a house or condo building’s major systems have been upgraded recently, this is a strong sign that you won’t have a large upcoming bill to fix or replace them.
These upgrades could include systems like the furnace, hot water tank, roof, windows, or, in a strata building, the boiler or elevators.
If there have been replacements or maintenance, always ask for documentation, such as receipts or warranties, for these changes. You’ll want to confirm the work was done professionally and you have your own clear records on file for down the road.
On top of that, if the seller willingly provides this information, that’s another good sign of a transparent and honest transaction.
7. Nearby Development Permits
If you’re buying a resale home or pre-construction in a neighbourhood with nearby development, that could be a long-term green flag for your property’s value. However, keep in mind that building or home developments can take one to several years, and the noise may bother some buyers.
The approval of new community centres, parks, retail spaces, or upscale residential projects can also signal that it’s a growing area that’ll be great to live in.
Check the city’s website (whether it’s Vancouver, Burnaby, or another municipality) for development permits in the surrounding area. Find development applications and portals by city here:
- BC Building Permit Hub
- City of Burnaby
- City of Vancouver
- City of New Westminster
- City of North Vancouver
- City of Port Coquitlam
- City of Coquitlam
- City of Richmond
- City of Surrey
Some cities provide more information than others. Please keep that in mind when reviewing the above links.
8. Communicative and Transparent Realtor and Seller
The people involved in the transaction can tell you a lot. A green flag is working with a realtor (yours and the seller’s) and a seller who is communicative, transparent, and professional.
If the seller provides a detailed Property Disclosure Statement and is open to answering questions, that trust and transparency is what you want to see. If your realtor is able to get information quickly and the other side is cooperative, it generally leads to a smoother, less stressful process. A positive human element can be just as important as the physical state of the home.
9. Strong Home Basics
Beyond the flashy finishes, a home with strong “bones” is a fundamental green flag. Good bones can look like a practical and functional floor plan, beautiful natural lighting, and good storage space. These features are difficult or impossible to change and can have a huge impact on your day-to-day living experience.
If you’re considering a detached home, this could offer great, natural flow between the living room and kitchen, making it easy to entertain guests or keep an eye on children.
Similarly, with a condo, this looks like a smart use of square footage: no long entry ways or dead square footage. A well-designed condo might include an open-concept living area and large windows that make the unit feel large.
Recommended Resource: Statement Of Adjustments BC 101: Guide for Buyers & Sellers
10. Overall Potential for Future Resale Value
Even if you plan to live in your new home for a long time, it’s financially wise to think about its future resale potential. Many of the green flags already mentioned, such as proximity to the SkyTrain or buses, a functional layout, and a well-run strata, contribute to strong resale value.
For example, a 2-bedroom 1-bathroom condo with a den may sell for less than a 2-bedroom 2-bathroom condo without a den. Why does this happen? Specific floor plans, layouts, and details can increase the perceived value to other parties, such as investors.
Ask yourself: Is this property likely to appeal to a broad range of buyers in the future? A home with unique or quirky features might be perfect for you, but a home with more universal appeal is generally a safer long-term investment.
Finding Your Dream Home
Navigating the Metro Vancouver real estate market is a journey, and having a knowledgeable guide by your side is invaluable.
A trusted real estate agent can help you spot these green flags, help interpret strata documents, and connect you with qualified professionals like home inspectors and mortgage brokers.
Final Thoughts
Buying a home is a complex process, but it doesn’t have to be overwhelming. By learning to recognize the green flags, you can feel confident in making your offer.
From the property’s physical condition to its financial health and the potential of its neighbourhood, these positive indicators help ensure you don’t get regret the biggest purchase of your life!
Keep this list handy as you attend open houses and review listings, and you’ll be well on your way to finding the perfect property in Metro Vancouver.
