Victoria BC Community Blog

Renting Out Your Suite – Things to Consider Tag: real estate law

Posted by Niels Madsen on July 17, 2023

Estimated Read Time: 5 minutes

Thinking of buying a home with a suite and renting it out? This can be a great idea to not only offset the cost of home expenses but can also potentially help with qualifying for a mortgage. However, it's essential to understand the intricacies and responsibilities that come with a suite. Here are some considerations, from financial implications to legal responsibility to being a landlord.

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What to Consider When Purchasing Real Estate with a Friend Tag: real estate law

Posted by Niels Madsen on May 20, 2021

Estimated Read Time: 4 minutes

In this day and age, owning property can feel like an impossible goal. On top of the down payment for your new home, you’ll have to consider the cost of the mortgage, maintenance, repairs, and more mundane things like decorating and finding the furniture you love.

When you ask the questions, the answers might lead you to consider making your real-estate purchase with a friend, relative, or someone else who’s in the same situation as you.

But how do you go about buying a property with someone else? As a co-owner, how do you protect your investment? What do you need to consider when drawing up a co-ownership arrangement?

Read on to learn the answers to these questions and why you may want to consider an arrangement like this.

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A Guide To Your Property Taxes Tag: real estate law

Posted by Niels Madsen on September 22, 2020

Estimated Read Time: 4 minutes

Even in these uncertain times there remains, as the famous aphorism goes, only two certainties; death and taxes. Today, thankfully, we’re going to be looking at the latter!

Now that the dust has settled on your 2020 taxes, it’s somehow already time to start looking to 2021. We couldn’t possibly cover everything you need to know about taxes in one blog, but we are going to cover some of the things that can help make paying your taxes easier, as well as the various tax relief programs you could be eligible for.

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A Guide To Wills, Estate Planning, And How To Pass On Your Property Tag: real estate law

Posted by Niels Madsen on March 17, 2020

Estimated Read Time: 5 minutes

Planning for what will happen to your assets after you’ve passed is a difficult subject—and one we can understand people being reluctant to approach—but it is very necessary. And once you’re done, you’ll be able to relax knowing everything has been taken care of!

Wills and estate planning are also daunting legal prospects, which is why we’ve prepared this comprehensive guide. 

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Your BC Property Assessment Explained: What Is It, What Does It Mean, and What Are The Tax Implications Tag: real estate law

Posted by Niels Madsen on January 20, 2020

Estimated Read Time: 3 minutes

As it’s January, it’s once again time for property owners in BC to receive their annual property assessment from BC Assessment. Even if you aren’t planning on buying or selling immediately these are important documents. And you should take the time to understand what they mean for you. Here’s our primer on what you need to know about your BC Assessment. 

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Renting To Your Kids Tag: real estate law

Posted by Niels Madsen on June 19, 2017

Estimated Read Time: 5 minutes

A couple of months ago I posted an entry addressing the benefits and complications of co-owning a home with a friend. While most of those tips also apply to family members entering co-ownership, they don't address the particular nuances of renting to family, especially when sharing the same home.

Renting to relatives can be a great way to help provide for them if you have the space and the funds. You know them personally and have an idea of how they'll take care of your property. But there are rules to be aware of when you take on the role of landlord, even if it's to your kids or a parent.

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Co-Ownership: Home Buying With A Friend Tag: real estate law

Posted by Niels Madsen on April 12, 2017

Estimated Read Time: 6 minutes

In today's competitive west coast real estate market, many solo young adults and students are having difficulty getting the funds for a down payment on a home, forcing them to rent or otherwise settle for less. Sometimes parents won't or can't assist their children with co-signs or payments. Sometimes those in casual relationships don't like the idea of sharing property value with someone they might not be together with in a few years.

Whatever the reason, more and more people are considering co-buying with good friends or family members. Unlike co-operatives, where buyers purchase shares in a corporation that owns the building, co-ownership lets buyers purchase a percentage of the property title and become "owners in common" of the same home.

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