FAQ’s ready for website --- Dec 29
Buying a house
Q: When I want to buy at YES, will I be able to get a conventional mortgage?
A: Yes. Current owners have mortgages with our local credit union, Envision, and with Royal Bank
Q: Does YES provide financing help for house purchases?
A. We’d don’t offer formalized help at this time. However, some members of YES have indicated that they would be willing to offer second mortgages in some cases, to help incoming members purchase homes.
Q: How is owning a house at YES different than owning a house in a more conventional setting? Is it like a strata development?
A: Owning a house at YES is very similar to owning a home in a regular strata. Owning involves attending monthly meetings to manage the property, paying monthly fees and access to the common properties. One significant way that we are different, is that we are creating a sense of community, and our expectation is that all members will contribute to social well-being and maintenance of the village.
Q: Can I form a legal entity such as a company or co-op to buy a property at YES?
A: Yes.
Q. Are there commercial properties for sale?
A. We have commercial zoning at the front of the property on the main street of Yarrow. We have older buildings for sale and there are opportunities for constructing new ones.
Building
Q. May I build my own house? Do I have to? Can I hire my own contractor?
A. Yes, you may build your own house, hire an outside contractor or use some of the talented and experienced builders we have here in the village. At times, there will be houses, already planned, in process, or completed ready for you to purchase. You may wish to be involved with the building of your own house, but should understand it won’t necessarily save time or money.
Q. May I design my own house? Are there design restrictions?
A. There’s a qualified yes for a new design, if it falls within the guidelines provided by the Development team.
In most cases, you will choose your house from a pre-approved selection of floor plans and configurations, and if you’re early enough in the process, you may make adaptations and contribute to choosing your own finishing details.
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Q. What are financial steps I go through from choosing a lot, to moving in?
A. Upon being accepted as a Member, you will then make an investment of about $25,000 to secure a lot (it will be applied as a credit to the final house price). The next stage is construction financing... you may finance that with your own cash, or a loan secured by your own assets from outside YES, or YES will apply for a construction loan with Vancity (or alternative). Vancity offers construction loans to YES based on member’s ability to qualify for conventional (’take-out’) mortgage from another lender. RBC and Envision are possible mortgage lenders.
Q. What ‘green’ features will my house have?
A. So far the builders are using an energy efficient building, smaller home sizes and longer lasting materials as the main green features. We are always open to more ideas.
Selling
Q: When I decide to sell my property, can I decide the sale price myself or will YES have restrictions on resale price?
A: The seller sets the price. There are no restrictions on resale price.
Q: When I sell, can I use a realtor, sell it myself or is there a process provided by YES?
A: As long as you sell to a person approved by the Membership Team, you may find your own buyer, sell using a realtor, or sell to incoming members on a waiting list.
Renting
Q. May I rent out my house?
A. Yes. You may rent to anyone approved by the Membership Team.
Q: Providing I choose someone suitable, may I decide myself how much I may charge tenants for rent, or will YES determine the rate?
A: The owner decides on the rent.
Q: What rights and responsibilities will tenants have?
A: Rights include use of common areas and responsibilities include participation in the social maintenance of YES. Tenants will also have rights to participate and make decisions in meetings with "living here" issues. When in doubt, and if not covered in YES agreements, we will refer to the BC Tenancy Act
Q: If I own property at YES, and live off site, what restrictions rights, responsibilities and expectations are there for me?
A: The rights and responsibilities are the same for all owners.
Leaving my house in my will
Q: May I leave my house in my will to my estate?
A: Yes you can.
