Spotlights

Mona Arora: Meet the Strata Queen

Darpan News Desk, 16 Mar, 2018 02:15 PM

The talented realtor’s passion and expertise lie in strata work for condos and townhouses. “My work at Strata Queens is taking pride in knowing the stratas.”

A well known investor philan-thropist once said, “The best investment on planet earth is earth,” a statement that realtor Mona Arora (PREC) firmly believes in. A distinguished name in the South Asian community, Arora is the founder of Strata Queens and specializes in townhouses, condos, apartments and offices. With professional experience of more than a decade, Arora is counted among the top real estate agents in the market. An expert in the field, she mainly works in the Surrey, Langley and Cloverdale market and has immense knowledge about selling, buying and investing in property.

Arora’s personal experience sparked an interest in real estate which soon turned into a full-time, successful career. “I bought my very first house in 1997 and my real estate transaction went sideways twice. So I decided to be a realtor so that others don’t have to go through the stress that I went through.”

The talented realtor’s passion and expertise lie in strata work for condos and townhouses. “My work at Strata Queens is taking pride in knowing the stratas.” Arora provides potential clients the right resources to make their home-buying process simpler, from tools to estimate mortgage payments to buyer resources and articles; she knows the workings of the industry and helps clients make an informed decision, promising a stress-free process.

Having witnessed the dramatic change in the real estate market first-hand, Arora asserts that it is never too late to buy. She shares a few tips for those exploring the real estate market:

Those who are house-hunting, take the step, even if it is a baby step. At present, if your mortgage and down payment can only accommodate a condo, don’t delay it. It is never too late to get into the market and there is no such thing as when the time will be right.

Having mortgage in place is very important. It is an ‘ACT FAST MARKET’ right now, so knowing how much one can afford is very important. However, my biggest advice is that though you can afford the house and the initial down payment, be realistic and make sure you are comfortable making payments each month. Mortgage payments should be such that it should excite you when you pay it rather than draining you and your account. Keep your future needs in mind – don’t make the decision in excitement of owning a big house. Make sure you have enough to enjoy life.

For investors, as much as you want to buy real estate, keep selling as well because you can build your equity. Sell it and see where else in the market can you get high returns. I have clients that are selling in Surrey and buying investments in other parts of Fraser Valley. This would also be a good time for investors to sell their investment condos that are ready, because we are seeing the trend of Burnaby, Vancouver, West Vancouver and North Vancouver moving this way.

Once you sell, get into presales. Buy something that is available at today’s market rate and has long-term potential once it is built. However, with presales, know the ins and outs of the project, like the developer, project quality, financial situation, and future developments around the area. There is a lot to understand before investing in certain development projects.

Consult a realtor of your choice and check what the value of your current home or investment is; keep yourself informed about the market so that you can decide whether you are ready to sell or not. If you are thinking of buying or investing again, contact a real estate professional and see what your options are. Sometimes even if you have to move to another location, do it, but get into the market.