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You are about to embark on an exciting journey. Buying a home is a process. I am here to guide you through the process and to help you make an informed decision. Whether you are buying your first home or your third home, a retirement home, or an investment property, I will make your home-buying experience a successful one.
I specialize in all types of local residential real estate, including all listed new and resale property, unlisted new projects or private for sale by owner properties. If you need information on any property give me a call at 604.939.6666 and I will be happy to answer any questions you may have.
Should you decide to hire me as your REALTOR® you can count on first-class service and results. I will save you time by understanding your needs and only showing you properties that match your buying criteria. No more looking at homes that are obviously not what you are looking for. I will save you money. As an experienced negotiator I will make sure you pay the absolute lowest price possible. And finally I am here to make your life easier. I work with a team of professionals including lawyers, notaries, mortgage brokers, home inspectors, movers, insurance agents and the list goes on. I will assist you in all areas of the home buying process.
To help you get started I have listed a few answers to common questions. If you have any others, please let me know.
What can you afford?
Before you start looking it's important to know what you can afford. By knowing this you will save time by eliminating those homes out of your price range and will help you narrow your search by clarifying neighbourhood and type of home. If you require financing it's crucial you obtain a mortgage pre-approval as soon as possible. The two main reasons are:
- When you are pre-approved your interest rate is locked-in at todays interest rate. If rates rise tomorrow you are not affected by this increase because you are locked-in.
- In the current sellers market, competing offers are a common occurrence. Imagine you have found your dream home. You decide you would like me to write an offer for you. While writing the offer I learn that another buyer is also interested in the property and that your offer will be competing with another offer. You will be in a much stronger negotiating position if your financing has already been arranged.
There are a number of factors to consider when obtaining a mortgage pre-approval:
- What type of mortgage is best for you?
- What should the amount of the down payment be?
- Are you eligible for an RSP homebuyer withdrawal?
- There may be a fee for the mortgage application and an appraisal fee
- Documents needed to secure a mortgage include:
- A copy of the real estate listing of the property OR for a new home, the builders plans, lot size and location
- A copy of the offer to purchase
- Documents confirming employment, income and source of pre-approval
What kind of home are you looking for?
Homes come in all shapes and sizes, with features that might or might not be important to you. To help you distinguish between 'Need to Have' features and 'Nice to have' features I have created the following HOME SEARCH CRITERIA FORM in Adobe Acrobat PDF for you to download and print.
This form, along with the information you share during our initial consultation, will enable me to narrow the search and focus in on that perfect home. I will take this information and enter your requirements into the Multiple Listing Service® (MLS®) system. I will use my personal market knowledge to come up with a list of homes that best meet your needs and wants.
I would also encourage you to register for daily email updates of Just Listed homes that match your buying criteria. For more information click here.
As a REALTOR®, what services do I provide?
In short, I make your life easier. I will:
- Assist you in obtaining mortgage financing
- Advise you of costs such as legal fees, legal disbursements and closing costs
- Advise you of down payment options
- Identify communities and homes most suited to your needs
- Research all MLS® listings to find the right home for you
- Notify you as soon as new listings become available
- Advise you when homes are overpriced
- Provide information on properties and accompany you as an adviser when suitable properties are shown
- Promptly present offers and negotiate on your behalf. This sometimes involves numerous counter-offers
- Guide you through the process of dealing with multiple offers
- Arrange an inspection
- Guide you through the process from offer to closing. This includes facilitating the completion of all paperwork and monitoring all closing activities
- Keep you informed throughout the entire purchase process
Should a home inspection be arranged?
A home inspection is definitely recommended. By hiring a home inspector prior to purchase, you will protect one of the most important investments of your life. A home inspection will reveal the structural and mechanical soundness of your home. The report will advise you of:
- Existing and potential problem areas
- Suggested solutions
- Cost estimates for any work required
I would be happy to recommend a qualified home inspection service or arrange for an inspection to assess your new home. Inspection costs range according to size, age and location.
What are the closing expenses?
Purchasing a home involves one-time costs and monthly expenses. The
largest one-time cost is the down payment. It usually represents between 5-25%
of the total price of the property. In addition
to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed below:
HST: HST of 12% (5% federal component plus 7% provincial component) will apply to new residential housing. For more information on HST and GST rebates click here.
Property Transfer Tax: This tax is 1% on the first $200,000 of the sale price and 2% on the remainder. First-time buyers may be exempt from paying this tax.
Prepaid Property Taxes or Utility Bills: You will have to reimburse the sellers for any prepaid property taxes or utilities.
Mortgage Insurance: If you get a high-ratio mortgage (a mortgage where you pay less than a 20% down payment) you will have to buy mortgage loan insurance from CMHC or a private company. The insurance premium usually gets added to your mortgage.
Mortgage Application: CMHC's standard fee is $235. CMHC also offers a basic service for a $75 fee but it must be accompanied by an appraisal.
Appraisal: Before your lender approves your mortgage, you may be required to have an appraisal done. Sometimes your lender covers this cost otherwise you are responsible for covering this cost. The fee ranges from $150 to $350.
Survey: Your lender may require an up-to-date survey of the property. If the seller did not provide you with one, you will have to pay to have one done. The fee ranges from $150 to $350. Alternatively Title Insurance can be purchased.
Home Inspection: Most REALTORS® recommend that you obtain a home inspection by a certified home inspector. It will cost you from $200 to $400 for a smaller house. Large houses may cost more.
Legal Fees: Lawyer and Notary fees for closing the sale range according to the complexity of the deal but they will probably be at least $400.
Disbursements to Land Titles Office: These fees are approximately $300. Your lawyer or notary will arrange this payment.
| Expense |
Paid |
| Mortgage Application Fee |
At time
of application |
| Appraisal
Fee |
At inspection |
| Property
Inspection (optional) |
Closing |
| Legal
Fees & Disbursements |
Closing |
| Deed
and/or mortgage registration |
Closing |
Property
Survey
(sometimes provided by seller) |
Closing |
| Land
Transfer Tax |
Closing |
| Property
Taxes |
Closing |
Mortgage
Interest Adjustment and
Take Over Fee (if applicable) |
Closing |
| Adjustments
for Fuel, Taxes, etc. |
Closing |
Mortgage
Insurance
(if applicable) |
Closing |
| Home
and Property Insurance |
Closing
& on-going |
Connection
charges for utilities
such as gas, water and electricity |
Date
of move |
| Moving
Expenses |
Date
of move |
|
Other
costs may include landscaping, redecorating, furnishings, appliances and repairs.
Typical
monthly costs incurred with home ownership are mortgage payments, maintenance,
insurance, condo fees, property taxes and utilities. Sometimes the cost of utilities such as water and sewer are included in property taxes, sometimes they are billed separately.
Articles/ Documents
- Buying a Home in BC
by the Real Estate Council of British Columbia (View PDF)
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