Let me help you every step of the way.
When purchasing a home, you are faced with a multitude of decisions! The primary one is whether you are actually prepared to purchase a home. Locating the perfect home is not always an easy task, and obtaining a mortgage loan can be a complex and tiring process. Although, once you have determined that you are ready to move forward with the required effort towards your home-purchasing goal, the rewards are unquestionable.
While at your side each step of the way, I will make the process of purchasing a home easier, more enjoyable, less time-consuming, and less expensive than if you undertook this challenge on your own. I will help you prepare so that sellers perceive you as a preferred buyer, help you locate and assess properties for sale that match your specifications, and help you through the myriad of details attending the actual purchase.
I am always familiar with the current homes on the market, and I know neighborhood values well, so I can help you determine which properties are fairly-priced and in good condition before you start your search.
Your First Step
Your first step to buying a home is to first ask yourself why you want to buy a home: to stop paying rent? To start building equity? To have a place of your own? To raise a family? To entertain business associates? To move up to a bigger house? Next, list what kind of home you'd like and where you would like to be. Be specific. Separate the "must haves" from the "want to haves."
Think of yourself as zeroing in on a target, going from the general to the specific. Consider area (city, suburban neighborhood, country); community (north, south, east, or west side); neighborhood (older and settled or sparkling new; a particular school zone; recreational facilities; and other community services such as transportation, day care, library, stores, entertainment). Ask yourself how many minutes you are willing to commute to work.
Think about home styles. How much space do you need? Does your situation require a one-level home, or are stairs acceptable? Consider size and kind of property. Do you want a newer home, or maybe an older one to fix up? Someday you or your heirs will want to sell. Consider how long you expect to live in this particular home.
Your Next Step: Loan Pre-Qualification
Once you have addressed the above needs, your next step in the purchasing process is to get pre-qualified with a mortgage company. This can be done over the phone or even online in a matter of minutes.
Call me and I will refer you to a mortgage professional that has an excellent reputation and track record for successfully acquiring loan approval for his/her clients.
I Will Find The Right Homes For You
Once you've been pre-qualified and know what price range you want to stay in, I can help you determine which properties fit your needs by using the (MLS) Multiple Listing Service system to locate them.
I have the best possible resources and communication systems available today to help you locate the homes on the market that match your specifications. You can even search my listings here at my website.
I Will Help You Every Step Of The Way
I will help you complete your financing and inspections, and close on the transaction. My top priority is to make sure that your home buying experience is pleasant, cost-efficient, and successful.
Costs to be Aware of When you Buy…
Payable when you remove all conditions from your offer to purchase. It becomes part of your down payment.
Down payment becomes part of your purchase price.
*Property Transfer Tax (PPT) : 1% of first $200,000 and 2% on the rest.
If you qualify, First Time Buyers may be exempt for purchases up to $475K and a sliding scale between $475-$500K.
*Goods & Services Tax (GST) 5% applicable on NEW home purchases.
BC new housing rebate: For Information
Consult a lawyer or notary.
Legal costs for buying a new home with a mortgage are approximately $750 – $1000 for a Lawyer or Notary Public.
It is important to understand what is or is not included in an advertised conveyancing fee as they soon add up. Ask the Lawyer or Notary what additional charges are not included in their fee, such as registering the mortgage, land title transfer registration fee and miscellaneous office disbursements (photocopying, courier, Fax etc)
Services fees also have both GST and PST charged.
*Property Survey (if required):
$750 – $1000
A survey indicates the boundaries and measurements of the land and positions of major structures, and any registered or visible easements (such as a driveway) or encroachments (such as a neighbor’s fence) on the property.
*Form B Certificate:
When you buy a condominium, this document provides information about the condominium corporation’s financial and legal data.
*Home Inspection Fee:
The home inspector evaluates the structures and systems that make up your home and provides you with a written report. While not mandatory, many buyers make professional home inspection a condition of their Offer to Purchase.(may not apply if you are purchasing a new home)
* Mortgage Insurance:
Typically, lenders require mortgage loan insurance for loans made to anyone that wishes to purchase a home with less than 20% of the purchase price. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 80% of the value of the home or purchases with less than 20% down payment.
*Adjustments / Disbursements:
There a some closing adjustments which have to be calculated to cover items such as municipal property taxes, municipal water and sewer fees, strata maintenance fees, rent and security deposits.
Each of these items will be pro-rated by your lawyer or notary.
i.e. Municipal taxes [$ total for year /365] x # of days until the end of the year.
If your loan is not insured, your lender may require a property appraisal at your expense. A basic appraisal for mortgage purposes will probably cost between $150 and $250. Actual cost should be confirmed as it may vary with the location and complexity.
*Land Survey Fee:
Lenders may require a property survey for detached homes. Costs vary.
Protection for your home!
*Prepaid Taxes or Utility Bills:
You will have to reimburse the seller on a prorated basis if some bills have been prepaid beyond the closing date.
Condominiums charge monthly fees for common-area maintenance. Fees range widely depending on the type of structure but will probably be at least a few hundred dollars.
**Please seek independent legal advice on these items**