Let us help you every step of the way.
When purchasing a home, you are faced with a multitude of decisions!Whether you are buying your first home, moving up or downsizing, the primary decision is whether you are actually prepared to purchase a home. 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 move up to a bigger house or to downsize?
Making those decisions can be the most difficult part of the process. From that point on, we will be there to guide and advise you along the way and to make sure that no stone has been left unturned.
Your First Step: Get Prequalified
Your first step in the purchasing process is to get pre-qualified with a mortgage broker. This can be done over the phone in a matter of minutes. Call us and we will refer you to a mortgage broker who has an excellent reputation and track record for successfully acquiring loan approval for our clients. We suggest talking to your own bank to get their best rate. Ask how long they will guarantee that rate as this can be an important factor. Most often, our mortgage specialist's rates are the lowest available. This can save you thousands of dollars in interest payments! With your finances ready and in place, you will be able to view the properties that best fit your particular situation, with payments that you are comfortable with.
Your Next Step: Where? and What?
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 about home styles. Detached, townhome or condo? How much space do you need? Does your situation require a one-level home, or is a two or three level home preferable? Do you want a newer home, or maybe an older one? Consider how long you expect to live in this particular home - is it a stepping stone to something else or will it it be home for many years to come?
We Will Find The Right Homes For You
Once you've been pre-qualified and know what price range works best, we can help you determine which properties best fit your needs.
We 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 all the listings here at our website. In a busy market, it is not unusual for the best properties to already be sold by the time they reach the MLS website. However, once we have established your personal parameters, we can email you daily, any new listings before they appear on the MLS website! Our program can have the new listings delivered to your computer by 5:00 o'clock each morning!
We Will Help You Every Step Of The Way
The negotiating process is our bread and butter. Nobody will work harder to find you the perfect home negotiated at the best possible price. We will give you all theinformation you need to make the right decision and we'll make every effort toensure positive results. We will help you complete your financing and inspections, and close on the transaction. Our top priority is to make sure that your home buying experience is pleasant, cost-efficient, and successful.
Some Buyer's Expenses to Remember
When buying a home, nothing is more frustrating than getting 'hit' with all the unexpected little bills along the way. The following is a list of the expenses that you should be aware of.
Home Inspection: In almost every situation we would recommend obtaining an inspection report from a professioal, certified home inspector. The inspector goes through the property in great detail and will supply you with a full written report explaining the condition of the property from the foundation to the roof top. These inspections usually range between $300 and $500. We have a number of reputable, experienced inspectors on file who we can pass along.
Appraisal Fees: The bank that is providing you with your mortgage funds will require an independent appraisal to substantiate market value for the property you want to purchase. Some lenders will charge for this while others will not. Ask your lender if they will waive this fee, it is usually about $250.
Property Purchase Tax: The property purchase tax (PPT) is payable on thepurchase of all real property in British Columbia. The tax is 1% of the purchase price up to $200,000 and 2% of the amount above the $200,000. First time homebuyers do not pay this tax, call us to determine if you are exempt.
Goods and Service Tax:(GST) GST of 7% is payable on the purchase of any new home or any home that has been substantially renovated. However, a buyer is entitled to a GST rebate of 36% of the 7% tax if the buyer or a relation of the buyer is moving into the new home and making the home their permanent residence. The full GST rebate is available only on residential premises priced at $350,000 or less. Buyers of new or substantially renovated properties priced between $350,000 and $450,000 are entitled to a gradually reduced rebate that is determined by the purchase price of the property. Buyers of new or substantially rerenovated properties sold at $450,000 or more are not eligible for any GST rebate.
Legal Fees: These are the fees paid directly to your Lawyer or Notary. However, a Notary cannot give legal advice. Legal advice includes explaining the effect of amortgage, explaining the consequences of a default on a mortgage, explaing buyers' options if a seller was to back out of a contract and determining if a contract is binding. When viewed in this manner, we believe most buyers will elect to retain the services of a Lawyer who specializes in Real Estate transactions. Expect legal fees to be about $500 whether you choose a Notary or a Lawyer.
Disbursements: These refer to any out of pocket expenses incurred by the Lawyer or Notary on behalf of the Buyer. Examples would include Land Title Searches, tax searches, courier costs, photocopies, postage etc. Disbursements will average about $250.
Filing Fees: The government charges $55 each to file the transfer and to file the mortgage.
Survey Certificate: Generally, a bank or trust company will require a Survey Certificate to confirm that the house does not encroach over the property line. A seller will often already have a Survey, especially if the Seller had a mortgage on the property. Otherwise, a new Survey Certificate will cost approximately $350. Survey Certificates are not required when buying strata property.
Form F Certificate: This is required only when buying a strata property. The certificate is issued by the Strata Corporation in order to confirm that the previous owner does not owe the Strata Corporation any money. The Form F will usually cost about $60.
Home Insurance: We recommend setting up your home insurance a couple of weeks before moving in. The insurance should take effect on the date of completion. Rates can vary so you may want to get a few quotes from different insurance companies. The insurance companies may ask a few questions about the property that will effect the rates quoted such as the type of plumbing, heating and electrical and the proximity to a fire hydrant. If you are not sure just give us a call. The insurance company will charge a $25 binder fee which covers the cost of sending the documents to your lawyer.
Buy your home with us - there really is a difference!