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.
Real Estate Closing Costs in British Columbia
When buying a home or investment in British Columbia there are some additional costs to be aware of. Having a Vancouver Realtor who can keep you informed on these costs can save you time, money and stress!
PROPERTY TRANSFER TAX
Home buyers in BC pay a provincial Property Transfer Tax (PTT) when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder up to and including $2 million. The PTT is 3% on amounts greater than $2 million
Buying your first home? You may qualify for some Tax exemptions! Ask your mortgage broker if you qualify for any goverment programs.
MORTGAGE DEFAULT INSURANCE AND APPLICATION FEE
If you get a high-ratio mortgage (less than 20% down payment), you must buy mortgage default insurance from CMHC or a private company. An insurance fee will be charged that varies according to the amount of the down payment (5%,10%,15%). This insurance premium is usually added to the mortgage of your Condo. You will also have to pay an application fee which may vary from $165-$235.
Your mortgage lender may require an appraisal of the condo. This can vary from $150-$350 depending on the location and type of the property. These costs are generally absorbed by the lener, but if not then ask.
Most Realtors will recommend that you include a Condo inspection as a subject in your offer. Costs may vary from $350-$500 with larger homes costing more.
This is included in your strata fees for Condo owners. Home owners will want to get insurance before closing on the home.
PREPAID PROPERTY TAXES OR UTILITIES
You must reimburse the Sellers for any prepaid taxes or utilities on your Condo. These costs appear in the Statement of Adjustments prepared by your lawyer or notary.
Lawyer/notary fees vary according to the complexity of the transaction. Condo transactions are a bit more complex. Fees may vary from $650 for a simple transaction to $1500 and possibly higher.