BUYING
Let us 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. Once you have determined that you are ready to move forward with the required effort towards your home-purchasing goal, the rewards are unquestionable.
With each step of the way, we 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. We 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 included in the actual purchase.
We are familiar with the current homes on the market, as well as values within the neighbourhood, so we can help you determine which properties are fairly-priced and in good condition before you start your search.
GET STARTED!
FIRST STEP
Your first step to buying a home is to first ask yourself why you want to buy a home? Think of yourself as zeroing in on a target, going from the general to the specific. Consider area (city, suburban); community; neighbourhood (settled or new; a particular school zone; recreational facilities; and other community services). Think about home styles. How much space do you need? Consider size and kind of property. Do you want a newer home, or maybe an older one to fix up?
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 us and we will refer you to a mortgage professional that has an excellent reputation and track record for successfully acquiring loan approval for his/her clients.
WE WILL FIND THE RIGHT HOME FOR YOU
Once you’ve been pre-qualified and know what price range you want to stay in, we will help you determine which properties fit your needs by using the (MLS) Multiple Listing Service system as well as our vast network of industry contacts to locate them. We have the best possible resources and communication systems available today to help you locate the homes on the market that match your specifications.
WE WILL HELP YOU EVERY STEP OF THE WAY
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.
HOME PURCHASING COSTS
What are the Costs Associated with a Home Purchase?
- Home Inspection: $400 (for a condo) to $800 (for a large house)
- Mortgage Appraisal Fee: $150 to $300
- Mortgage Processing Fee: $85 – $125*
- CMHC Loan Insurance Fee
- Property Transfer Tax: 1% on first $200,000, 2% on Balance*
- GST: G.S.T. is payable on the purchase price of newly constructed or substantially renovated residential homes.
Substantially renovated is defined in the legislation as the removal or replacement of most of the house construction components except for the foundation, external walls, interior supporting walls, floor, roof and staircase.
GST is charged at 5% on top of the total purchase price
- Misc. Adjustments*
- Moving Expenses
- Property Transfer Tax:
1% on the first $200,000, and
2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and
3% on the portion of the fair market value greater than $2,000,000.Exemptions:
First-time home buyers may be exempt from the PTT under the BC First Time Home Buyers’ Program if they meet specific conditions, for example, the price of the home they buy is up to $475,000. There is a proportional exemption for homes between $475,000 and $500,000. At $500,000 and above, the rebate is nil.
Qualifying buyers of new homes may be exempt from paying the PTT if the purchase price of their home is priced up to $750,000. There is a proportional exemption for homes priced between $750,000 and $800,000. At $800,000 and above there’s no rebate. Foreign Buyers Tax:
The tax on property transfers to foreign entities is 15% of the fair market value of the foreign entity’s proportionate share of a residential property located in whole or in part in the Greater Vancouver Regional District, excluding Tsawwassen First Nation lands. This tax applies in addition to the general property transfer tax.
* Typically there are no mortgage processing fees, however if you are dealing with CMHC there is a fee.
* Miscellaneous Expenses are adjustments made to allow for property taxes, condo fees etc.
FINANCING YOUR PURCHASE
In an active market it’s smart to be prepared to make an offer by arranging your financing ahead of time. Pre-qualifying can save you headaches and heartaches of someone else beating you to the purchase of a home you have your heart set on while you are still working on your financing.
Many buyers see information about pre-approval and think that going through the pre-approval process is enough to streamline their home purchase. It’s not true!
Pre-approved does not necessarily mean you will get your financing…pre-approval means your rate is guaranteed for a specified period of time, but it does not mean that you qualify for the mortgage.
Pre-qualified means your rate is confirmed and your employment income, credit and debt levels are within the limits of the financial institution. The mortgagor will at that time be able to tell you how much you can borrow and in what price range you should be shopping. Then you can be confident that when you find your dream home, you are prepared to make an offer and once accepted, proceed with the purchase.
Knowing the right steps can simplify the process of purchasing your dream home and cut down on your stress and confusion with the often unfamiliar purchasing process.
Our mortgage specialist will contact you and ask you to fill out a mortgage application form. Once this form is filled out, it will be submitted to banks, credit unions and trust companies for them to bid on your business. Typically the final rate set will be .5% to 1% below the posted rate the institution would have charged if you walk in off the street. Mortgage specialists are available as a service to you, at no charge. They are paid by the financial institution.
“Very knowledgeable, professional and committed to quality service. I will always speak highly of the experience!”
“Honestly, a wonderful experience from start to finish! I felt like we were old friends and you “got me” from the get-go. You were friendly, had patience, hilarious (in a good way) enjoyable, easy, insightful and all around superb!”
“Scott has a wealth of knowledge and a solid reputation that precedes him. We were very confident to have him go to bat for us when it came time to place an offer on our home.”
