B.FREE FOR BUYERS
If you are considering buying a home you have come to the right place. This is a big decision and while it can feel emotional, it is important to remember that this is a business decision.
I have the best possible resources, along with the Greater Vancouver Real Estate Board’s MLS® System to help you locate the homes on the market that match your requirements.
- Will you be living in your home fulltime, and if so, are you downsizing or upsizing?
- What size of a house do you want/need? What style?
- Is this home for an investment?
- Location -Do you want to move to another area, or stay in the same neighborhood that you are in?
- What about schools, local shopping, transit, or proximity to recreational activities and other amenities?
- Is a view important to you?
- Do you want a South facing back yard, or?
- Do you want a newer home or one you can renovate yourself?
After your list is created review it again, figure out which are “must haves” and which are “wants”. Knowing what you want will move you closer to finding your perfect home.
Pre-qualification for financing?
It is important to know in advance the amount of financing you will qualify for before starting to look for your dream home. We will create a budget based on knowing all the costs involved in buying a home so that you can set a realistic expectation.
The main home buying expenses are the down payment, the mortgage, and the completion costs. Current interest rates may also affect the amount you can afford. I will provide a list of mortgage experts who can help you through this process. The pre-qualification can be done over the phone, or even online in a very short time. Knowing what you can afford ahead of time will help you narrow down your choices of homes. Pre-approval also gives you leverage......sellers will see you as a serious buyer. You may even be able to negotiate a better deal without a subject to financing, and you can move more quickly when you find the house you want.
Conventional mortgages require a minimum of 25% of the purchase price as a down payment. Although you can’t borrow money for your down payment, gifts from family or friends can be used. And, you can borrow up to $20,000 from your RRSP if eligible. However, if you don’t have any other options high-ratio mortgages are available with up to 95% financing. Your mortgage broker will walk you through this process to determine if you qualify.
Most people will need to borrow a portion of the purchase price from a lending institution or bank. I can help you calculate how much you are eligible to borrow based on your income and level of debt. As a real estate investor myself, I am also skilled in finding unconventional ways to help you get financing…especially for investment properties. Make sure you register for our upcoming B.FREE WEALTH SEMINARS! Giving you the tools to make the right decisions in the fast paced Vancouver Market!
What about the extras?It is also important to factor in other additional costs. This includes:
- Legal/notary fees (typically range from $1000 to $2000)
- Home Inspection fees ($200 to $500)
- Home insurance which is a standard requirement by the mortgagor
- Property Transfer Tax (PPT) (1% on first $200,000 plus 2% on the balance of the purchase price)
- Adjustments for water rates and property taxes. Depending on the timing of your purchase, these fees will be calculated accordingly.
- HST – on new construction or substantially renovated homes (12% at this time, but please speak to your accountant for any updated information and rebate qualification).
- Maintenance Fees – if you are moving to a condominium or home with strata fees (common area maintenance).
- Utility hook ups – phone, electricity, natural gas, cable, etc.
- Moving Expenses Often times people, especially first time home buyers, don’t know about, or forget to factor in these costs. Better to factor them in now to avoid the surprise later on.
Needs vs. Wants
During this discovery process we will review your needs, desires and wishes for your future property. In this way we will be sure to be viewing the right properties, in the best neighborhoods, at the best price.
Considerations for real estate growth. Are there new amenities and developments being built nearby? What is the average income in the area? Is the area’s population increasing? What is the forecasted economic growth for the area? Remember to keep an open mind! There are plenty of amazing opportunities out there for those with creative ideas!
How I Can Help YouThis is a journey that we will take together, every step of the way.
- Assist in determining your price range based on NEEDS VS. WANTS
- Compare homes and ask the right questions about the community.
- Give you smart informed feedback on the mortgage process.
- Give you access to information and features of the MLS.
- Research and preview homes. ~ Make appointments and accompany you in viewing homes.
- Offer a list of contacts for related services you may need, i.e.: lawyer, mortgage broker, home inspector.
- Negotiate, on your behalf, during the buying process, to ensure your interests are being served.
- Draw up a legally binding contract.
Let the Fun Begin!
Once you have pre-qualified for your mortgage, and we have found the home you want, the next step is to write an offer. I will work with you through all the specifics of the transaction (items you want included or excluded in the home or property, subject clauses to be added and deadline) and negotiate the best price and outcome possible.
"I will guide you through each step of the process from pre-qualification for financing, down payment, and mortgage to writing the offer and closing the deal…My team and I have one focus…and that’s you!"