Buying a home

You are facing with a multiple & complex decision when it comes to buying a home, So let me help you in every step. While finding that perfect home is not an easy task, one should consider: location, budget, lot size, condos by-laws etc. Once you’ve made the commitment to reach that home purchasing goal, the rest of the process can be fun & exciting!

Assisting you in every step of the way, I’ll make the process of purchasing a home in Vancouver more enjoyable, less time-consuming &less expensive than if you undertook this challenge. Having sold home in Vancouver for 17 years, I am always familiar with the news & trends on the market, I will help you determine which properties are fairly-priced & in good condition before you start your search.

 

Information for Buyers

Your first step to buying a home is to ask yourself why you want to buy a home? Get red of renting & build equity, up-sizing, down sizing, buying for rental or for retirement?

Next, list what kind of home you’d like to & where you would like to be. Be specific

Separate the “Must have” from “Want to have,” going from the general to the specific

Consider which area

  • City/Suburban neighborhood/Rural
  • Neighborhood;
  • Older & settled/Up & coming/School catchment area/Recreational Facilities/transportation/day care/Access to restaurant, shopping & entertainment.

 

Think about home styles

  • How much space do you need?
  • Consider lot size & kind of property
  • Do you want an older home to fix up or prefer a newer home
  • Consider how long you expect to live in this home.

 

Loan Pre-qualification

Get pre-qualified with a bank or mortgage company. There are many mortgage options & mortgage lenders so it is worth your time to shop around & compare or select a professional Mortgage Broker to do the job. (Be aware that your mortgage rates are only part of the financial costs , there are also various fees that lenders may charge: appraisal, Land title registration, Mortgage loan insurance & application fee- if you get a high-ratio Mortgage (where you pay less than a 20% downpayment), you will have to buy the mortgage Loan insurance from CMHC. For Fee descriptions, please visit: www.Cmhc-schl.gc.ca )

 

There are many factors that are involved in buying your home:

  • Knowledge of the real estate market and conditions of seller/buyers/balanced
  • Knowledge of all the processes involved in purchasing real estate
  • Network of professionals and specialists available to clients
  • Knowledge of local area, recent sales and comparative market analysis
  • Checklist to help you with all the details involved in purchasing

 

Land Title registration when selling/buyinga home

In British Columbia the title deed of your home is registered at the B.C Land Title and Survey Authority ( LTSA), it is legally obligated to confirm ownership every time a property is being sold, mortgaged, leased or statutory rights of way are created. LTSA is governed by legislation in the form of Land title Act. Link to land Title: Ltsa.ca Over the past 18 years, the land title system processed 15 million transactions.

 

Closing Costs

Property Transfer Tax (PPT): 1 % on first $ 200,000 & 2 % on remaining balance. This provincial tax is levied when property changes hand.

First Time home buyer may entirely exempt for purchase up to $ 475,000 and on a sliding scale between $475-$500K(If you qualify). Confirm the amount with your notary.

Good & Services Tax (GST) 5% applicable on all new home purchases. (including houses, duplexes, condos and townhouses.)

In BC, there will be GST Transition tax of 2 % in effect until April 2015 but it is dependent on the % built at the time of the transition from HST to GST. See BC transition tax on new housing.

(The Bc new housing rebate is not available where the tax become payable after March 31, 2013. Prior to this date see http://www.cra-arc.gc.ca/txJbsnss/tpcs/gst-tps/cnstrctn/nwhsng/bc/mxrbt-eng.html)

 

Lawyer/Notary Fees

Legal cost for buying a new home with a mortgage are app $ 900 -$ 1150 for a lawyer or Notary public.