Buying

Let me help you every step of the way when purchasing Vancouver Island Real Estate.

When purchasing a home, lot or any type of real estate, 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 by searching every day the new listings and sales, 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. I attend Multiple Listing tours, office meetings and office tours to always be knowledgeable about all the new listings that come on the market.

Your First Step in Buying Vancouver Island Real Estate.

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 (Vancouver Island, city, suburban neighborhood, country); community (Parksville, Qualicum Beach, Nanoose, Coombs, Errington, Bowser, Deep Bay, 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.

Buyers Completion Cost Guide

GST - If you buy a newly constructed home, you must pay the 5% GST. However, if your house is less than $450,000 you may be eligible for a rebate. There is no GST on resale housing unless there have been substantial renovations to the property.

Property Transfer Tax -

PTT (sometimes called PPT) is a sales tax charged by the BC Government on all transfers of real estate in BC.

The PTT rate is determined as follows:

1% on the portion of the price under $200,000
2% on the portion of the price between $200,000 and $2,000,000
3% on the portion of the price over $2,000,000

PTT is not calculated on the GST component of the price, for sales where GST applies.

First Time Home Buyers Exemption

First time home buyers pay no PTT on homes with a purchase price of $475,000 or less, but they pay full PTT on homes with a purchase price above $500,000.
If two people buy a home together and one is eligible for the First Time Home Buyers’ Exemption and one is not, then PTT will be charged proportionately to their ownership shares.
Purchasers claiming the First Time Home Buyers’ Exemption must live in the home for at least the first year after purchasing the home.

Newly Built Home Exemption

The Newly Built Home Exemption reduces or eliminates the amount of PTT a purchaser pays when purchasing a newly built home, including houses, apartments and townhomes.
The purchaser is not required to be a first time home buyer to qualify for the Newly Built Home Exemption.
Purchasers buying a newly built home pay no PTT on homes with a purchase price of $750,000 or less, but they pay full PTT on homes with a purchase price above $800,000.
Purchasers claiming the Newly Built Home Exemption must live in the home for at least at least the first year after purchasing the home.

Prepaid property tax or utility bills - You will have to reimburse the sellers for any prepaid property taxes or utilities.

Mortgage loan insurance & application fee - If you get a high-ratio mortgage (a mortgage where you pay less than a 25% down payment) you will have to buy mortgage loan insurance from CMHC or a private company. If you qualify for a 5% down payment, CMHC charges an insurance fee that equals 3.25% of the mortgage. If you put 10% or 15% down, your insurance fees will decrease to 2% and 1.75% respectively. The insurance premium usually gets added to your mortgage.

You will also have to pay an application fee. CMHC's standard fee is $235. CMHC also offers a basic service for a $75 fee but it must be accompanied by an appraisal.

Appraisal - Before your lender approves your mortgage, you may be required to have an appraisal done. Sometimes your lender covers this cost otherwise you are responsible for covering this cost. The fee ranges from $150 to $350.

Survey fee - Your lender may require an up-to-date survey of the property. If the seller did not provide you with one, you will have to pay to have one done. The fee ranges from $150 to $350.

Home Inspection fee - Most Realtors recommend that you get a home inspection by a certified home inspector. It will cost you from $250 to $400 for a smaller house. Large houses may cost more.

Legal fees - Lawyers/Notaries fees for closing the sale range according to the complexity of the deal but they will probably be at least $500.

Disbursements to Land Titles office - These fees are approximately $300. Your lawyer/notary will arrange this payment.