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.

TO FIND OUT HOW MUCH OF A MORTGAGE YOU MAY QUALIFY FOR GO TO MY LINKS PAGE AND " CLICK ON " INCOME REQUIREMENT FOR MORTGAGE.

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.

Below is a Guide to Buyers expenses:

I"ve prepared this page to assist Buyers calculate the total costs to buying a home. These are some of the potential costs Buyers should be aware of :

1. PROPERTY PURCHASE TAX: The Property Purchase Tax or PPT is a provincial tax payable on all Real Property in British Columbia. This Tax is 1% on the first $200,000.00 of the purchase price, then 2% on any amount over $200,000.00. For Example: If a buyer buys a property for $500,000.00, the total PPT would be $8,000.00. This amount is due and payable on the COMPLETION DATE and is collected by the Buyers Lawyer/Notary.

First time Buyers are exempt from paying this Tax provided they meet the following requirements:

1. The price of the property purchased is $375,000.00 or less ( lower mainland )

2. The buyers downpayement is 30% or less of the total purchase price.

3. The mortgage term must be 1 year or longer.

4. The  mortgage must be held by a valid lending institution - mortgages held by parents do not qualify.

5. The maximum amount the buyer can buy down the principal amount is $13,000.00

6. Buyers must have been a resident of British Columbia for at least 1 year prior to purchase.

7. Buyers must not have owned any property anywhere in the world. If only 1 buyer qualifies, then only their portion of the purchase will be eligable for the exemption.

8. The buyers must live in the home for a minimum of 1 year following the completion.

9. Exemption applies only on Residential Properties up to 1.24 acres.

2. Goods and Services tax:GST of 5% is payable on the purchase of any NEW HOME or any home that has been SUBSTANTIALLY RENOVATED. A buyer is entitled to a GST REBATE of 36% of the 5% tax if the buyer or a relative of the buyer will be moving into the new home and making the home their permanent residence. The full GST rebate is available only on residential premises priced at $350,000.00 or less. Buyers of new  or substanially renovated residences priced between $350,000.00 and $450,000.00 are entitled to a gradually reduced rebate that is determined by the purchase price of the property. Buyers of new or substantially renovated residential premises sold at $450,000.00 or more are not eligible for any rebate.

3.Legal Fees: This is the amount of legal fees paid to the buyers lawyer or notary. You should budget around $500.00 for a purchase with one mortgage.

4. Dispursements: Are the out of pocket expenses incurred by the lawyer or notary on behalf of the buyer. It will include various Land Title Searches. tax searches, courier costs, postage, photocopies, long distance calls, filing agent fees etc. You should budget around $250.00 for a purchase with one mortgage. 

5. Filing Fees:  The Government charges $64.50 each to file the transfer and mortgage. ( included in dispursements )

6. Insurance Binder: This is a requirement by Lending Institutions to ensure the buyer has arranged FIRE INSURANCE on their new home. Proof of insurance coverage by way of a insurance binder is necesary and the average cost will range between $25.00 to $35.00

7. Survey Certificate:Usually Lending Institutions will require a SURVEY CERTIFICATE to confirm the house does not encroach or cross over the Property Line. Quite often the seller will have a survey certificate that they can give the buyer, especially if the seller has a mortgage on their property. If the buyer has to have a survey done, the cost is approx. $200.00 to $350.00. Surveys are not necessary on a strata property or condominium. Some Lenders will accept Title Insurance in lieu of a Survey Certificate at a cost of approx. $150.00

8. Form F Certificate: When a Strata Property or Condominium is purchased a Form F is required. This certificate is issued by the Strata Corporation in order to confirm that the previous owner does not owe money to the Strata Corporation. This cost usually ranges from approx. $40.00 to $60.00

9. Adjustements : Adjustements usually deals with the PROPERTY TAXES paid to the City or Municipality. These prepaid expenses need to be prorated between the seller and buyer. The amount paid will be adjusted as of the ADJUSTEMENT DATE and one party will be required to reimburse the other. For Example: If the purchase occurs before taxes are paid to the city or municipality, the seller gives his share of the years house taxes to the buyer. If the sale completes after the taxes are paid to the City or Municipality, the buyer pays his share of the years house taxes to the seller.

10. Building Inspection: Most buyers now days make it a condition of their purchase to have a Proffessional building inspector go through the house to see if there are any MAJOR DEFECTS that would prevent the buyer from proceeding with the agreement to purchase. A building inspection can range between $300.00 to $500.00 depending on the size and age of the home and the building inspectors themselves.

This information is being provided to assist in the planning of the costs of buying a home. It is not intended to be legal advice. I recommend that if you are seriously looking to buy a home, contact a few lawyers and/or notaries and ask them their cost break down.