As a Comox Valley home buyer are you aware of things such as:
- The BC government programs that may be applicable to your Comox Valley home purchase.
- The real estate information available from the Canada Mortage and Housing Corporation.
- The mortgage loan insurance from CMHC, Canada Guaranty, and from the Financial Consumer Agency of Canada that you could use as a real estate buyer.
- The Property Transfer Tax that applies when you purchase or acquire an interest in a real property in British Columbia
- The tax implications associated with a non-resident purchase of Comox Valley real estate.
Sometime people start looking at homes and inside homes before they deal with their own personal financing. This is not a good thing. It is important to know how much money you can afford to spend on a home before you start looking for a home. Think of it this way. You just found the home that meets all of you real estate needs and some of your more important wants. You then decide to put an offer in on it. In doing so, you find out that you do not qualify for the amount of money that you need to buy the home. When this happens you are dealt adversity and disappointment. Why not avoid this by taking the following steps:
- If you have a Comox Valley home to sell, place it on the real estate market to sell before you start looking to buy your next home.
- Get financially pre-qualified (and perhaps also pre-approved) using a Comox Valley mortgage broker. If you are not sure what the difference is between the two, contact Brett and ask him to guide you through this process.
- Begin casually looking online for your next Comox Valley home to get a sense of what is available and in what price range.
- After you home sells (meaning when you have an accepted unconditional offer) contact Brett and let him know.
As a buyer, are you aware of the difference between a mortgage broker and a mortgage officer with the bank that you currently deal with?
The RE/MAX Fit to Buy Program is a compilation of tips for Comox Valley home buyers. The program comprises the video below, an e-book, and a checklist.
Watch the RE/MAX Fit to Buy Video and see if you are prepared to buy.
Comox Valley Home Buyer Considerations – What Buyer’s Need to Know
Consider the “6 Common Mistakes made by Comox Valley Home Buyers”
Comox Valley Home Buyers Mistake #1. Not Getting Pre-Qualified for a Mortgage
Before looking for your next home take the time to get pre-qualified by the bank or mortgage broker you choose. This home purchaser info can save you hours of searching for homes in the wrong price range or worse, purchasing a home and then finding out you don’t qualify for financing. Pre-qualifying gives you peace of mind, helps narrow your search criteria and most importantly, gives your RE/MAX agent a negotiating edge by being able to alleviate the sellers concern over financing. The latter is especially important should a competing offer surface.
Comox Valley Home Buyers Mistake #2. Not Shopping For Mortgage Terms
Rates are negotiable! Banks will sharpen their pencils or take out their mortgage calculators to get your business especially if you have a good credit rating and bring other business to them e.g. RRSP’s, general account, savings etc. Posted rates should viewed as a starting point. You need to know what the best rate is and this is usually done by get competitive quotes. Also, ask whether the bank will cover appraisal fees, and about buy-out fees, penalties, payment options, portability etc. The time spent can save you thousands of dollars over the life of the mortgage.
Comox Valley Home Buyers Mistake #3. Not Getting Professional Inspections
Future homeowners need to know this. Nobody wants to purchase a home only to find out later there are defects, latent or otherwise. Ensure you obtain inspections where needed e.g. home inspection, structural engineer, insect, radon etc. If the inspection identifies deficiencies you may be able to negotiate the purchase price to cover required repairs or make your satisfaction of the inspection subject to the homeowner remedying the problem. Your RE/MAX agent can advise you on inspections you should consider.
Comox Valley Home Buyers Mistake #4. Not Using A Professional Real Estate Agent.
Your RE/MAX agent can help you make a purchase with the least amount of problems. He or she can ensure the price you pay is market value. They can offer expert advice on what to look for, conditions to include, negotiation strategy etc. After all, they work for you.
Comox Valley Home Buyers Mistake #5. Buying First Before Selling
If price is important you should always sell your present Comox Valley home before buying another. It has the advantage in letting you know exactly how much money you will have available for your next purchase. Selling your home first allows you to place fewer conditions on your purchase which makes your offer more attractive to a seller. They often will demand more money to take a “subject to” offer which takes their home off the market. The other advantage is if you find a terrific house, chances are others will also find it attractive and you stand to lose it if you can’t make an unconditional offer.
Comox Valley Home Buyers Mistake #6. Not Knowing The Full Cost Of Home Buying
Know all the costs associated with your purchase. Consider the following costs: legal fees, transfer tax, property taxes, new home landscaping, fencing, appliances, window coverings, etc.
There are, of course, many other considerations that are unique to each buying situation, home, and property. Comox Valley home buyers I am ready to help you throughout the buying process. Contact me to discuss these issues further so that we can get started on finding you the home or property in the Comox Valley that best meets your needs.