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For Better or Worse Buying a Home

August 3, 2016 by Brett Cairns

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Buying a home can be very rewarding but it can also be an intimidating experience for a first time buyer or for an unprepared more experienced home buyer. Most people understand that buying a home always has the following two principal components: the home; and the location. But, it does not stop there. This article called for better or worse buying a home highlights some other very important considerations and precautions that should be part of the home buying process to help avoid surprises down the road.

Designated Agency
As a home buyer in British Columbia you should understand what Designated Agency is all about and how you and your interests are best protected. If you are currently working with a real estate agent who has not explained this to you warning bells should go off. The requirement for agency disclosure is stipulated in law, by regulation, and by a code of ethics. Also addressed is the requirement for Agency disclosure at the earliest opportunity and before a real estate agent provides professional services (which are defined in law and which include the showing of real estate).

Buyer Beware
While the law stipulates that the seller must disclose issues related to a home such as material latent defects, the phrase caveat emptor (buyer beware) is prudent guidance for home buyers. Buyers are expected to make inquiries of and to investigate the property before they buy it. Information about a home and/or property can be gained in a number of ways. These include, but are not limited to, database research, through disclosures, by talking to municipal offices, through inspections, and through first hand observation. The more you know about a home before you commit to buying it the better. Time spent doing your homework is seldom wasted.

Local Knowledge
Real estate agents who are licensed to work in BC can work where they choose to work in the province, but their local knowledge may be limited to a specific area. For example, a realtor who works in downtown Vancouver may know that area well but they may know little to nothing about an area such as the Comox Valley. As well, to have local knowledge does not necessarily mean to have local real estate knowledge. A competent realtor should be able to provide information and advice on the local real estate market as well as on real estate considerations of the local area. If wells were prone to running dry in a specific area, and you were looking at buying a rural property in that area, is that not someone that may be of interest to you?

Real Estate Offers
Making an offer on a home can be straight forward provided that the person making the offer knows enough about real estate law or has advice from someone who does in order to include things such as the conditions that are appropriate for the situation and property. Writing an unconditional offer on a home may be routine on “Realty TV shows” but it is not appropriate in many real life situations. Having an accepted unconditional offer means that you have purchased the home via a legally binding contract. Know what you are signing before you sign.

Property Disclosures
Owner-Builder Disclosure notices, Development Property Disclosure Statements and Residential Property Disclosure Statements are treated differently in law. For example:

  • Owner-Builder Disclosure Notices – Owner-Builders in BC who wish to sell their home within 10 years of first occupancy must provide a disclosure notice obtained from the Homeowner Protection Office to any prospective purchasers. The disclosure notice will inform the purchaser that the home was built by the owner-builder and whether or not there is a policy of home warranty insurance in place for the home. If there is not, the owner-builder is accountable and liable for the statutory protection provision of the Homeowner Protection Act;
  • The marketing of development properties in BC is regulated by the Real Estate Development Marketing Act. This Act requires that developers disclose specific information about the property to prospective purchasers. Developers must file a Disclosure Statement with the Superintendent of Real Estate and provide a copy of the Disclosure Statement to prospective purchaser. The Act provides that a developer must not enter into a contract to sell a development unit unless a copy of the Disclosure Statement has been provided to the purchaser and the purchaser has been given a reasonable time to read it. The Disclosure Statement explains what the developer is selling and describes the purchaser’s right to cancel the pre-sale contract within 7 days of signing it;
  • In BC the law does not require residential home sellers to fill out a PDS but if they choose to do so, the expectation is that they do so honestly and accurately. There is a difference between patent and latent defects associated with a home. Home sellers are required by law to disclose latent defects or which they were or should have been aware or where they were reckless as to whether such a problem existed. In general, the doctrine of caveat emptor (buyer beware) apples to patent defects and the onus is on the buyer to inspect and discover patent defects.

These are just a few of the many things that apply to the real estate home buying process. Want to know more? Aim high and contact the Brett Cairns real estate team when you are ready to buy your next Comox Valley home.

Filed Under: Valuable Tips for Home Buyers

Why You Should Always Use a Realtor When Buying a Home

August 3, 2016 by Brett Cairns

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  • Why You Should Always Use a Realtor When Buying a Home

When you’re looking to buy a home, it’s easy to search listings on the internet. With today’s ever advancing technology you can access all kinds of real estate information from your desktop, laptop, tablet, and even your cell phone. Why use a realtor to buy a home?

So why use a Realtor?

Despite all the information accessible online, there are some surprising reasons why you should always consult a Realtor when investing in property. They don’t charge you any fees upfront, but rather make commission on what they sell, and can save you thousands of dollars in the long run.

Why Use a Realtor to Buy a Home?

What you see isn’t always what you get when buying a home. There may be issues with the foundation, the roof, or mold problems in the washroom that you don’t see. A Realtor will not only know what to look for, but will know reliable home inspectors to make sure you get a steal and not a dud.

Realtors are also trained in the legalities of buying a house and will know how to navigate the complicated contract and deed procedures. Without one, you may not understand what kind of a contract you’re signing, and may run into future problems.

If you’re not familiar with the area you’re looking at, or haven’t decided on what kind of a home you’re looking to buy, a realtor can help you narrow down the list of potential homes, and even track down your dream house. Without one, you may be lost in an endless sea of property listings.

Lastly, do you know the market? Realtors are actively involved in home buying and selling on a daily basis. This means they can better assess the market, analyze trends, and help you to better decide on a fair price for your new home.

If you’re tired of looking for the right home in the Comox Valley, let Brett Cairns at RE/MAX Ocean Pacific Realty help. Give him a call at (250) 898-3348.

Filed Under: Valuable Tips for Home Buyers

Four Tips for Finding Luxury Homes in All the Right Ways

January 22, 2016 by Brett Cairns

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Your house can be a home that exudes luxury to you and to others. It will need to be attractive and elegant and create the right impression to appeal to others. Getting this combination right takes a bit of thought and planning. Here are a few of the more important elements to elevate your home to this level.

1. Buy in the Right Area

It is often said that you are with whom you associate. The same holds true for homes and properties. Where your home is located can either positively or negatively affect its current and resale value.

Choose your location and neighbourhood wisely and carefully. Research the specific property’s features and restrictions to determine if it will meet your needs. Ensure that you also find out what is located on and planned for the properties nearby. Luxury homes should have luxury homes as neighbours to help preserve and build value.

2. Have Mainstream Appeal

Tastes are as different as the people who have them. Avoid buying a home that is too trendy, eclectic or personalized. Look for one with classic features and timeless elegance to maximize value now and in the future.

When you view the home bring along someone you trust and get a second opinion on the overall appeal. Objective inputs are helpful with the emotionally charged process of buying a home. These second sober thoughts may help you avoid a big financial mistake.

3. Take Quality over Quantity

Find out who built the home and check the reputation of the builder. Just about anyone can build a home but not everyone can build a luxury home that creates a terrific first impression, has widespread appeal, and stands the test of time.

A large home that is built by an average builder may appear grandiose at first blush. But when you look deeper into what the home has to offer, the lack of quality will often become obvious. Choose a home that is built with high quality finishing by a high end builder to avoid future problems.

4. Choose Open and Airy

Most discerning buyers are looking for open concept homes. Floor plans should be both functional and practical. Centrally located and focused great rooms with direct access to other main living and entertainment spaces are becoming increasingly popular.

Homes that are bright and airy can generate warmth and a welcoming feeling inside. Features such as elegant entrances, high ceilings and an abundance of windows to let natural light flow through the home can all add to the ambiance preferred by most people.

Luxury homes are built in many parts of the world but not all locations offer luxury and quality of life. Search real estate options throughout the Comox Valley to find luxury homes of all types in great locations as well as quality of life options that are unrivaled in many parts of the world.

Filed Under: Valuable Tips for Home Buyers

Why Buyers Should Attend Open Houses in the Comox Valley

September 21, 2015 by Brett Cairns

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So you’ve decided to make the move, and are coming to the beautiful Comox Valley to purchase your first home in Comox and start your new life. You might be coming here for work, settling down for retirement, or maybe you are just looking for a change of scenery. Regardless of your reasons for moving here, you have definitely found a great spot.

If you are going to buy a house, you should make sure to do as much research as possible before taking the plunge.  Next to hiring a great local real estate agent, going to open houses should be a complimentary activity for a few reasons. Here’s why buyers should attend open houses in Comox Valley.

In person is always better

Attending a few open houses just to check the places out here and there is always a great idea. It could give you an idea of the price range that you are looking for and what’s really out there. We recommend doing this if possible in the early stages once you have decided to move. You can gauge what the market is like, and you can get a little bit better of an idea of what you are after.

You can explore the area

Going around in an area on foot is always better than reading about it. While there is no shortage of excellent locations in our lovely valley, there are going to be some areas that suit you better than others. Attending open houses will let you explore the area a bit and see what it has to offer. Ask yourself if you could see yourself living there while you are looking around. When you have a specific list of criteria that you are looking for, it can help me find your dream home in your dream location.

Meet people

A lot of the people you are going to see at these functions are going to be from the local area. Not only that, but you might get to know a few homeowners who can let you know what it is like to live there personally. While a great real estate agent can find you a dream home in a dream location, getting to know other people in the area on a personal level is also good idea. You can meet neighbours and other people within the community to help give yourself a better feel for life there.

If you’re looking for a dependable, experienced real estate agent with in-depth knowledge of the Comox Valley area, contact Brett Cairns today.

Filed Under: Valuable Tips for Home Buyers

Top 3 Mistakes of First-Time Home Buyers

July 7, 2015 by Brett Cairns

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For most people buying a home is the largest and most important purchase they will ever make. The decision to do so should be well-informed and thought out. The real estate market can be a scary place with all kinds of potential pitfalls, especially for those with little experience. This article outlines some of the major mistakes that first-time home buyers can make.

Failing To Budget Properly

After browsing through all of the latest Comox MLS listings, it is all too tempting to rush into purchasing a property before thinking carefully about what you can afford. When planning your budget, don’t forget to take into account all of your income and expenditures. You may technically be able to get a mortgage for your dream house, but can you afford the monthly payments? If you aren’t careful, you may find that you are living in your ideal house, but cannot manage to afford anything else.

Forgetting The Hidden Costs

There are lots of hidden costs in purchasing a property. Don’t forget to budget for all the expenses you are going to encounter, such as the appraisal fee, house inspection costs and of course, decorating and furnishing your new house. Things like repairs, and general maintenance should also be taken into account because they add up quickly.

Not Getting A Home Inspection

Too many first time buyers forget to have a house inspection, only to discover a whole host of problems after purchase. These range from damage that needs repairing to outstanding boundary issues. Making sure that the house actually is as good as it seems, and worth the small fortune that you are going to invest into purchasing it is extremely important. So take the time to have on done.

It is easy to get excited when purchasing your first home. It is a dream for most couples, and often years in the making. But that doesn’t mean you shouldn’t think things through carefully, and get it right. It will serve you down the road.

So avoid these common mistakes that first time home buyers make, and enjoy your new home! Don’t hesitate to check out some more of our real estate tips to make sure that you are as prepared as possible.

Filed Under: Valuable Tips for Home Buyers

The Importance Of Having Land Surveyed

June 9, 2015 by Brett Cairns

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Finding your Comox Valley dream home is never easy, so when the right property turns up at a price you can afford the last thing you want is to find potential problems. While carrying out a land survey isn’t always obligatory, hiring a land surveyor to assess the property is vital to preventing a host of future difficulties you may potentially face.

Why You Should Get One

A land survey can turn up issues that need to be resolved before you sign any contracts with the home seller. Sometimes it might even not be worth your while to continue with the sale if the problems discovered by a surveyor are particularly severe.

While it may be distressing to find out that your dream home is anything but, it’s always best to be fully aware of the situation before you buy or else you could end up seriously regretting it in the long run.

What Do They Do

The primary job of a land surveyor is to make sure the land you’re looking to purchase is actually your land. Sometimes people aren’t fully aware of what’s theirs or their neighbour’s, and you may discover that your fence, tree, hot tub, or even garage aren’t fully on your property. This can result in you having to move the structures after you’ve purchased the homes and often it’s expensive to have things relocated.

Occasionally a property may be built too close to boundary lines or in violation of building restrictions, meaning buying the house will lead to nothing but headaches and expensive bills down the road.

Although no one wants to dish out extra money to pay for a land survey, it’s definitely a lot cheaper than dealing with a potential court case from poorly defined boundaries down the road.

If you’re looking for your dream home in the Comox Valley, and don’t want your search to turn into a nightmare, let Brett Cairns at RE/MAX Ocean Pacific Realty help. Give him a call today at: (250)898-3348.

 

Filed Under: Valuable Tips for Home Buyers

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Brett Cairns: RE/MAX Ocean Pacific Realty in Comox
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