Valuable Tips for Home Buyers | Comox Valley

5 Tips for First-Time Home Buyers

May 20, 2015 by Brett Cairns

Tips for First-Time Home Buyers

If you are a first time home buyer, the process of buying a home can be a bit of a minefield. A qualified real estate agent is your ideal partner if you’re looking to buy, and will help guide you through all the things you need to be aware of. So what are some of the things you should be aware of?

Neighborhood Building Plans

Before you decide to invest in a home, look into future development plans in the area. You may discover that a giant development is going to be constructed on your doorstep, or a new road is going to be built at the bottom of your yard.

Land Surveys

Getting a land survey done on your chosen property will reveal property boundaries and issues that may affect your new home or cause potential disputes.

Home Inspections

Don’t be too impressed until you’ve had a thorough inspection carried out on your potential property. It may look ideal but if you look a little more closely, you may find a host of repairs that need carrying out.

Check That You Can Afford To Buy

Everyone dreams of owning their own home, but don’t rush into a commitment until you are absolutely certain you can cover your costs and still afford your daily expenses. Owning a home is expensive – not just the purchase itself, but ongoing decoration and maintenance costs. If you can’t afford to meet your bills and living expenses, now is not the time to buy.

Secure Your Financing First

There is no point in finding the perfect home before you know you can get the money to buy it. Make sure you organize your mortgage first, otherwise you risk losing out to another buyer who already has financing in place.

What You Should Know about Home Inspections

March 30, 2015 by Brett Cairns

When you’re looking to buy a home, remember that even a home in a great location that seems perfect can have serious problems. This is where a professional home inspection comes in. If you are considering purchasing a home, it is absolutely essential that you first have a comprehensive home inspection completed.

Thorough Inspections Can Reveal Hidden Issues

There are a number of components to every home that need to be checked out: from the physical components, to the ventilation, heating and cooling to the plumbing and electrical systems. If you do not have these inspected before you purchase and move into your new home, you may find that there are serious and costly issues that you will responsible for handling in the future. A home inspection service will be able to find any issues that are present, ensuring you do not purchase a home with hidden issues.

Not All Inspectors Are Created Equal

Since home inspection is so crucial before buying a home, you need to find the right inspector that will get the job done properly and thoroughly. A qualified and experienced real estate agent will ensure that these inspections are done the right way by a trained professional. They will help you find a quality home inspector and explain why this is an expense you should not skip on. After all, it can save you quite a bit of money and headaches down the road.

Equipment is Important

Some home inspectors have limited amounts and types of equipment. Others buy, carry and use some of the best. Moisture detection equipment, Infra-red imaging cameras and sensor and moisture detection equipment are some of the more advance equipment that should be used by your home inspector. With this advanced equipment you will learn more about the house that you are about to buy. Knowing more means fewer surprises and better decision making. It is your money and a huge investment so it pays to know as much as you can about the home you are about to purchase.

If you’re looking to buy a home in the Comox Valley area, contact Brett Cairns of RE/MAX Ocean Pacific Realty in Comox nd get started today. (250) 898-3348.

Why Comox Valley Home Buyers Need a Realtor

February 23, 2015 by Brett Cairns

With today’s technology it is very easy to search through online listings on your desktop, smart phone or tablet. At least it seems easy. But, are you obtaining the information that you need to make smart decisions on one of the most important purchases in your life?

Are you getting access to new listings as soon as they come on the market? Do the listings tell you all about the home? Are the photos accurate and does the home appear that way in real life? What is situated next door or near the home? Is the home properly priced for the market? How does the area impact potential resale value? Are the legally required disclosures made on the home? How well do you know the local market area and conditions?

If you are the type of person who likes doing things by themselves, how good is your understanding of real estate law? At some point you will become involved in the writing of a contact to purchase your new home. There are more than 40 estate laws that apply to real estate in British Columbia. How well versed are you with them so that the contact is written in a manner that protects your interests as a buyer?
If you are in the process of searching for a new Comox Valley home do you have a realtor who will help you throughout the entire real estate process? If not, why not?

Not many things in life that are free but home buyers can take advantage of the services of a competent real estate professional to help them through the entire home buying process without having to pay for those services. Home sellers pay the commission on the sale of their and generally half the commission paid goes to the real estate agency who brings the buyer to the home purchase. The real estate agent who represents the buyer gets paid a portion of that half of the commission for services provided. With such a great deal for home buyers, why would you want to go through this process alone?

During your search for a competent local agent consider at least the following things:
1. There is a difference between a real estate agent and a REALTOR®. In British Columbia, real estate agents are licensed to provide real estate services. While most agents are REALTORs®, not all are. REALTORs® are members of the Canadian Real Estate Association and they are held to a higher standard through a Code of Ethics and Standards of Business Practice. Ask the Realtor to show you their certificate showing that they have passed the REALTOR® Code course;
2. Speaking of accreditation and of being held to a higher standard, also ask if the REALTOR® is accredited by the Better Business Bureau. If not, why not? And;
3. Ask the REALTOR® how often they complete the Legal Update Course in their market area. If the answer is anything other than “annually” you should wonder why since real estate laws do change on a regular basis and this course is offered every year.

As a home buyer, ensure that the Law of Agency is explained to you at the first opportunity. REALTORs® are required to do this. Also make sure that you are offered Designated Agency as a client. This is the highest level of service that you can be provided under the law. If you are offered anything less make sure that you understand why and that you are comfortable with the explanation.

Do your research. Which real estate agency is the agent license through? Are they the top performing agency in your area? The power of the brand can make a difference. For example, did you know that RE/MAX has been the number 1 agency in the Comox Valley since 1987 and that RE/MAX is the luxury property leader?

What about the individual agent? This is perhaps the most important consideration since the agent is the one who will be providing you with professional real estate services. Choosing a REALTOR is a personal and important decision. Aim high for peace of mind. When you decide to look for a new Comox Valley home, contact Brett and get started finding your new dream home.

Comox Valley Buyers – Find Your New Home

February 20, 2014 by Brett Cairns

Comox Valley home buyers know that searching for a new home can be exciting while at the same time stressful. Having moved my family 18 times to locations across North America, I understand what buyers and sellers go through when they buy and sell their homes. My life experiences as a real estate client taught me many lessons.

After several moves it became apparent to me that it is important to have a plan when buying or selling your home. Each of us move for different reasons, some of which we have control over, and some of which we do not. For example, you may be moving to the Comox Valley because you are being relocated by your employer, you may be moving to find more space in a larger home, or you may be moving to downsize. Whatever your reason, your motivation to move should be the basis of your plan.

A plan to move should address the following basic questions: Who is moving (i.e. just you or your entire family); What are your various Comox home styles needs (and wants); Why are you moving (the motivation mentioned above); When are you planning to move (how much control do you have over the timing of the move); Where are you moving to (how well do you know the area); and How are you planning to accomplish the move (what are the costs and how will you pay for the expenses).

For many of us moving to or from the Comox Valley can be emotional as well as stressful. By moving we may be leaving good friends or family, and familiar communities. We are certainly leaving the place that we currently call our home. For most of us, our homes are not just our most important investment, they are an extension of ourselves. They are the places where we can be ourselves, and where we can decorate in the way that reflects our personal tastes. Plans provide us with a rationally derived, logical basis with which to deal with emotional situations such as these. When producing a Comox Valley home purchase plan, it is important to realize that not ever plan will play out exactly as intended. Accordingly, it is beneficial to have developed options when things that are important to us do not go exactly as we expect. For example, what happens when our current home does not sell at a specific price by a specific time. What is the fallback option?

According to the US National Association of REALTORS®, nearly one-half of all home buyers begin their search for a new home on the internet, and nearly 90% employ the internet and a REALTOR® during the home-buying process. When searching for a new home it is important to have established our needs (and wants) before starting our search, and to be able to clearly articulate them to other people. By doing so, searches will generally be more efficient, and help will generally be more effective. Concerning needs and wants, there are at least four main categories that should be addressed. These are: location; price; features; and condition.

Choosing a location within the Comox Valley may be driven by many different factors such as the schooling needs of our children, the medical needs of people within our care, the proximity to public transportation, or even our desire to live in a peaceful, quiet neighbourhood with a scenic view from our property. Price is always an important consideration. How much can we afford to pay for our home, the expenses associated with its purchase, and the subsequent upkeep. What types of features do we need to accommodate ourselves or our families (3 bedrooms, 2 baths, etc.) and what types of features would we like to have to suit our personal tastes. Finally, condition is also important. Was the home well built? Has it been well maintained? Has it been kept clean? Each of these factors could have a bearing on future expenses related to the upkeep of our new home.

This blog just scratches the surface on Comox Valley home buyer tips. Contact Brett Cairns directly or through RE/MAX Ocean Pacific Realty. He will be pleased to share more of his life experiences with you as you work together to search for, and find your new home in the Comox Valley.

What are Comox Valley Estate Sales?

February 19, 2014 by Brett Cairns

Look through all best online home listings and you will often find a few Comox Valley estate sales listed. When buying from an estate, there are a few things that are different with such a sale. Having said this, a competent real estate agent should be familiar with the differences, and should be able to provide you with the advice and help necessary to ensure a smooth transaction. Note, however, that real estate agents do not provide legal advice – seek the advice of a lawyer for legal advice.

In very basic terms, an estate consists of what was owned by the person who died. Real property is often part of an estate. An executor is the person named in a will who is responsible to gather up the assets of the estate, pay the debts of the deceased person, and divide the residue (remainder after the debts are paid) of the estate among the beneficiaries. Where no executor is named (and in some other circumstances) the court may appoint an administrator of the estate.

If a deceased person owned land or a home in joint tenancy with another person, the executor will file an application with the land Title Office along with a death certificate to register the land in the name of the surviving joint tenant. However, there are situations and circumstances within which the executor will have to apply for probate in order to deal with certain types of assets in an estate such as property. Probate is the process of obtaining a court ruling that a will is legally valid.

When a Comox Valley property is to be sold by an estate and probate is required, an offer to purchase the property will be subject to the granting of probate by the court. In practice, this means that the completion date established and agreed to in the contract of purchase and sale between the buyer and the executor is dependent on the completion of probate. The key here is for a purchaser to be flexible on completion dates since probate may take longer than the executor anticipates.

It is interesting to note that the British Columbia Wills Variation Act (RSBC 1996 – chapter 490) makes provision for a child or spouse of the deceased to apply to the court to amend or change the terms of the will within six months of the granting of probate. In practice this means that the executor must obtain releases from all people who are entitled to apply under this provision before proceeding with any distribution of the estate within the six month period.

For these two reasons above (the requirement for probate and the provisions of the Wills Variation Act) the subject to clause inserted into a Contact of Purchase and Sale for the benefit of the Seller will: address the requirement for a grant of letters probate (or letters of administration when circumstances necessitate the appointment of an administrator of the estate to perform duties similar to those of an executor) which will allow the property to be sold; and provide assurance that everyone entitled to claim under the Wills Variation Act has waived or released their claims to the property. Comox Valley estate sales are a bit more complicated than a routine home sale.

This blog only touched on a few of the responsibilities of the executor of a Comox Valley estate involving real property. As well, the blog very briefly introduced the requirement for probate for some situations and circumstances involving property within an estate. Clearly, both issues are more involved and they vary according to the individual circumstances of each specific estate. Your lawyer can provide you with much more information on both subjects.

The take-away from this blog should be that purchasers should not shy away from purchasing property from an estate merely because the property is listed as an estate sale. Should you be considering the acquisition of such a property and you require real estate advice and/or assistance contact me to discuss your real estate needs.

When is it Time to Buy Comox Valley Real Estate?

February 19, 2014 by Brett Cairns

This year, an often asked question in the hyper local real estatemarket is “Is this a good time to buy?” Clearly, the answer to this question will vary according to individual circumstances. People who are trying to answer this question may wish to consider some of the following information.

One of the most basic questions is affordability. Some money is generally required as a deposit to make an offer on a Comox Valley home. An additional amount of money as a down payment is required for your mortgage lender to advance you a mortgage on your new home. More money is required to cover the closing costs associated with completing the contract of purchase and sale. Have you analyzed these financial requirements in your particular circumstance? Do you need someone to help you do this? As well, consider that sellers will often ask if a buyer has been pre-qualified for financing (assuming that financing is needed). Are you financially pre-qualified?

Interest rates are often a consideration when people consider borrowing money. According to Bank of Canada statistics taken from the Canada Mortgage and Housing Corporation, current interest rates are as low as they have been in 50 years. While the BC Real Estate Association is forecasting increases to interest rates over the next two years, there has been some recent speculation that we may see interest rate decreases in the very near term. Even if the rates drop in the near term, how long will interest rates remain at or near their 50 year lows before once again increasing? If low interest rates are a deciding factor for you, what do the current rates and the longer-term forecasts tell you?

If you have the money to buy Comox Valley real estate and you agree that current interest rates provide you good value (less money spent on financing leaving more for the purchase), is there a good selection of homes on the market? Take a look at the supply of homes on the real estate market.

Have you created a list of what is important to you in a home? The list may include things such as features, location, and condition. To see if there is a home that will meet your needs perform a basic MLS ® Search of homes to see what is on the market. While an internet search may provide you with some basic information, there is no substitute for first-hand knowledge gained through the viewing of homes when it comes to the location, features and condition of homes. When armed with this information you may be ready to buy Comox Valley properties. Crown Isle homes near the clubhousemay be your next dream home of choice.

Home buyers often only become buyers after selling. If you need to sell your current home before being able to buy a new one, will current market conditions affect your decision to sell? When trying to answer this question have you considered the selling and buying ends together? For example, if you make less money at one end, you may also spend less at the other. Conversely, if you make more money at one end, you may also have to spend more at the other.

If you have the money and the time, and you have given some thought to what you need in your next home, do you think that now is the time to move forward as a buyer? If you need more information to help you decide, or if you have decided to buy or sell, contact me Brett Cairns of RE/MAX Ocean Pacific Realty to help you with your real estate needs in the Comox Valley.

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