First Time Home Buyer?

Caileigh Anderson Realty Can Help!

       Owning a home may be your dream, but in order for the purchase to be the satisfying experience it was meant to be, you need to make sure you’re financially and mentally prepared for the responsibilities that come with it.

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Making Sure You're Ready To Buy

One of the most important aspects of purchasing a home is knowing when your 100% ready and comfortable to move forward with himeownership. If you’re unsure if what to expect, or where to start, I have provided some information below that I hope will help answer some potential questions or concerns.

How Much Can you Afford?

Most people don’t realize that one of the first things you should do before you start lokoing for a home is talk to a mortgage lender. Getting pre-approved for a mortgage seta upfront, realistic expectations in terms of affordability . I don’t want to see anyone feeling disapointed, or dissatisfied if they learn er have been looking at places outside their budget.

What Can You Do to Increase Your Chances of Qualifying for a Loan?


  • Make all loan payments and at least the minumum credit card payment on time
  • Pay your utility bills on time and in full every month
  • If you’ve never borrowed before, speak to your bank about applying for a credit card or an RRSP loan to help build your
      credit

How Do I Qualify for the First Time Home Buyers' Program?

To qualify for a fill exemption, at the time the property is registered you must:

 

    • Be a Canadian citizen or permanent residence
    • Have lived in B.C for 12 consecutive months immediately before the date you register
    • Have never owned an interest in a principal residence anywhere in the world at any time
    • have never received a first time home buyers’ exemption or refund.

And the Property Must:

        • Be located in B.C
        • Be used as your principal residence
        • Have a fair market value of:
        • $425,000 or less if registered on or before February 18th 2014 or
        • $475,000 or less if registered on or after February 19th 2014
        • Be 0.5 hectares (1.24 acres) or smaller

You may qualify for a partial exemption from the tax if the property:

      • Has a fair market value less than:
      • $450,000 if registered on or before February 18, 2014
      • $500,000 if registered on or after February 19 2014
      • Is larger than 0.5 hectares
      • Has another building on the property other that the principal residence

What Professionals Will be Involved Along the Way?

 

Realtor: No one will play a more important role in helping you find a home then your real estate agent. Buying a home is the largest financial investment most people make, so you’re going to want to make sure you hire the right agent. You will be forming a team with your agent, so you want to make sure that individual is someone you work well with.

Mortgage Lender/Broker: Although the thought of paying off your home upfront is appealing… chances are, you’ll need to seek financial assistance from a lender. A mortgage broker will help asses your financial status, and, untimely determine whether or not you will get pre-approved for a loan.

Lawyer/Notary: Lawyer or notaries serve important roles in a real estate transaction. They have many responsibilities including: documenting and reviewing real estate transactions, inspections and appraisals and transferring ownership title from the seller to buyer. They also help resolve title insurance and environmental issues.

Home Inspector It is Vital that before a Contract of Purchase and Sale completes,
a home inspection goes through the property. The buyer bears the cost of inspection, but it’s a small price to pay. Some features a home inspection would evaluate include:

  • Foundation
  • Doors &windows
  • Roofs & exterior walls
  • Plumbing & electrical
  • Heating & Air Conditioning
  • Septic tanks, wells or sewer lines
  • Insulation

Builder/Contractor: If you are looking to buy new, it is important to check out who built the home. I like to research how many years they have been in the business, how many homes they have built, what warranties they offer, as well as seek out referrals. Often times new homes are sold before they are finished, making it extremely important to do your home work!

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