Buying A Home
Whether you're a first time buyer, or it's been a few years since you were on the hunt for a new place, here's a great place to start.
Step 1 - Get Pre-approved!
It's always a good idea to have a strong, full pre-approval before you start seriously looking at buying a home. It's easy to punch numbers into an online calculator and go shopping, but imagine the heartbreak if you find the one and when your mortgage pro reviews the actual numbers, you don't qualify! Especially in the current very heated sellers' market, knowing what you can afford, to the nickel, is essential. Get in touch with a mortgage broker or your bank to get the process started. Need a referral? Contact me and I'll get you in touch with a pro.
Down Payments, Gifts, RRSPs
The minimum down payment you will need for your purchase is 5% of the purchase price. To qualify for this, you will need mortgage default insurance, either through government-backed CMHC or one of the private insurers. Your mortgage pro will have all the details on this, and the cost of this insurance will be rolled into your mortgage payment. To avoid the extra cost of CMHC insurance (up to 4% of the loan value), you'll need at least 20% down. Your down payment can come from savings, RRSP withdrawal (up to $25,000), gift from parents/relatives, and several other sources. Your mortgage pro will have further details on this.
Step 2 - Finding a Property
Many buyers start on REALTOR.ca - Canada's number one source of MLS® listings. You can visit the site on any device, and there are apps for iPhone, Android, and iPad. By creating an account, you can save searches and get notifications. There is sometimes a delay between the listing being posted by the REALTOR® and it appearing on REALTOR.ca, and, you can get more information by working directly with a REALTOR®. If you fill out the form below, I can set up an automated email search (client portal) for you, which will send you the full details of any listings that match your criteria, as well as notify you when new listings become available, or if there's a price change. Even if you're not ready to buy, it's a great, free way to watch the market and keep on top of hot neighbourhoods (and design trends!)
I also have a great Google Maps search and a brand new app that works on both iPhone and Android. Visit the Search page for more information.
Step 3 - Working with a REALTOR®
Once you're pre-approved and ready to start looking at homes, just contact me - it's easy. Call or text (250-885-0512), or email me any time. Of course, you can get in touch any time to get your questions answered, no matter where you're at in all this - I am here to help. My services are provided to you at any time without cost to you - I am paid a fee by the seller of the home that you buy - so this is all I ask: if I am providing value to you as a guide, adviser, and negotiator, please promise me that you'll work with me to complete the transaction - I promise you integrity, experience, and trust in return.
It's much easier working with a REALTOR® - you make one contact (me), and I arrange the rest - book the viewings, weed out any undesirable properties (and discuss with you why), arrange viewings around a time that's convenient for you, and provide insight and commentary on value and condition while we tour properties. I know the neighbourhoods, amenities, schools, parks, restaurants, cafes, and more, and I love to introduce people to my town. When it's time to write an offer, I am on your side, negotiating the best deal for you, and ensuring your interests are protected in any contract. I have a long list of service providers, inspectors, lawyers, and other professionals to tackle any problem discovered during an inspection and I am happy to refer you to the right person for the job. I'll ensure you understand everything you're signing and all documents that are provided.
Buying a home is fun, exciting, and doesn't need to be stressful. Questions? Contact me any time.