1st Time Buyers

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Home Type Does not MatterBungalowSplit Level2 Storey1 1/2 StoreyBi-levelWalkoutRental/Investment PropertyOther
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AgeNew123456789101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100+

What year did you buy your home?19301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003

Bedrooms Up012345

Bedrooms Down012345
Bathrooms012345
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Home Improvements over the last 10 years

Central AC	Landscaping	Roof
Kitchen Cupboards	Siding	Counter Top
Windows	Electrical	Bathrooms
Insulation	Basement Development	Lino
Carpets	Furnace	Paint
Fencing	Additions	Fireplace

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Next 30 days30 to 90 daysNext six monthsMaybe next yearI have sold, need home ASAPNeed to assume large mortgageNeed info on different city

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First Time Buyer Manual

How to make your first purchase

a pleasant experience

We all know that time is money, which we seem to have very little of these days. So, to cut down on the time you will spend running around looking for the ‘perfect place’, there are two crucial things you need to do first.

1) Have a mortgage broker pre-qualify you for a mortgage.

IT DOESN’T COST YOU ANYTHING! Most of the pre-qualifying can be done over the telephone in as little time as ten minutes.

Benefits toYou: 

a) It’s free.

b) It gives you a clear picture of what you can afford.

c) You can secure a mortgage rate for 2 to 3 months so you can shop around at your leisure without having to worry about the rates going up. If they go down  you automatically get the lower rate. If you want to extend your rate after the pre-approval expires, you can. You’ve got nothing to lose!

d) The Mortgage Broker is on YOUR side. His or her job is to get you the best deal in town and he intern gets paid by the bank where you will hold your mortgage.Sounds easy, doesn’t it ? That’s because it is!

2) Pick one realtor you like and trust and who knows your market place

You need to pick a Real Estate Consultant who puts your interests first, not his paycheck. Then give your realtor your ‘Wish List’ on what you want in your first home and have them help you look for it. That way you don’t waste time visiting homes that don’t meet your needs. Just remember, IT DOESN’T COST YOU ANYTHING to work with a Real Estate Consultant. The sellers of the home you purchase will pay our commission.

Benefits toYou:

a) It’s free.

b) It save you time.

c)You can tap into a realtors expertise of the market place, i.e. which buildings are good or bad, and what to watch out for when buying a home. This can save you thousands of dollars in the long run and a lot of headaches!   

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About Real Estate

Consultants

Contrary to popular belief, not all realtors are the same. Many of us have your best interests at heart and are in this business for the long term. Therefore, satisfied happy clients are the cornerstone to a successful real estate business and endorsements and referrals are essential to its growth. However, referrals from past clients are only received if you have had a positive ‘buying’ experience and are happy with the home you have purchased. If this goal is not achieved then that particular realtor has not done their job.

Therefore, be extremely selective when choosing your realtor. Pick someone who knows the market place where you want to purchase. Pick someone who is a positive individual with lots of enthusiasm, someone who will tell you the truth no matter what and who will guide you in making the right decision. It doesn’t have to be the top person in a real estate company, it has to be a person who is genuine and has time for you, not just when you buy your home but also during and after the sale. A good realtor can be your biggest resource and you need someone who will treat your money as if it were their own. After all, your home is the biggest investment you will ever make.

Prerequisites in being able to afford a home

 

*        You have to have a job

*        You must  have a good credit history

*        You must have been employed for at least 6 months

Note: Just remember that these are the standard prerequisites, that doesn’t mean that there aren’t some exceptions such as job transfers etc. Nothing is ever written is stone. If you are not sure if you would qualify for a home, call me to find out. I’ll help to put you in touch with the right people.

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Kowing what to expect is half the battle

Definition of a first time buyer:       

*Someone who has never owned a property anywhere in the world.

*Someone who can get a mortgage for up to 95% of the value of the home they have purchased.

	Financial Breaks for the First Time Buyer

Every purchaser, except the first time buyer, has to pay a purchase tax, now called property transfer tax on their home in the amount of 1% on the first $200,000 and 2% on the balance.

 

For example: If you buy a home for $275,000 you would pay $2,000 on the first $200,000 and $1,500 on the $75,000 for a total of $3,500.

Note: The maximum eligible homeprice for first time buyers to receive this tax exemption is a purchase price of $275,000. Above and beyond that you pay the full amount. No breaks!

OtherRules:

In order for a first time buyer not to have to pay PropertyTransfer Tax;

 

*  Purchase price must be below $275,000 in the lower mainland

*  Total financing must be 70% of the purchase price or greater

*  Purchaser must have been a BC resident for 1 year or longer

*  Property must be the purchaser’s prime residence

*  Purchaser must be a Canadian citizen or Landed Immigrant

 

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Pre-sales

and

New Construction

A Word of Caution regarding Projects

The next page will give you some insight into new buildings that are usually pre-sold before the building has even broken ground. Sometimes the building won't be ready for occupancy for over a year, yet you will be buying in current market condtions and the price you pay will be reflective of that. The question you should ask yourself "Am I buying in a high or low market? and " What will the market be like when I move into my new home?"

When you enter a sales center, keep in mind that all the people there are working for the developer. Their main objective is to get the building sold. I’m not saying that their intention is to pull the wool over your eyes but there are many things that you should be made aware of when buying in a project, such as;

* You should have an independent realtor working for you, not for the developer.

* When you go into a project (and you are working with one specific realtor already ) tell the salespeople right up front that you are working with a realtor and ask if that is ok. There are a lot of projects where realtors have to register their clients first, otherwise you will be forced to write your offer with the salesperson who is working for the developer. Be aware that there is no difference in what breaks you will get when buying your first home regardless of who you deal with. As a matter of fact sometimes you can get more of the things you want when you don’t deal with the developers sales people. It is your choice who you want representing you.

* When you buy in a project you should know about the builder and his reputation. If you don’t, find a realtor who does! If there is a problem in the future you may have little or no recourse once you have moved in.

* Be aware of warranties on the building. You need to protect yourself if something goes wrong. Find a realtor who can tell you which are good and bad buildings. You need someone who knows the market place. This can save you thousands of dollars in the long run!

Good luck with your Search!

I hope you found this information useful and if you need any help with the purchase of your first home or have any more questions, please call me on my direct line 604 990-6404 or email me at petraleduc@telus.net