Buying

Buying a home is a big deal

For most of us, it is the biggest financial investment we are going to make. It’s very stressful in both positive, exciting, ways and negative, scary, ways. As with any purchase, the phrase “buyer beware” does apply, but an even better motto would be “buyer be informed!”

A terrific resource for buyers is a document titled Buying a Home in British Columbia, (http://www.recbc.ca/pdf/Buyinghome.pdf) available on-line from the Real Estate Council of British Columbia. It explains in detail the whole process right from how much you can afford to pay through to the closing costs. If you are unable to obtain this document, contact me and I will get you a copy of it. I would be happy to answer any questions you have after reading the booklet. Another site, http://www.gregnowik.com has an excellent document as well, aimed especially at first-time buyers.

Now it’s time to find yourself a good REALTOR to work on your behalf. I hope I’m that REALTOR, but whomever you choose, make sure that you are comfortable working with this person and have confidence and trust in him or her.

It also makes sense early on to see your banker or mortgage broker. Because a mortgage broker has access to products from many banks and financial institutions, you usually have more options with a broker than with a bank. Also, a broker’s commission is paid by the lending institution rather than by you, so that can save you a few dollars. Getting pre-approved for a given amount of mortgage means you know exactly what you can afford to purchase and puts you into a position where you can jump on your dream property when you find it. In Nanaimo’s hot market, you don’t want to have to wait several days to find out if you are financially able to put in an offer.

As your REALTOR, I can get you information on and/or show you any properties listed on MLS, or even privately listed properties. I can help you clarify what type of property you are looking for, and how much you can afford. If you are not already pre-approved for a mortgage, I can give you information to help start that process. I can track down answers to questions you might have about a property. I can explain in detail the various forms we will be using. We would start with the Working with a REALTOR form that explains the relationship between the client and the REALTOR. After establishing that we can work well together, I would explain and ask you to sign a Buyer Agency Agreement that would give me the to right to represent you. Then, when we find something you are interested in, it is my job to write a sound offer to purchase and present it to the sellers on your behalf, and continue to negotiate as necessary. Even after we have an accepted offer, I continue to work with you getting subjects removed in time, and paperwork completed and to the right people up to the day I present you with the key to your new home.

If you are wanting to purchase a property for investment, some different regulations apply. For example, a higher down payment is necessary. You should become aware of rights and responsibilities of both landlords and tenants set out in the Residential Tenancy Act. (www.rto.gov.bc.ca/documents/RTAGuidebook.pdf)

Different rules and regulations also apply to buyers coming from outside of Canada. You should be aware that you need a REALTOR to view properties listed on MLS and to put in offers. Your REALTOR can represent you when looking at any MLS or private properties. If you are looking for a second home, you must be using it for a total of less than six months in a calendar year. If you are looking to immigrate, you should be in touch with an immigration lawyer. One such firm is in Victoria at www.victorialaw.com/details/links.php.

To find out how I’ve done with other clients, please see Testimonials.