Buying your first home can be a stressful but exciting time. The key is to arm yourself with as much knowledge as possible so you can feel comfortable about making such a grand decision. The first step is to learn about how much it is truly going to cost you and what exactly are the benefits for being a first time home buyer.

Down Payment – How much will you put down? Through various scenarios, we will discuss the optimal amount for you and your upcoming purchase.

The costs are so very specific to every purchase. As a general rule of thumb, you should budget for about 1.5% of purchase price for closing costs. This includes the Property Transfer Tax although if you are a first time home buyer, you may be exempt.

Property Transfer Costs – In British Columbia, when you purchase a property or a transfer of title has taken place, you are subject to PTT. It is 1% of your first 200K and 2% of the remainder of purchase price. If you are a first time home buyer, you may be exempt if your property value is under 425K.

  • Appraisal – $300
  • Legal – $1000-$1200
  • Survey – $500 (if needed)
  • Inspection – $500
  • Moving Costs

You want to surround yourself with experienced, qualified people to build your real estate team. I would always start with getting yourself pre qualified. During the prequalified step, we will sit down and figure out what the appropriate purchase price is for you. At this time, I will also offer you a 120 day ratehold. A ratehold is a guarantee that you will be entitled to the lowest current rate particularly in the event that rates go up. If the rates go down within the 120 day period, I will make sure that you get the lowest possible rate within that interval. Once this is established, you can begin to search for a real estate agent who will best represent you.

When you find a place and decide to make an offer, make sure that you allow at least 5 full business days before removing subjects. This will give me time to get an appraisal, and work out the details for your financing. Your offer should be conditional upon what is important to you; financing, inspection, strata minutes. You should always conduct an inspection and view all of the strata minutes and Annual General Minutes. Read through them carefully and make sure that there are not any special assessments coming up. You should also prepare for about 1.5% in closing costs. This includes Property Transfer Tax. If you are a first time home buyer, you may be exempt from PTT.

Once we remove all subjects and you are still happy with your place, it is time to find yourself a notary or a lawyer. The solicitor will receive the instructions from the bank and begin to prepare the papers for you to sign. They will go over all the implications and legal ramifications of the mortgage. They will also register your mortgage and ownership in land titles.

Give me a call to go over all the details surrounding your upcoming purchase.

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