Thinking of making a real estate purchase? There are a few questions that every buyer has to sort out prior to viewing properties. Here's a few to consider...
Have you been pre-qualified by your bank or mortgage specialist? If not, we can recommend a mortgage specialist to walk you through the qualifying process.
Why are you considering a move?
When would you like to be moved by?
Where would you like to live?
Once you've considered your answers, give us a call and we'll be able to guide you in the right direction...towards your next home purchase! We're looking forward to working with you!
Once you're ready....we've set up some often-asked questions and answers below. Feel free to use the jump menu and/or scroll to areas of interest for the remainder of this page.
|*Looking for a NEW property? by AREA?|
*Buyer Tax Guide (read some tips for property transfer tax and GST)
*Calculate what square meters are when converted to square feet
As a potential buyer, here's some information you should consider:
| are you pre-qualified at a local bank? If not, perhaps I could recommend some options. Do you know how much you can afford? Ask me and I can help you determine the amount of mortgage you qualify for, and also the home you can afford. See further down this page for Government programs for first-time buyers.
or perhaps you're just interested in NEW PROPERTY in the New Westminster area only....here's the weblink for that...
Looking for French immersion school information for the Greater Vancouver area? Or perhaps a Catholic elementary school in your new neighborhood? Or maybe a private school? gifted school? alternative school?
Use this square meter conversion chart to help you out. View the website located at: http://www.metric-conversions.org/area/square-meters-to-square-feet.htm
Ensure you're protected with a New Home Warranty.
* Check the Homeowner Protection website for details: http://www.hpo.bc.ca/.
* Or refer to the 2-5-10 homeowner warranty insurance document located on the web at:http://www.hpo.bc.ca/PublicationsForms/InformationSheets/2-5-10%20Yr%20Hm%20War.pdf.
* Is your house constructed by an Owner Builder?
If yes, check out this document at: http://www.hpo.bc.ca/Licensing/Owner-builder.htm
Ask questions about different locations within the Lower Mainland and select one that best suits your needs. I can direct you to different internet sites for local communities.
| are you looking for a home? Townhouse? Apartment? Do you have a dog? Cat? Any special needs? Let me know and I can narrow down your search.
http://diannemoscrip.net/—use this site to search for local listings. Then, send me an email and I can locate further details on the property you're interested in, and send it along by email or phone.
http://www.realtylink.org/ —use this site to search for real estate listings in your area, and then access the 'Calculate Mortgage' button to determine strata fees and taxes, where applicable, and get a better idea if you qualify for this property. Phone me to view any homes you see here.
http://www.mls.ca —view MLS listings in your desired area. Phone me to view any homes you see here.
http://www.rew.bc.ca/ —view Real Estate Weekly advertised listings in your area. Phone me to view any homes you see here.
http://www.diannemoscrip.com/ Use this site to create saved searches after identifying your search criteria and have my website regularly email you new listings that fit your criteria.
| is this purchase an investment or are you planning on living in the apartment/home/townhome? This makes a difference on the homes I'll show you so it's best to determine the reason for your purchase ahead of time.
Five per cent down
The federal government's Canada Mortgage and Housing Corporation has a program for first-time buyers. The First Home Loan Insurance Plan will insure mortgages up to $300,000 in the Greater Vancouver area if buyers are able to put five per cent down. Contact your financial institution for more information. For more information:
No money down
Often the biggest obstacle for first-time buyers is saving a downpayment. Now there's a tool for buyers who qualify for a mortgage—they have steady employment, a good credit rating and can meet payments. It's a no down payment mortgage. Offered by the Royal Bank and Scotiabank, and soon the Bank of Montreal, the no down payment mortgage is insured by GR Mortgage Insurance.RRSPs for down payments
Under the federal government's Home Buyers Plan buyers can use up to $20,000 worth of RRSPs toward a mortgage. Couples can use up to $40,000. Your financial institution will know about it. For information go to: http://www.ccra-adrc.gc.ca/E/pub/tg/rc4135/rc4135eq.html (Scroll down. It is there!)
Property transfer tax relief
New...just in....changes to the property transfer tax relief (as of today's date....Wednesday, February 20, 2008)
The Government has issued an amendment for the First Time Home Buyers requirements in regards to the Property Transfer Tax.
As of today's date (February 20, 2008), a first time home buyer can now qualify for a full exemption with a purchase price of less than $425,000.00 (previously $375,000.00).
A partial exemption is available if the purchase price is more than $425,000.00 but less than $450,000.00.
Also, there is no longer a requirement for any financing.
For more information, please see:
old requirements are still valid for purchasers not a first time home buyer.....as of Wednesday, February 20, 2008...When you buy a home, the provincial government charges a tax of 1 per cent of the first $200,000 (in the Greater Vancouver area) of the purchase price and 2 per cent of the remainder. But if you're a first-time buyer, you can purchase tax-free. There are some special stipulations if you are a first time home buyer. Refer to this online page for details: http://www.rev.gov.bc.ca/rpt/ptt/ptt.htmFirst Time Home Buyers may qualify for exemption if:o The purchase price (including net GST) is below $325,000 in the Lower Mainland and below $265,00 for the rest of BC. A partial rebate on purchases between $325,000 and $350,000 is available (see below).o Each purchaser applying for exemption is a permanent resident of Canada or a Canadian citizen. Each purchaser must have resided in Canada for at least one year immediately prior to registration dateo Each purchaser has never owned an interest in a principal residence anywhere in the world.o The amount borrowed must be at least 70% of the fair market value of the property. The amount borrowed does not include funds borrowed from relatives.o During the first 12 months, the mortgage cannot be reduced by more than the greater of $13,000 (Greater Vancouver & Fraser Valley) and the amount that would reduce the mortgage to 70% of the fair market value.o The mortgage term must be at least one year. If not, the full Property Transfer Tax is payable at the time of purchase and the rebate may be applied for after residing in the residence for 12 months.o The purchaser must occupy the property within 92 days from the date of registration of the transfer in the Land Titles Office.o The purchaser must reside in the property for a period of at least one year from the date of transfer.
o If one of the purchasers does not qualify for exemption and the other does, the amount of exemption will depend on the percentage of ownership registered. For example; Joe qualifies and owns 60% of the property, Sam does not qualify for the exemption and owns 40% of the property. They would qualify for 60% of the tax exemption.
Buyer Agency information. It's important to work with a realtor working on your behalf. Read more about Buyer Agency agreements to ensure you get the best service possible. Article: What a buyer wants. Read testimonials from past clients, and familiarize yourself with the Buyer Agency contract. Print all of this information off and let's discuss it.
Looking to speak with a Mortgage Broker? Here's three I use regularly:
Dianne Pegg, TD Manager
Corinne Lundale, Dominion
Matt Chan, Dominion
Looking to convert square meters to square feet? Use this handly online conversion tool. http://www.metric-conversions.org/area/square-meters-to-square-feet.htm