The Northern View, May 04, 2013

Prince Rupert

2013

Home Buyer’s Guide FIRST-TIME HOME BUYER? LOOKING FOR A DREAM HOME? LOOKING FOR A MORTGAGE? FINANCING A RENOVATION? A GIFT FOR A NEW HOMEOWNER? SPRUCING UP FOR CURB APPEAL? WANT TO AVOID COSTLY MISTAKES? LOOKING FOR A GOOD AGENT?

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Home Buyer’s Guide

www.thenorthernview.com

May 4, 2013 • Northern View • 2

Get pros working for you to find the best mortgage Brokers now part of the mainstream Increasingly, Canadians are turning to mortgage brokers for their first and next mortgage, taking advantage of the value and convenience of their services.

A 2011 study conducted by CMHC (Canada Mortgage & Housing Corp) found that 48 per cent of first-time buyers completed their transaction with a mortgage broker, up from 45 per cent in 2009 and 35 per cent in 2007.

In the past mortgage brokers were utilized for those who had bad credit, but have now become part of the mainstream lending system.

Shop Your Application to 60 Lenders A mortgage broker is a certified professional who seeks the best mortgage terms for you by accessing a network of lenders that includes major banks, trust companies, credit unions and finance companies. While a mortgage broker has relationships with the country’s biggest lenders, a mortgage broker is not beholden to any of them. A broker is beholden only to you, the client.

Exceptional Service Non-traditional banking hours allows for flexibility in booking appointments. Whether it’s after work

Mortgage brokers work for you to find the best deal.

or on a weekend, a broker can meet with you at times that suit your needs.

No Negotiating The most basic advantage of a mortgage broker is that she saves you from approaching the various lending institutions yourself, a laborious and sometimes undignified task. You fill out one application stating your assets and earnings, and based on your financial details, she will scout the market for the best mortgage.

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There is no negotiating; the broker will do the negotiating for you and provide you with the lowest rates up front.

Saves your Credit Score The mortgage broker will only pull one credit report and use that to shop your application to all the lenders. Each time you pull your credit report you lose points off your credit score, which could mean the difference between having access to the very best rates and

paying an extra .50 per cent on your rate.

A mortgage broker can shop all their lenders with just one check.

Same Perks as the Banks Sometimes you will hear institutions offering “Perks” if you sign up with them. Mortgage brokers have access to all these same great perks. For example, no restriction mortgages, cash-back and free valuations. If the bank can offer it, a broker can get it.

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3 • Northern View • May 4, 2013

Home Buyer’s Guide

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Step one: spruce up curb appeal One chance to make a first impression Selling a house is seldom easy, and homeowners are often willing to do whatever it takes to make their home more attractive to prospective buyers.

One of the areas sellers typically focus on is the home’s landscaping. A wellmaintained lawn and garden increases a property’s curb appeal considerably, increasing the chances a buyer will have a strong first impression of the home.

But homeowners don’t need to have a green thumb to ensure their lawn improves curb appeal. The following are a few tricks of the trade savvy sellers can employ to make their home an instant hit when buyers pull up to the curb. * Color the landscape. The plants outside a home shouldn’t stick out like a sore thumb, but a few splashes of color can make a home more appealing. For the cost of some annuals, which are typically inexpensive, homeowners can turn a drab flower bed into a colorful spot bound to catch a buyer’s eye. * Lay down new layers of mulch.

Mulch is not only good for plants, helping them to retain moisture while inhibiting weed germination and growth, but a fresh layer of mulch also adds to a yard’s aesthetic appeal. Mulch made of wood or bark chips is also slow to decay, so apply a new batch right

before the “For Sale” sign is erected and you might not have to apply another batch before selling the home. * Prune trees and shrubs. Pruning trees and shrubs is one of the easiest and most effective ways to improve a landscape. Dead branches in shrubs and trees might suggest to buyers that the homeowners weren’t terribly preoccupied with maintenance, and this might cause them to think twice about making an offer. Stay on top of pruning regardless of what season it is, and be sure to remove any fallen branches from the yard on a regular basis. * Clean bird baths and other water features. Water features create a peaceful atmosphere around a property if they’re well maintained. If not, buyers won’t see the yard as a sanctuary but rather a place where mosquitoes congregate and odors emanate from algae-filled water.

Remove any debris from water features, including leaves and algae, and clean the filters so water is always clear. * Invest in a power washer. Buying a power washer might be a tad over the top, but homeowners whose yards are filled with grimy surfaces might find a power washer can work wonders at restoring a home’s external appeal. If plants are in pots that are covered in years-old dirt and grime, a power washer

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Cleaning water features around the property is one way for homeowners to increase the curb appeal of their home.

can restore the pot’s luster in a matter of minutes. Spray down walkways and even home siding that has fallen victim to dirt and grime over the years. * If planting trees, don’t go too big.

Especially large trees are not always attractive to prospective buyers, who likely won’t want sight lines obstructed or won’t want to worry about a tree falling and destroying their home during a storm. * Address issues with weeds. A prevalent problem with weeds around the property is another situation that some buyers might feel is indicative of neglect.

Weeds are a pretty simple problem to remedy, so buyers might be correct to assume weeds around the property are there because the homeowner was not concerned with maintenance. Lay mulch around flower beds and gardens to reduce weed growth, and pull any weeds from sidewalks and the driveway. Once weeds are pulled, spray areas that were infested with a weed-treatment product to ensure weeds don’t grow back.

A well-maintained landscape is a great way for men and women hoping to sell their homes to make a strong first impression.

Home Buyer’s Guide

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May 4, 2013 • Northern View • 4

Buying a home? Avoid these costly mistakes The dream of home ownership is one that lives on in Northwest B.C. And despite economic struggles of the past, Prince Rupert and area are entering an era of unprecedented growth and prosperity, spurring many into trading up or buying their first home.

Over the last several years, the real estate market has been turned upside down, and many prospective buyers had begun to question some of the conventional wisdom associated with buying a home. While such skepticism

might be a healthy attitude, prospective buyers — particularly those who have never purchased a home before — should avoid the following mistakes that buyers make regardless of whether the market is up or down. * Failure to get qualified beforehand.

Mortgage qualification is essential when buying a home, as it gives buyers preapproval for a loan before they make any offers. Making an offer on a home before you know what the bank is willing to lend you is a waste of time for everyone

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involved, including you, the seller and the real estate agents involved. Some agents will not show a home if you don’t have a pre-approval. Once pre-approved for a loan, don’t take any steps that might put that approval in jeopardy. This includes anything that might drastically alter your credit score. * Being blindsided by additional costs.

First-time homebuyers, once they have moved into their home, often experience some sticker shock when the additional expenses associated with home ownership arise. These additional expenses include property tax and insurance costs and can be substantial. Even those buying a condominium or co-op should expect monthly maintenance fees even if their new place is brand new and needs no maintenance. * Shooting for the moon. The ongoing recession in the U.S. is in part the result of predatory lending that saw banks grant excessive loans to applicants who, in hindsight, could not actually afford all that they were approved to borrow. The result was many people buying homes they could not afford, and then suffering some steep consequences, including foreclosure, when the first mortgage payment came due or the interest rate rose. First-time and even veteran buyers must avoid shooting for the moon when it comes to buying a home, and instead only buy one they know they can afford.

What the banks says you can afford isn’t

always the same as what you know you can afford. Only buy a home you know you can afford, regardless of whether the bank has approved you for a larger loan. * Pigeonholing yourself into an inadequate living situation. Just like buyers shouldn’t go overboard, they also must avoid compromising on the things that are most important to them. For example, many of today’s buyers, fully aware of the rash of foreclosures and all the housing horror stories of the last several years, are reticent to commit to a home, and might compromise with a condo or co-op. But if a home is what you really want, and another living situation that mirrors apartment life is going to make you miserable, don’t settle for that situation for the sake of security. Doing so could cost you financially, especially when you realize the situation isn’t what you’d hoped for and look to sell earlier than is ideal. * Skimping on the cost of an inspector.

An inspector is your last chance to find out if a home is your dream home or a money pit. Even if a house appears to be everything you want, don’t close on the sale until the house has been thoroughly inspected.

The old adage that advises against judging a book by its cover certainly applies to buying a home, and prospective buyers should enlist the services of a qualified inspector before closing on the sale of a home.

Have Questions Protecting your Home?

Renovating Your Home?

Mortgages for First Time Home Buyers?

For all your household insurance needs

Renewing Your Mortgage?

Refinance Your Mortgage?

Buying a different House or Investment House?

We Have Answers For expert advice and personalized one-on-one service, talk to one of our finance specialists. They are dedicated to helping you based on your budget, circumstances, needs and goals.

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5 • Northern View • May 4, 2013

www.thenorthernview.com

Home Buyer’s Guide

How to finance that home renovation, new or old After years of funny financing and few limitations on loans, banks and other lenders have tightened up their lending policies. As a result, homeowners considering a home improvement project might need to look elsewhere to secure financing.

There are no certainties in the real estate markets. Though statistics suggest marked improvement in home sales over just a few months ago, many homeowners remain weary about selling their home to try to

move up to something bigger and better. The National Association of Home Builders says many people are choosing to stay put in their homes and remodel or make renovations to transform the house into something more comfortable.

While there are many worthwhile home renovation projects, the NAHB recommends projects that bring your home up to par with the neighbors’.

It doesn’t pay to transform your home into the most expensive on the street -- unless you plan to live there

for the rest of your life. Real estate experts recommend that a remodeling investment increases the value of your house by no more than 10 to 15 percent above the median sales price in your neighborhood.

When it comes time to finance a remodel or renovation, you may not know where to start. Credit restrictions on home mortgages that have troubled many would-be buyers have also plagued individuals looking to finance home improvements.

However, homeowners hoping to

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finance a project do have options, and not all of them require stellar credit ratings. * Borrow against a retirement plan.

Many retirement plans allow plan members to take out a portion of the savings to put toward a home loan.

This does not mean you are taking money out of the account permanently.

Rather, you are borrowing against yourself, with repayment necessary in a certain time frame.

See RENOVATION on Page 6

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Home Buyer’s Guide

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May 4, 2013 • Northern View • 6

Better options to finance a renovation Tips to fixing up the new house or old RENOVATION from Page 5 Because these loans often offer very low interest rates, and essentially the interest is being paid back to you, they might be a good option for men and women who cannot secure a traditional loan.

However, if you have been laid off, there may be a shorter repayment period. Also, the interest on these loans is not tax-deductible. * Borrow against other investments.

CDs, bonds or mutual funds can provide the collateral you need and earn you a lower interest rate. Fixedincome investments are more stable options to borrow against, as their value won’t have a chance to decline. * Apply for a home equity loan.

Many people have heard of a home equity loan, and it is usually the first choice when borrowing funds for renovations.

Essentially a home equity loan is taking out a second mortgage on your home to pay for the work you want to have done, which is based on the equity, or the difference between the home’s fair market value and the outstanding balance of all liens on the property. The interest on these loans is tax-deductible, which can make this

financing option quite popular. * Secure a home equity line of credit. A home equity line of credit, or HELOC, is another type of home equity loan.

Instead of receiving a lump sum to use toward renovations like you would with a traditional home equity loan, a HELOC is sort of a credit card type scenario based on the equity in your home. You are given a line of credit, against which you can buy items. This is good for intermittent needs, when one large sum is not needed. HELOCs have a draw period, during which the borrower can use the credit, and a repayment period, during which it must be repaid. HELOCs generally have lower mortgage fees at the start and are generally subject to the same tax incentives as regular home equity loans. * Consider refinancing. Interest rates on mortgages are at historic lows. You may qualify to do a cashout refinance, where you borrow against the value of your home and create an entirely new mortgage at the lower rate. Although you will start your mortgage all over from day 1 and have to pay closing fees, this type of refinancing can be more advantageous to homeowners with significant equity

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Home Buyer’s Guide

May 4, 2013 • Northern View • 7

Ideal gifts for new homeowners How to help make a new house a home Buying a home can be one of the most rewarding experiences in a person’s life. It also can be one of the most stressful.

New homeowners are faced with many expenses after buying a home, and the holiday season is a great time to help them out with a thoughtful gift for the place they now call home.

The following are some great gift ideas for the new homeowner on your holiday shopping list. * Furniture: Ask the homeowner what room needs furnishing and offer to purchase one or more pieces for the space. * How-to books: Owning a home presents many opportunities for repairs and renovations.

Oftentimes, this is a homeowner’s initial foray into do-it-yourself projects, so consider giving a library of instructional books that walk homeowners through some basics, like plumbing, electrical work or basic construction. * Personalized key chains: A new home means a new set of keys to the front door. Have key chains monogrammed and gift with a bottle of champagne to toast the new residence. * Welcome mat: Welcome mats can be customized with the owner’s last name, and some customizing services also can print an image on a door mat or a quirky saying. * Door knocker: Although door bells have replaced door knockers for practical use, a nice metal door knocker still makes a decorative statement on the front door. Have the door knocker engraved with the family name. * Gift certificate: A new home means new projects large and small. Homeowners will be making frequent trips to the home improvement center, and such trips can get costly. A gift card will help lessen that financial burden. * Home warranty: Third-party companies sell home warranties that can cover the costs of repairs on major home systems. To new homeowners, the peace of mind of knowing the HVAC system or a major appliance can be repaired or replaced at minimal cost could make this gift invaluable. * Portrait: Give the gift of memories by setting up a photo session with a photographer that enables the new homeowners to have a print made that can be hung up and enjoyed. * Tool gift basket: Homeowners can always use nails, screws, hammers, picture-hanging kits, painter’s tape, and the other odds and ends that go into making repairs. * Linens: Guests might be stopping by to see the new house, so a gift of sheets for the guest room or hand towels will ensure the place is stocked for anyone who drops by. * Dining out certificates: People who have just moved into a home may be so busy with projects that they don’t have time to make sitdown meals. Therefore, a gift card to a favorite restaurant can provide a welcome respite from takeout. * Security system: Homeowners who want to protect their new asset may appreciate a home security system. * Money: Buying a home is an expensive endeavor, and new homeowners may be feeling the pinch of an overextended budget.

Sometimes cash makes the most thoughtful gift.

New homeowners are faced with many situations that can be both exciting and stressful as they move into new homes. Many gifts can make the process of settling in that much easier.

Furniture or linens make a great gift for the new homeowner.

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8 • Northern View • May 4, 2013

Home Buyer’s Guide

www.thenorthernview.com

How to find the right house for you Top 10 tips for buying a house 1. Get pre-approved from a lender – you need to know what section of the market to look in and getting a pre-approval figure from a Mortgage Broker or Bank is the vital first step to successful home ownership.

2. What costs are involved in buying a house? Your REALTOR© will provide you with a detailed list of what you can expect to pay so there are no surprises later on.

3. What sort of property suits your lifestyle? – how many bedrooms, bathrooms, do you have a preferred location; do you have to be near schools or transit? Provide your REALTOR© with a wish list of your dream home.

4. Choose your REALTOR© – make sure you choose an agent who shows you everyone’s listings not just their own. Every REALTOR© can show you any listing on the MLS©, not just their own. If you are only seeing your agents’ listings you need to ask if they are acting in your best interests or theirs.

5. View listings. Sometimes you see the home of your dreams quickly, sometimes it takes little longer. Be prepared to compromise on small things if not all your boxes are ticked; and remember, sometimes it is only paint!

6. Make a short list of houses you want to take a second look at.

7. View again. If the market allows, always view a house twice before making an offer. You will see things on the second viewing, good and bad, that you missed on the first look.

8. Make an offer. Your REALTOR© will help you with the whole offer process from drawing up a legal contract, explaining the legal relationships between you as a buyer and everyone else involved in the transaction, negotiating with the seller and the seller’s agent, explaining all the terms and conditions of the contract and finalizing the dates and times of the contract. Your REALTOR© will draw up a contract that reflects your wishes and protects your interests.

9. ALWAYS get an inspection on the property. Your REALTOR© will provide you with details of licensed and bonded inspectors.

10. Closing.

Your REALTOR© will explain how the closing process works and will provide you with a list of Lawyers and Notaries that can help you.

CONGRATULATIONS, you just bought your first house!

REALTORS© are here to help so call us today to see the difference a licensed professional makes to your home-buying experience.

The key to making the home-buying experience much less stressful is finding an agent you can trust and following these Top 10 tips.

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Northern Savings is pleased to host the Prince Rupert Home Show.

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all things home related: from qualifying for a renovations, buying your first This ismortgage, your chancedoing to talk home with local businesses about all things homehome, related,or furnishing your home. from qualifying for a mortgage, doing home renovations, buying your first home, or furnishing your home.

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