Buyer's Guide - Nancy Ho Real Estate

BUYER'S GUIDE T H E E S S E N T I A L P U R C H A S I N G

G U I D E T O A H O M E

CONTENTS

01 | ABOUT ME 02 | THE STEPS 03 | WHY YOU SHOULD HAVE AN AGENT 04 | BUYING VS. RENTING 05 | ELEMENTS OF AN OFFER 06 | COSTS OF PURCHASING A HOME 07 | FAQ'S 08 | BUYERS WISHLIST

ABOUT ME As a teenager I remember poring over blueprints on the dining room table, imagining the homes that my father built for people across Vancouver.

Meanwhile, my mother, who worked as a Realtor®, brought home books of real estate listings that I would spend hours reading and stacks of strata documents which I would translate for her over breakfast.

Raised on Vancouver’s Westside, I have never forgotten the values of perseverance and service that my immigrant parents instilled in me. My parents sacrificed so much so that I could attend Crofton House School and later graduate from UBC with a focus on Psychology. In 2012, after working in other sectors like non-profit and the relations sector, I decided to pursue my true calling: to live and breathe Vancouver Real Estate, just as my parents did.

Since then, I have cultivated an award-winning team which consistently ranked in the top 1% of all real estate teams in Vancouver, followed by forming another Medallion Club ranked boutique team in 2020. I have advised on and sold many presale and new boutique developments, including but not limited to the Highbury Residences on West 4th and Alma, the Two Dorothies in Kerrisdale, Clarendon Heights in Norquay Village, West Oak Townhouses in South Granville, and many more. My specialties are selling resale properties, investment properties, working with first-time buyers, downsizing for empty-nesters and helping all types of buyers and sellers.

While the accolades are affirming, what truly motivates me is the deep satisfaction I feel from making a difference in my clients’ lives. Seeing the joy when people finally realize their dreams makes all my hard work incredibly worthwhile.

I would love to help you meet your goals through my intuitive communication in both Mandarin and English, as well as my attention to detail and strong organizational skills. Above all, I am here to support you, whether that involves finding the perfect home for you, connecting you with trusted service providers, or even offering you restaurant recommendations for your new neighbourhood.

My aim is to make the real estate process a seamless and positive experience for you.

WHAT BUYERS SAY My Wife and I had an excellent experience working with Nancy to buy our first home. She is extremely professional and knowledgeable. She sets up great housing tours and even if she can't be there in person she is still always available to answer questions. She is very quick to respond to questions. She never pushed us to settle for a house that didn't meet our requirements. She was patient with us even when we asked very detailed questions. Extremely dedicated to her job and even helped us put in an offer while attending a friend's wedding!! I highly recommend working with Nancy as your realtor!

Scott James & Shiana Manoharan

Nancy was a tremendous help to my family as we upgraded from a townhouse to a house. As we don't buy and sell frequently, Nancy's guidance every step of the way was invaluable to novices like us.

When it came time to list our place, Nancy's advice on how to showcase our home in the best possible light was incredibly helpful. Even with offers on the table, Nancy continued to host showings and worked hard to secure the highest price.

Throughout the buying phase, Nancy wasn't interested in just making a quick transaction. She was honest and upfront with us about the negatives of each property we viewed, and she never pressured us into making an offer we weren't comfortable with. These points speak volumes about her ethics, and I wouldn't hesitate to recommend Nancy to anyone looking to buy or sell a property.

The Kwok Family

Nancy, thank you for your tremendous help in sale of our home and purchase of our new home. My husband and I much appreciated your professionalism, efficiency, and attention to all the details to the end. We are so fortunate to have someone like you who works so well! I appreciate you arranging everything around here and relieving all my stress. I highly recommend you as a real estate agent to my friends and relatives. Thanks again, Nancy.

Vivian & Raymond Ng

Nancy worked with me both on the sale and purchase of a home. She expertly guided me in the search for a new place, and provided incredible support both from herself and through the great network of contacts she has, to help move things along. She is caring, insightful, efficient, intuitive, calm and professional in all aspects, and she knows how to advocate for you! Nancy is a great negotiator as well especially when it came to review of subjects - her knowledge and experience were key in lessening worries or concerns. I had no doubt she had my best interests in mind at all steps of the process, which was wonderful as I felt so overwhelmed by all of it. Nancy is an excellent realtor whom I would not hesitate to recommend to my friends, she is in your corner and will get you the right price for your home and/or find you the home you really need. I cannot say enough. Thank you, Nancy, so much.

Annette Chan

Working with Nancy was such a delight! She helped our family through ALL the steps to secure our new home. From the connection to a highly professional mortgage advisor to inspecting different properties till we found the place we now call home, she was professional all through paying attention to every detail and giving objective suggestions. Nancy is a great resource anyone can have when it comes to securing a property.

Edward & Omolabake Akinseye

THE STEPS

Our process starts by meeting with you and getting an understanding of your timeline and plans. From there, we will develop and put into action a game plan to help you achieve those goals. We build and nurture long-lasting relationships with our clients by listening attentively, thinking creatively, and drawing upon our considerable knowledge and experience. Our clients become like family because we want them to have a positive experience that will benefit them over the long term.

UNDERSTANDING YOUR NEEDS Finding out your wants and needs in a home

THE BUYING JOURNEY We have thoughtfully created a system that ensures that your success always comes first.

By formulating an individualized strategy that prioritizes your specific lifestyle and aspirations, we deliver results that will far surpass your expectations.

FINANCING The first important step

HOUSE HUNTING Beginning the search

BUYER’S TOURS Finding your dream home

MAKING AN OFFER Negotiating and closing the deal

OFFER ACCEPTANCE Now the work begins

SUBJECT REMOVAL Meeting our conditions

DEPOSIT Holding the property

BUYER’S CHECKLIST Preparing your move

COMPLETION & POSSESSION Celebrating your new home

YOUR FOREVER RESOURCE & REFERRAL Staying in touch

UNDERSTANDING YOUR NEEDS Our journey together begins with a conversation in which we discuss how we can help achieve your home ownership goals. Whether you are purchasing your first home, upgrading, downsizing, or investing, our plan and strategy is tailored to you.

We will learn about you (and your family), your desired neighbourhoods, your optimal timeline and your requirements for a home.

Based on this valuable information, we will advise you on the best strategies for finding that perfect home.

FINANCING We suggest that you obtain a preapproval as it gives you a clear sense of your financial situation, budget and allows us to customize our search.

If you need a recommendation or a second opinion, we can connect you with experienced mortgage brokers or trusted financial institutions that we have worked closely with over the years.

HOUSE HUNTING Our commitment to helping you find your ideal home begins with us sending you a daily list of homes based on online property searches that have been curated to your needs and specifications.

As you give us feedback about properties that interest you, we will further tailor our list. In addition, we will contact previous clients about homes that they may potentially be selling, as well as other agents about exclusive listings that fulfill your home requirements.

BUYER’S TOURS When you see a property that interests you, we will take care of setting up viewing appointments and equip you with essential information on them (e.g. market history, comparable properties, school catchments, and other neighbourhood details).

We believe that every showing is an opportunity for you to gain a better understanding of what you want (or don’t want) in your dream home.

MAKING AN OFFER

Once you reach the exciting point of wanting to purchase a property, you can rely on our expertise as you write the crucial offer. We will make the process simple by suggesting the appropriate amount to offer given the market and the property situation, and by explaining all terms/clauses, extra costs, and taxes.

You can be assured that we will always negotiate on your behalf with your best interests in mind, with you receiving the full benefit of our extensive experience and knowledge.

OFFER ACCEPTANCE

We will ensure that the period between offer acceptance and subject removal is seamless and stress free.

We will skillfully help you: -coordinate your loan approval or recommend lenders - review any documentation about the property - review and advise on strata documentation - attend and advise at your home inspection - make inquiries at the city (if needed) - make inquiries with the strata (if needed) We will be there every step of the way to answer your questions and problem solve any issues that come up, so you are confident about moving forward with your purchase.

SUBJECT REMOVAL & DEPOSIT

Once you are satisfied that all your subject conditions have been met, we will sign off on the paperwork to “remove the subjects”.

At this time, the deposit for the purchase is due by bank draft or wire transfer, and this is to be deposited into our Brokerage’s trust account to be held and eventually transferred to the lawyer/notary’s trust account. The deposit forms part of your down payment.

Your lender and lawyer/notary will also receive the complete document package needed to facilitate the purchase.

Between Subject Removal and Completion, it is time to plan your move!

BUYER’S CHECKLIST We want to make sure that you are all ready for the big day!

We’re here to help you coordinate if you’re moving in immediately, or if you are doing renovations and want to bring in trades/contractors to view the property.

We will provide you with a handy transition checklist that covers important tasks such as booking movers, setting up utilities, forwarding mail, and obtaining referrals for trades and services.

Reach out anytime to let us know what you need or what’s on your mind.

We want you to have peace-of-mind with your purchase and be here for you every step of the way.

COMPLETION & POSSESSION The big day is nearly here! A few days before the completion date, the bank will be in touch with your notary/lawyer and you will meet with them to sign all the paperwork.

Once the funds are transferred, you will receive the property title and can begin celebrating!

We can’t wait to meet you at your new home with keys and champagne in hand.

YOUR FOREVER RESOURCE & REFERRAL

Our relationship continues even after we give you your keys!

We are always here to support you in any way we can, whether it be keeping you up to date about the market, advice on renovations that would add value to your new home, or providing trustworthy trade referrals.

Don’t hesitate to reach out to us. We are here for you.

If you have enjoyed working with us, please let your family and friends know that we would love to help them as well.

WHY YOU SHOULD HAVE AN AGENT

Almost all of the homes you'll be viewing will be listed by a Realtor®. The Sellers will have hired someone to represent their best interests and you should have the same.

When it comes to negotiating, a Buyer's Agent knows how to negotiate on your behalf. Their priority is making sure you as the Buyer get the best deal for the best home, have an ironclad purchase contract, and most importantly, foresee any issues that may arise.

It's for your peace of mind to have someone looking out for you.

OFFER ELEMENTS PRICE

DEPOSIT

The price you are willing to pay for the home. We will help you understand the market and what to offer.

Shows good faith applied against the purchase of the home when the sale closes (typically 5%).

SUBJECTS

CONDITIONS

The offer is "subject to" certain conditions that must be satisfied before the "subject removal" date.

Conditions are items that must be completed or fulfilled before the closing.

INCLUSIONS/EXCLUSIONS

COMPLETION

Your offer may be contingent on certain items being either included or excluded in the sale.

The day the title of the property is legally transferred and the transaction of funds finalized.

BUYING vs RENTING You may think that renting is more affordable than owning a home. This can be true in some markets but there are also circumstances when your monthly rental costs may be equal or higher than potential monthly mortgage payments. With our network of mortgage brokers, we can help you find the most cost-effective solution for you.

RENTING PROS

RENTING CONS

- Less maintenance and fewer

- Uncertainty about the future as you

repairs

have no control over your living

- Lower monthly and upfront costs

circumstances; for example, you can

- Short-term commitment, making it

be asked to move out if the landlord

easier to move to a new home,

wishes to use the property, or if

neighbourhood, or city

there is a change in ownership

- Protection from a decrease in

- Having to ask your landlord’s

property values

permission to paint or remodel

- Possibility to free up cash to invest

- Lack of privacy as your landlord

or to save for a larger down

may ask for regular access to check

payment for a home

on the property - Paying someone else’s mortgage rather than building equity of your own and saving for your future

Although buying a home can seem intimidating, in the long run, homeowners often fare better financially than renters because home ownership leads to savings that accumulate over time.

If you are renting and want to invest in yourself and your future, you should consider home ownership. All you need is the right information, preparation, and real estate agents to turn longterm financial security into a reality.

COSTS OF PURCHASING A HOME THE PRIMARY COSTS OF OWNING A HOME CAN BE BUCKETED INTO TWO CATEGORIES: UPFRONT AND ONGOING COSTS. LET'S TAKE A LOOK AT EACH...

You incur NO COSTS when we assist you in purchasing a property, as the Seller pays for the commission.

UPFRONT COSTS DEPOSIT - 5% of the price, to be paid upon subject removal.

DOWN PAYMENT - Varies, but typically 5% is required at a minimum, and 20% for properties over $1,000,000. It is best to speak with a bank or mortgage broker.

HOME INSPECTION - Depending on the type and size of the property, an inspection for a condo/apartment will cost about $600, rising to $1500-2000 for a large home. We have a list of preferred inspectors who can quote a more accurate price when you have a specific property in mind.

CONVEYANCING - A lawyer/notary is necessary for legally transferring a property title, mortgage, or lien from one person to another and for preparing a Statement of Adjustments that will prorate any taxes or utilities.

Fees plus disbursements will range from $1200 to $1800, depending on the level of service, type of property, and the complexity of the transaction.

TAXES GOODS & SERVICES TAX (GST) - Applicable to newly constructed properties and calculated at 5% of the purchase price. To be paid at completion at the lawyer/notary.

FOREIGN BUYERS TAX - As of January 1st, 2023, the Federal Government banned all Foreign Buyers from purchasing a property in Canada. There are exceptions and details can change.

PROPERTY TRANSFER TAX (PTT) - Homebuyers in BC are required to pay a Property Transfer Tax which is to be paid at completion.

As of 2023, the rate is: 1% of the fair market value up to and including $200,000 2% of the fair market value greater than $200,000 and up to and including $2,000,000 3% of the fair market value greater than $2,000,000 If the property has residential property worth over $3,000,000, a further 2% tax will be applied to the residential property value greater than $3,000,000.

You may qualify for a full or partial exemption if you are purchasing a Newly Built Home or if you are a First Time Homebuyer. You must be a Canadian Resident or Permanent Resident, and the property must be your primary residence in order to qualify.

PROPERTY TAX (ANNUAL) - Each January, BC Assessment mails property assessment notices with your property’s assessed value (the estimated market value of your property as of July 1st of the previous year), the property classification, and its tax exemption status. These are important factors in determining how much property tax you will pay.

VANCOUVER EMPTY HOMES TAX- Homes that are unoccupied or empty for more than 6 months of the year and do not fall under the category of a principal residence will be subject to a tax of 3% (as of 2023) of the home’s assessed value. Owners must submit their declarations annually in February.

BC SPECULATION AND VACANCY TAX - For foreign owners, homes that are unoccupied or empty for more than 6 months of the year and do not fall under the category of a principal residence will be subject to a tax of 2% for foreign owners and satellite families and 0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family. Owners must submit their declarations annually in March.

ONGOING COSTS HOME INSURANCE- Paid monthly or annually, depending on the coverage you choose, the size of your home, and the type of building. For a stratified property, such as a townhouse or condo/apartment, check the building's insurance policy for deductible coverages - you or your tenant's insurance policy needs to cover the building's deductible amount.

STRATA/MAINTENANCE FEE - Paid monthly in a stratified property, such as a condo/apartment or townhouse. The strata fee contributes towards the maintenance of the building and grounds, operating costs, building insurance, utilities (such as gas and hot water, if included), management, amenities, concierge, contribution to the Contingency Reserve Fund, etc.

UTILITIES - Depending on the strata, some municipalities charge utilities such as gas and water separately from taxes and on different schedules. Hydro (electricity) is payable by the homeowner or tenant.

HOME MAINTENANCE AND EXPENSES (DETACHED HOME) Utilities - gas, hot water, electricity Landscaping + yard work Maintaining the HVAC system and replacing air filters Pest treatments and prevention Replacing batteries in smoke and carbon monoxide detectors Gutter maintenance and cleaning Roof maintenance and replacement Hot water tank maintenance and replacement Furnace maintenance and replacement Security system monitoring Drain tile maintenance and replacement and more.....

DO I HAVE TO PAY ANYTHING TO MY REALTOR? No. Usually, real estate commissions are paid by the Seller and are split between the agent who represents the Seller (the ‘listing agent’) and the agent who represents the Buyer (the ‘buyer’s agent’).

WHEN IS THE BEST TIME TO BUY? As soon as you have money saved for your down payment and are ready to take on the responsibilities of home ownership. If you already own a home, the best time to buy is when you are ready. Often, your lifestyle will dictate when you should move, i.e. your kids are off to college, or your family is growing and you need more room.

SHOULD I BUY OR SELL FIRST? It depends on the market and whether or not you can afford to carry 2 mortgages which could occur if you find your new home before your current home sells.

DO I NEED PRE-APPROVED FINANCING?

DO I REALLY NEED A HOME INSPECTION? A little investment up front can potentially save you lots of money down the road. An inspector will make sure there aren't any serious issues with your home before buying.

FAQ'S

Getting pre-qualified is one of the first steps in buying a home. We wouldn't want to waste your time, or the seller's time by showing you a home that's not within your budget or having no idea what our price range is.

BUYING WISHLIST

AREA & BUDGET

What city/neighbourhood do you want to live in? __________________________________________________________ _________________________________________________________________________________________________________________ If schools are a factor, what do you need to take into consideration? ____________________________________ _________________________________________________________________________________________________________________ What is your price range? ___________________________

Close to? Bus/Skytrain/Grocery/Shopping/Park

_________________________________________________________________________________________________________________

TYPE OF HOME What kind of home? Detached House / 1/2 Duplex / Townhouse / Condo _________________________________ Age? __________________ Size ______________________ # of Bedrooms ____________ # of Baths ________ 1/2? Y/N Bedrooms w/Ensuites ______________Den/Office/Pantry ________________ Low/High Rise? ___________________ Parking # _____________________ Locker _________ Bike Room - Y/N

Pets? dog/cat ___________________

Outdoor Space - Fenced Yard/Rooftop Deck/Patio/Balcony _______________________________________________ Amenities? _____________________________________________________________________________________________________ Rentals allowed? - Y/N/Doesn't matter

Wheelchair - Y/N

Garage Detached/Attached _________________ Stairs - Y/N

Elevator - Y/N

In Suite Laundry - Y/N

Other ___________________________________________

What features do you want to have in your house?

Must Have

Would Like

Must Have

A/C

Family Room

Carpet

Fireplace

H/W Floors

EV Parking

Kitchen Bar

Ensuite in Primary

Kitchen Island

Lots of Light

Wok/Spice Kitchen

Garden

Gas Cooktop

Basement

Pantry

Suite/Laneway

Laundry Upstairs

Views

Would Like

MORE KIND WORDS Nancy provided the most professional realty services in my search for a new home. After taking into consideration for my family’s future estate planning, budget, close proximity to work, shopping, dining and requiring a property built by one of the leading developers in the city, Nancy provided several options for my review. Her experience to fine details in looking at how some of these apartments were built, managed and maintained helped guide me through to a home in central Richmond that will last my family and I for many years to come. In regards to the complete and bespoke realty experience that Nancy’s company provides, is exceptional; from her network of financing, notary, and legal professionals the services I received was excellent without question. I highly recommend Nancy, it won’t be a mistake if you choose her for all of your realty needs.

Vincent Wu First time home buyer here and I have to be honest, I had no idea what I was doing. But working with Nancy, I never felt lost at all during the process and that I was working through this with a high school friend!

She's friendly, EXTREMELY knowledgeable, even more hard-working, and patient with (what I think) were my dumb questions. I always felt like I was the number one priority with her and the experience was smooth, educational, and surprisingly fun. (Even to the point of nearing the end of it, I was a bit shocked that it went by so smoothly.) And I really appreciate the effort she took to accommodate me with that fact that even though I had to go through this process remotely, I never felt like it was a burden or difficult for her.

I was able to land my dream place and I cannot recommend her enough! I wanted to find a way to add, like, a thousand more stars to my rating.

Beejey Enriquez

We have known Nancy for 5 years. She helped us purchase two homes and sell one. What impressed me most about Nancy is her professionalism, patience and people skills. We never felt pressured to make any rash decisions and she was incredibly supportive throughout the whole process. She walked us through all of the different steps and her communication was always prompt and clear.

Nancy helped us sell a condo during a buyer’s market in an area saturated with condos for sale. It took a while to get the price we wanted and throughout the whole time Nancy was very focused on advertising and selling the place and patiently organized numerous open houses and showings.

Nancy works very well with other realtors and potential buyers. After the open houses and showings she sent us a text summary of how many people showed up, what their reactions were, who requested documents etc. Nancy will fight for her clients to get the best deal. We can highly recommend her to anyone looking to buy or sell.

Kathrin Stoll & Greg Adamson

Nancy worked with me both on the sale and purchase of a home. She expertly guided me in the search for a new place, and provided incredible support both from herself and through the great network of contacts she has, to help move things along. She is caring, insightful, efficient, intuitive, calm and professional in all aspects, and she knows how to advocate for you! Nancy is a great negotiator as well especially when it came to review of subjects - her knowledge and experience were key in lessening worries or concerns. I had no doubt she had my best interests in mind at all steps of the process, which was wonderful as I felt so overwhelmed by all of it. Nancy is an excellent realtor whom I would not hesitate to recommend to my friends, she is in your corner and will get you the right price for your home and/or find you the home you really need. I cannot say enough. Thank you, Nancy, so much.

Annette Chan

604-719-0822 NANCYHO.CA NANCY@NANCYHO.CA

T C A T N CO ME