7 THINGS YOU SHOULD
KNOW BEFORE BUYING
1. A home is the typicall the single largest asset an individual will own. It is considered one of the safest investments available. 2. The majority of the time, a Realtor can show you any home, whether it is listed with a company, a builder or is a For Sale by Owner property. 3. Working with a Realtor to purchase a property means having someone who will be looking out for your best interests. 4. A pre-approval program from a lender for a specific loan amount subject to the property being approved will give you confidence and will help when negotiating with the seller. 5. Your Realtor can provide you with a list of items that youâ€™ll need to make a loan application, so youâ€™ll be ready when you visit the mortgage broker.
6. In a Seller’s Market, don’t go looking for a deal. Set your sights on the right house for you, and then let your Realtor help you negotiate the best price and terms. 7. A Provincial Property Transfer Tax is payable at the time of closing. This tax is 1% on the first $200,000. 2% on the balance up to 2 million. 3% on the balance up to 3 million and 5% on the balance over 3 million. Ask your Realtor if you qualify for any exemptions.
PROPERTY PURCHASE TAX EXAMPLE Sale price $750,000 1% on $200,000 = $2,000 2% on $550,000 = $11,000 Total Tax Payable:
HOLMES REALTY 2481 BEACON AVE. SIDNEY, BC V8L1X9 250.656.0911 1.877.656.0911 MICHELESTEAM@HOLMESREALTY.COM
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There are seven things that every buyer should know before the consider purchasing a home.