First Time Home Buyers Guide 2015

first time

home buyer’s guide

2015

EDITION

FIRST TIME HOME BUYERS GUIDE • 2015 | 1

SO YOU WANT TO BUY A HOUSE It’s a cliché, but true: A home is the most-expensive purchase you will ever make and, as such, deserves all your attention — and more.

This is where Kamloops This Week’s First-Time Home Buyer’s Guide comes into play.

Buying that first home is an exhilarating experience, but one that can be daunting, considering it is a time-consuming and, at times, complicated process.

From knowing where to look for prospective homes, to finding the right Realtor, to agreeing on

a lawyer to ensuring all paperwork is in place, the process is intricate.

So, sit back, relax and take your time exploring this publication.

In it, you will find all the information you need as you take that first step toward home ownership.

We have included a plethora of complementary data, such as questions to ask, mistakes to avoid and other resources to help you along.

Happy reading — now, turn the page and take the first step in finding your dream home!

M AG G I E S C H M A LT Z

REALTOR®

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A QUICK SUMMARY In KTW's First Time Home Buyer's Guide, we have provided a range of tips for purchasing your first home.

Below you will find a quick guide to reference when you start your journey, ensuring you don’t miss a thing!

PAGE

1. Know the market: June sales 2. Expert Advice: Realtor 3. Know the market: July sales 4. Expert Advice: Mortgage broker 5. Finding a home 6. Important links/government programs 7. Consider insurance costs 8. Learn the language/where to look 9. Making an offer 10. Hiring a home inspector 11: Closing the purchase

4 5 6 7 8 9 10 11 12 14 15

ARE YOU READY TO PURCHASE? If you’re thinking about buying some property soon, you have taken the first of many steps towards making it a reality.

According to Verge, prospective buyers should determine a few things before jumping in as follows: Is home ownership right for me?

Owning property comes with a great deal of responsibility. Household maintenance, unexpected repairs and expenses, seasonal upkeep – tending to these duties requires time and money. If you are prepared for the challenges, home ownership may be right for you.

Am I financially ready?

Start by figuring out how much you can afford. Then, determine how much is required for a down payment and closing costs, as well as monthly mortgage payments and other expenses like utilities, insurance, property taxes and maintenance.

If you have a reliable income, emergency savings, your debts are under control, and your

credit history is in good shape, you are financially ready for home ownership.

What kind of home do I want?

Before deciding to buy a detached or semidetached house, a condo or other form of home, consider your lifestyle, current and anticipated needs, and your budget.

Create a prioritized list of features that you are looking for. Finding the right place involves balancing your “must-haves” with your “nice-tohaves”.

How do I get ready for the first steps?

Once you have decided on the kind of home you want and what you can afford, you are ready to start shopping. After you’ve looked at a few properties, you’ll become more comfortable with the process. A Realtor can also show you a list of homes that sold recently in the area, giving you even more market knowledge.

More information is available wedothehomework.ca.

—newscanada.com

FIRST TIME HOME BUYERS GUIDE • 2015 | 3

GET TO KNOW THE MARKET J U N E

$352,000 Kamloops and district median residential price

$380,000

S A L E S

Statistics provided by Kamloops and District Real Estate Association

Number of residential sales by category, top three

$280,000 to $320,000 . . . 40 $320,000 to 360,000. . . 38 $360,000 to $400,000 . . . 34

Kamloops only median residential price

520

New residential listings

2,117 Active listings

Single family: 1,476 Multi-family: 516 Mobile home: 125

Residential sales by sub-area, top three

Brocklehurst . . . 32 Sahali . . . 25 Westsyde . . . 24

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Cell: 778-220-5432 Off: 250-374-3022

mrcarswell@royallepage.ca 322 Seymour St. Kamloops, BC V2C 2G2

EXPERT ADVICE HELPING YOU GET STARTED: WHAT TO CONSIDER There are many things to consider when purchasing a home.

It is a daunting task finding a home, even for the experienced homebuyer.

As a first-time homebuyer, the most important thing to do is to get someone on your side.

This means hiring a Realtor you trust.

Your Realtor should offer you a list of professional contacts that will help you navigate through the maze that is purchasing a home.

There are many different things to consider when purchasing a home, and every type of property can be different.

Through years working in this industry I have been able to develop a resource book and provide it to all of our purchasing clients.

This tool has been useful to not only myself and my team, but also our clients.

KIRSTEN MASON We find it helps clarify things and keeps you the buyers on track.

Buyers should ask their Realtor for a checklist or Although buying a home is stressful, it is an resources to help them understand the process. exciting time. Try to have fun with the process.

The second most important thing a buyer needs to do is get prequalified by a mortgage Kirsten Mason is a Realtor with Century 21 Desert professional.

Hills Realty. Visit her website at enjoykamloops.com.

The last thing I want is for my client to fall in She also publishes a blog on the Kamloops love with a home, only to find out they actually real estate market, which is updated regularly: can’t buy it. kamloopsrealestateblog.com Being prequalified ensures once the perfect home comes along, you will know the financing will be a breeze.

Knowing what your budget is also ensures you are looking at homes within your price range.

This also avoids the heartbreak of picking a home you can’t actually afford.

Finally, keeping an open mind is key.

What you initially define as the ‘must haves’ in your home, may not match up with the home you fall in love with.

Be flexible and look at homes that may not exactly match your criteria.

Your Realtor is an excellent resource here.

They have seen countless houses and they can help guide you to the perfect property.

Your Realtor can also save you time by helping you weed out the properties that won’t suite you before having to view.

They also should know information about different neighborhoods that may help shape your opinion on the location of your search.

“

As a first time homebuyer, the most important thing to do is to get someone on your side.

This means hiring a Realtor you trust.

FIRST TIME HOME BUYERS GUIDE • 2015 | 5

GET TO KNOW THE MARKET J U L Y

S A L E S

$353,000

Statistics provided by Kamloops and District Real Estate Association

Residential sales by category, top three

$320,000 to $360,000 . . . 41 $360,000 to $400,000 . . . 33 $240,000 to $280,000 . . . 29

Kamloops and district median residential price

$367,500 Kamloops only median residential price

495

Residential sales by sub-area, top three

2,137

New residential listings

Sahali . . . 37 Brocklehurst . . . 25 Aberdeen . . . 22

Active listings

Single family: 1,483 Multi-family: 535 Mobile home: 119

YOUR SPECIALISTS IN REAL ESTATE LAW Purchasing your first home is one of the most important purchases you will ever make and it can be daunting.

Gary Woitas and Rod McLeod have more than 60 years combined experience in assisting clients with their real estate purchases. Woitas McLeod & Associates Law Offices offer expert guidance and exceptional service with respect to all aspects of your real estate purchase.

WOITAS MCLEOD

& ASSOCIATES 6 | FIRST TIME HOME BUYERS GUIDE • 2015

ROD McLEOD

GARY WOITAS

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Phone: 250-374-3337 Fax: 250-374-3037 243 Seymour St, Kamloops

EXPERT ADVICE YOUR MORTGAGE: THE FIRST STEP The first step in the home-buying process is to obtain a pre-approval with your mortgage broker.

They will look at your income, debts, down payment and credit history and the pre-approval they give will guarantee an interest rate valid for up to 120 days.

This process will determine what you can afford so that you know what price range of homes you should be targeting.

Your mortgage broker will ask you a series of questions and have you provide documentation to verify your income and down payment.

Your credit score will be one of the most important factors in determining if you can purchase a home.

If you have missed payments on loans or credit cards it will signal a higher risk to a lender and may affect your ability to get a mortgage.

Your down payment can be as little as five per cent of the purchase price and can come from savings, RRSPs if you are a first-time home buyer, investments and funds gifted to you by a family member.

For example, a purchase price of $300,000 will require a minimum down payment of $15,000.

Additional money for closing costs, such as legal fees and title insurance, will also be required and your mortgage broker can help you determine what these costs will be.

If your down payment is less than 20 per cent of the purchase price you will need to purchase default insurance through either CMHC, Genworth or Canada Guaranty.

The amount of the insurance is included in the mortgage so you don’t need to pay this up front.

Default insurance will protect the lender if you are unable to make your payments in the future.

Once you have determined affordability you can start the house hunting process.

Your mortgage broker works with other professionals in the industry and can provide referrals for Realtors and lawyers if you don’t already have one.

Tanya Evans is a mortgage consultant with Mortgage Alliance Kamloops. mortgagealliance.com

TANYA EVANS

“

Your down payment can be as little as five per cent of the purchase price and can come from savings, RRSPs if you are a firsttime homebuyer, investments and funds gifted to you by a family member.

FIRST TIME HOME BUYERS GUIDE • 2015 | 7

FINDING A HOME WHERE DO YOU WANT TO LIVE?

WHAT ARE THE TYPES OF OWNERSHIP?

• Urban, suburban or country?

• Will you need to commute? Do you need access to public transit? How much will commuting cost?

• Are there schools nearby? How will your children get there?

WHAT TYPE OF HOME DO YOU PREFER?

• Single-family detached homes stand alone on their own lot.

• Single-family semi-detached homes are joined on one side to another home.

• Duplexes contain two single-family homes, one above the other.

• Row houses (townhouses) are several singlefamily units, located next to one another and joined by common walls.

• Other types of homes include stacked townhouses, link or carriage homes, condominiums and co-op apartments.

Freehold: You own the land and house and are responsible for everything inside and outside of the home.

Condominium ownership: You own your unit and share ownership of common spaces. The condominium association is responsible for upkeep of the building and common interior elements, such as halls, elevators, parking garages and the grounds.

You pay a monthly fee to the condominium association to cover maintenance costs. The fee varies but can often include utilities, TV services and taxes. You may also have to buy or rent your parking space.

Condos often have strict rules regarding noise, use of common areas and renovations to units. Be aware of your condo’s rules before putting in an offer.

— Canadian Real Estate Association crea.ca

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Canadian real estate listings

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FIRST-TIME HOMEBUYERS’ TAX CREDIT

The first time home buyera $5,000 nonrefundable income tax credit on a qualifying home. The credit provides up to $750 in tax relief to assist first-time buyers with purchase costs.

For more information, check the Canada Revenue Agency’s (CRA) website at cra-arc.gc.ca.

HOMEBUYERS’ PLAN

The Home Buyers’ Plan is a one-time withdrawal up to $25,000 from a Registered Retirement Savings Plan (RRSP) by first-time buyers to help purchase or build a home. Generally, you have to repay all withdrawals from your RRSP within 15 years.

For more details, visit CRA’s website at cra-arc. gc.ca.

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IMPORTANT LINKS

CMHC GREEN HOME PROGRAM

When you use CMHC-insured financing to buy or build an energy-efficient home or make energysaving renovations, you may qualify for a premium refund of 10 per cent on your mortgage default insurance and a premium refund for a longer amortization period (if applicable).

Check out CMHC’s website for more information: cmhc.ca.

— Canadian Real Estate Association crea.ca

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FIRST TIME HOME BUYERS GUIDE • 2015 | 9

CONSIDER INSURANCE COSTS Purchasing a new property, especially for the first time, presents many questions.

After separating the must-haves from the wish-list, finding the right real estate agent, and calculating how much you can afford, getting insurance for the new home is often left to the end, or only considered after the papers are signed and the move-in plans are underway.

“The type and location of home you buy can have a significant impact on your insurance premium,” says Wayne Ross, insurance expert at Aviva Canada.

“By looking at a new home through the eyes of your insurance company, you could save thousands in home insurance premiums.”

Ross offers four simple tips to keep insurance in mind when shopping for your dream home: Explore the location: Neighbourhoods with lower crime rates, no history of water damage and that are close to fire stations are kinder to your insurance premiums.

Think warm thoughts: Check out the heating system installed

in the home. Oil tanks can cause expensive environmental damage if they leak while gas furnaces and electric heat are much less risky.

If you heat with oil, you’ll likely pump more money into your premium.

Some things are better new: Houses with more recent heating, electrical and plumbing systems are less susceptible to fire and other dangers, and result in lower premiums.

Also search for an updated roof and look for signs of wear and tear.

Examine your extras: Adding upgrades such as swimming pools or hot tubs can increase your chance of liability – and therefore your insurance costs.

More information is available from your insurance broker or at avivacanada.com.

— newscanada.com

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LEARN THE LANGUAGE There are many terms you’ll hear real estate professionals use during your home buying process. While there are too many to list, these are a few you’ll surely hear at least once: Amortization: The number of years it takes to repay the entire amount of a mortgage.

Buyer Agency Agreement: Establishes a formal and exclusive relationship between the potential buyer and the broker and its representatives.

Closing Date: The date on which the title and keys to the property are transferred from the seller to the buyer, and the money is paid.

More information is available at wedothehomework.ca.

—newscanada.com

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WHERE TO LOOK Open Houses, come on in Open houses are a great way to see inside the homes of your potential neighbourhood. If a Realtor is hosting the open house, he or she probably knows the local market inside and out and will be happy to answer your questions.

Realtors have access to incredible househunting tools called MLS systems, which are operated by real-estate boards across Canada. You can view publicly available information about MLS listings at realtor.ca. Your Realtor can start sending you listings of potential homes right away.

Most listings will have multiple photos — and some even have moving 360-degree views. And, with the interactive mapping feature, you’ll be amazed how fast and easy it is to zero in on your favourite few homes.

Stay objective when visiting potential homes Walking through a potential home is a thrill, but try not to lose your head. Don’t let a giant kitchen island or swanky hot tub distract you from your real goal, which is finding a home that meets all your needs and fits your budget.

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MAKING AN OFFER Are you finally ready to make an offer?

Here’s what you need to know.

WHAT IS AN OFFER?

An offer is a formal, legal agreement to purchase a home and is legally binding once accepted by the seller.

Offers to purchase a home can be made conditional on factors such as financing or a home inspection. If any of the conditions are not met, you can change or cancel the offer, even if the seller has already accepted it.

DO YOU HAVE YOUR MONEY READY?

You will need to present a deposit along with

12 | FIRST TIME HOME BUYERS GUIDE • 2015

your offer. The amount varies based on the home’s purchase price and the market.

DO YOU HAVE UP-TO-DATE IDENTIFICATION?

The federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requires Realtors to identify clients involved in the buying and selling of real estate.

Realtors need to record your name, address, date of birth and occupation for their files which are kept for at least five years.

They need to see valid government- issued ID. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) provides more information about the Act on its website: fintraccanafe.gc.ca.

— Canadian Real Estate Association crea.ca

MAKING AN OFFER PREPARING THE OFFER

Realtors can prepare the offer for you.

Here are some terms you’ll see in the offer: Buyer: That’s you.

Seller: The present owners.

Purchase price: The most important number.

Let’s hope the seller goes for it!

Deposit: A cheque you write to the seller or the seller’s broker.

This is your way of saying, “My offer is serious.”

The size of the deposit is up to you.

Chattels included and fixtures: Be sure you know what is included with the house — the washer and dryer, the microwave, draperies, light fixtures. Don’t leave anything to chance.

Irrevocability of the offer: The length of time you give the seller to consider your offer. Usually less than 48 hours.

Completion date: The glorious day you take possession!

Often 30 or 60 days after signing.

Clauses particular to this agreement:

Every transaction is unique and you may want to add conditions that are important to you, such as a proper home inspection.

Your Realtor can help ensure no details are overlooked in your offer.

Submitting the offer: You’ve signed on the dotted line and your Realtor has provided your offer to the seller.

The seller can accept your offer.

Fantastic, when do you move in?

The seller can reject your offer.

It’s not common for an offer to be completely rejected. If it was, your Realtor can investigate why and see if there was some misunderstanding.

The seller can “sign back” or counter your offer.

The seller wants to alter some part of your offer — most likely the price.

The seller will cross out the price on your offer and write a higher number — or delete or alter some conditions.

Now it’s your turn to sign back with any additional changes or your acceptance of the counter-offer.

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HIRING A HOME INSPECTOR Homebuyers and sellers will do well to know a thing or two about the process of home inspections.

Making informed decisions about the home you hope to buy, or the one you plan to sell, is an important step as part of your financial considerations.

“You’ll want to be aware of the processes around home inspections and know what they do and do not normally cover,” says Lincoln Thompson, a broker-owner with Royal LePage.

“Defects or problems can factor into your pricing considerations and negotiations.

“Conversely, as a seller, you may choose to have an inspection and undertake repairs before you list your home.

“As a buyer, you can include repairs identified in the inspection to amend the purchase agreement in a variety of ways.”

Here are key guidelines to help along the way: • A home inspection is a visual assessment and report based on what is observed on a certain day.

As such, a home inspector cannot see or find everything.

For example, they may not be able to inspect certain areas concealed by snow.

• As a buyer, you are paying for an objective opinion on the home.

If the inspector comes on referral from your agent, a good agent will ensure the inspector understands that you are the client.

• Understand the parameters of the home inspection and that having one is not a warranty

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or guarantee.

• There is no such thing as a perfect house.

Don’t be concerned if the inspection reveals some problems.

Use this information as part of your negotiations, or as a seller, have an advance inspection and take care of necessary repairs before you list the home. Buying or selling a home can be a rewarding experience.

When you get the facts and can expect the best from the people who are there to advise you, a home inspection is an important tool in your decision making.

More information is available at www. royallepage.ca.

— newscanada.com

Go with a qualified professional: Make sure your inspector is a member of a recognized professional organization.

It helps provide some assurance they have the training and experience for the job.

What will they check during the inspection?

Plumbing and electrical systems, the roof, visible insulation, walls, ceilings, floors, windows and the integrity of the foundation.

They also check for lead paint, asbestos, mould, outdated and dangerous wiring and evidence of pests like mice or termites.

Join the inspection: Get up close and familiar with your new home.

If any problems are detected, you’ll see them first-hand and learn some maintenance tips from a pro.

You’ll get it in writing: Their report will summarize the condition of your home.

Home inspection for a new home?

New does not equal perfect and construction quality can vary greatly from builder to builder.

In some provinces, repairs and corrections in new homes may be covered by a government- or industry-sponsored warranty program.

The best way to learn more details about your new home is to have it inspected beforehand.

Make a conditional offer based upon a satisfactory home inspection, as this is an increasingly standard condition on any resale home. If the seller doesn’t want you closely examining the home before you take possession, you have to wonder why.

CLOSING THE PURCHASE Your offer has been accepted and you can’t wait to move in — but, don’t break out the bubbly just yet — you have to close the deal.

Your Realtor and lawyer will do most of the closing work, but here’s your checklist: 1. Immediately begin satisfying any conditions of the agreement that require action on your part.

Your Realtor can fill out the documents stating the conditions have been satisfied.

2. Have your lawyer begin searching title to the property. This can take a while, so make sure you allow ample time.

3. Well before closing, get your homeowner’s insurance to be effective on your closing date. Your insurance broker will give you a "binder" letter certifying you are covered.

You can’t get a mortgage without this letter!

4. Contact your lender and have them finalize your mortgage documents. Have your lawyer review them before you sign.

5. Your lawyer will transfer essential utilities, like hydro and water, but you’ll have to make sure telephone and cable companies switch their services to your name.

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Look for the Logo When building, renovating, or purchasing a home, use a professional, look for a CHBA member.

The CHBA logo is a symbol of quality craftsmanship, professional service and sound business practice. CHBA Members abide by a strict Code of Ethics and are experts in the field of residential construction.

Why Look for the logo?

The CHBA Central Interior has a strong tradition of excellence.

All CHBA CI Members abide by a strict Code of Ethics. Prior to gaining membership in the Association, all companies undergo a thorough review process, which includes multiple background and business checks.

CHBA CI Members are constantly learning. They have access to Continuing Education offered through the CHBA, studies, reports, technical updates and seminars that keeps them up-to-date on building better homes in B.C. Not all homebuilders are CHBA Members. That is why it is important to Look for the Logo when choosing a homebuilder, supplier or renovator.

Call the CHBA Central Interior to ensure your builder or renovator is a member in good standing.

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