Viewing: Take a tour of the homes that stood out to you.
BUYING A HOME
Look at everything in as much detail as possible and ask a lot of
The purchasing process can be an exhilarating and
questions. The answers you receive might influence your deci-
anxious time especially for first-time buyers, but the
sion. Take note of any recent renovations or work that needs
reward of owning property on the Sunshine Coast
to be done as this may put you over your price range.
is well worth it. Here are a few guidelines to follow Be Aware of Additional Costs: If you are purchasing an
when considering making a purchase.
apartment or condominium make sure to find out if there are Mortgage Pre-Approval: Meeting with your financial repre-
strata or maintenance fees and how often they are paid. Also
sentative to discuss a suitable mortgage will help you deter-
be aware of any serious maintenance issues that the apart-
mine what you can afford and will allow you to set a workable
ment or building may need in the future. Also, Property Trans-
price range.
fer Tax, a tax applied when a property legally changes hands, may apply to you. First time buyers may be exempt from the
Search for Homes: Shop the market for available homes that fall in your price range. Determine what characteristics
tax if they meet certain criteria such as if the purchase price is less than $500,000.
and amenities you need and what you would be willing to forego to match the price range you’ve set. For example, you might
Get a Professional Home Inspection: You don’t want your
need two bedrooms but can do without an ocean view. Also,
dream home or property to become a nightmare. Hiring a pro-
take into account the location, proximity to schools or public
fessional home inspector will help you find any hidden issues,
transit and age of the property.
and potential costs, that may be in your home.
See ads on pages 7, 33 & 41
FIRST TIME HOME BUYERS’ PROGRAM The Government of British Columbia created the First Time Home Buyers’ Program, which reduces or eliminates the amount of property transfer tax first time buyers pay when purchasing their first home. Buyers who qualify for the program may be eligible for either a full or partial exemption from the tax. To qualify for either exemption, buyers must: • Be a Canadian citizen or permanent resident • Have lived in BC for 12 consecutive months immediately before the date the property is registered or filed at least two income tax returns as a BC resident in the last six years • Have never owned an interest in a principal residence anywhere in the world at any time • Have never received a first time home buyers’ exemption or refund Visit the Government of British Columbia’s website, www.gov.bc.ca for more information about this program. 40 • newCOASTER Magazine • 2017/2018