Buyer's Help
INCOME + LIFESTYLE = MORTGAGE PAYMENT - Sit down with your professional real estate agent, banker or mortgage broker and honestly discuss your income level and living expenses. Take into account future considerations, children, add-ons, amenities and fix-ups. Your dream home is certainly worth the sacrifice but don't mortgage your entire future.
CLOSING COSTS - Ask your agent to give you an approximate amount of additional funds required on closing ie.; G.S.T., Legal Fees, Property Tax Adjustment, CMHC Fees, Utility Connections, Moving Van and Home Insurance for building and contents. Don't forget to ask your bank about prepayment penalties and discharge fees on existing mortgages.
VIEW SEVERAL HOMES - See at least 5 properties. Don't move too slowly, but don't move on the first property you see. With your agent's help, you should be able to view enough properties to get a good overall perspective of the home market. When you find the right property the legwork will be worth it.
IMAGINE THE PROPERTY VACANT - Your furnishings and decorations will be the ones filling this new residence. Don't be swayed by beautiful furniture, it leaves with the owner.
OBTAIN A PROFESSIONAL HOME INSPECTION - Attend the home inspection with the Inspection Company. Review the Home Inspection Report thoroughly and ask as many questions as you can. For Condo and Townhouse purchases, go over the Rules and Regulations, Strata Bylaws, Financial Statements and Minutes of past 12 months Strata Meetings.. Don't take anything for granted.
IF IT'S NOT IN WRITING - IT DOESN'T EXIST - All promises and discussions should be in writing. Don't make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Have your professional keep an ongoing log in writing of all discussions and get the sellers written approval on all agreements.
Seller's Help
INTERVIEW AGENT - Request a written outline of the Marketing Plan for your home. Do your research!! Ask for references! How many homes does your agent sell in a year? What area of real estate is their specialty, (residential, agricultural, or commercial)? How many years have they been in business?
CLOSING COSTS - Ask your agent to give you an approximate amount of additional funds required on closing ie.; B.C. Property Purchase Tax, G.S.T., Legal Fees, Survey Certificate, Home Inspection, Appraisal, Property Tax Adjustment, CMHC Fees, Utility Connections, Moving Van.
MAKE COSMETIC IMPROVEMENTS - First impressions count! A small investment in time and money will give your home an edge over other listings in the area when the time comes to show it to a prospective buyer.
MAKE YOUR HOME EASY TO SHOW - Make your home accessible to agents. Lock boxes are a great convenience. Have your agent structure the listing comments to ensure you are notified prior to all showings. This gives you the chance to "set the scene" and SELL YOUR HOME!!
COMMUNICATE YOUR FEELINGS - Tell your agent how you would like your house described in advertising. You know your home better than anyone. This is a team effort and your agent welcomes your input.
First Time Home Buyers
As a first time buyer, you're likely to have many questions about selecting, financing and buying your first home in Penticton.
Where do we start? How do we find a house that suits us and is within our reach? What neighbourhood would be best for us? How much money will we need to purchase a home? How much will the mortgage payments be each month and can we afford it? How does the home buying process work and what can we expect along the way? These are just a few of the questions you're bound to have at the beginning of your exciting journey to buying your very first home!
A RE/MAX Penticton Realty Sales Associate can provide the answers to all your questions and walk you through the entire process, from viewing potential homes to making an offer to setting up mortgage financing. Although buying your first home can seem overwhelming, you can be confident that your RE/MAX Sales Associate will be available to help you every step of the way. RE/MAX can make buying your first home simple and straightforward, eliminating any confusion and doubt and allowing you the opportunity to enjoy your first home, worry-free.
Typical Expenses Associated with Purchasing a Home
There are a number of costs besides the purchase price of the house, especially upon purchasing your first home, that you should expect to pay. Some of the expenses related to buying a home are one-time costs, while others are continuing costs.
Your largest cost at the beginning is your down payment. As a first time buyer, this would likely represent only 5 - 10% of the purchase price. However, you should be prepared to pay for additional costs, such as:
• Legal Fees & Disbursements
• GST and PST (if applicable)
• Property or Land Transfer Tax
• Adjustments (reimbursed to the vendor)
• Interest
• Property Taxes
• Utility Payments
• Strata or Condominium Fees
• Survey Fee
• Home Inspection Fee
• Water quality and quantity certificate (if needed)
• Appraisal Fee
• Mortgage broker's fee (if applicable)
• Mortgage Loan Insurance Premium (if only 5% down)
• Mortgage Loan Insurance Application Fee (if only 5% down)
• Moving Expenses
• Possible renovations and repairs
• Furniture, paint, carpeting, window coverings, etc.
• Service and Utility Hookup Fees
• Property/Condominium Insurance
• Mortgage Application Fee
• Deed and/or Mortgage Registration Fee
Additionally, once you have purchased your home, you will incur regular expenses on a monthly, quarterly or yearly basis. Some of these costs include:
• Mortgage Payment
• Water and/or Sewer Payments
• Electricity and Gas Services
• Cable and Telephone Services
• Property Taxes
• Strata or Condo Fees
• Repair/maintenance Expenses
• Homeowner's Insurance
Client Testimonals
"I am writing today to tell you how impressed I was by the service I received by Ann & Steve Thompson. I understand that they are a couple of the most successful real estate agents in the Valley and it is clear to see why."
"Without a doubt, extremely professional, considerate and friendly. Will recommend to all my friends."
"The Thompson's are very dedicated to their clients and we have been passing the word."
"I was extremely impressed by the professionalism of all three representatives. I have already recommended them."
"Excellent service - great people."
"We were very pleased with the way the Thompson's handled both transactions and went well out of their way to please us and reassure us at every step."
"We were greatly satisfied with all aspects of selling and buying through the Thompson's. Would and will recommend them to family and friends."
"I believe Steve and Ann went the extra mile for us, and would not hesitate to recommend them to my friends."