first time home buyers guide 2015

FIRST TIME HOME BUYERS GUIDE • 2015 | 1

home buyer’sfirst time

guide 2015 EDITION

2 | FIRST TIME HOME BUYERS GUIDE • 2015

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 fi rst 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 fi nding 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 fi nd all the information you need as you take that fi rst 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 fi rst step in fi nding your dream home!

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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 fi rst home. Below you will fi nd a quick guide to reference when you start your

journey, ensuring you don’t miss a thing!

1. Know the market: June sales2. Expert Advice: Realtor3. Know the market: July sales4. Expert Advice: Mortgage broker5. Finding a home6. Important links/government programs 7. Consider insurance costs8. Learn the language/where to look9. Making an offer10. Hiring a home inspector11: Closing the purchase

4567891011121415

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 semi-

detached 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-to-haves”.

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

PAGE


GET TO KNOW THE MARKETJ U N E S A L E S

$352,000Kamloops and district median residential price

$380,000Kamloops only median residential price

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

Residential sales by sub-area, top three

Brocklehurst . . . 32Sahali . . . 25

Westsyde . . . 24520

New residential listings

2,117Active listings

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

Statistics provided by Kamloops and District Real Estate Association

BUYorS

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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.

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

Buyers should ask their Realtor for a checklist or resources to help them understand the process.

The second most important thing a buyer needs to do is get prequalified by a mortgage professional.

The last thing I want is for my client to fall in love with a home, only to find out they actually can’t buy it.

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.

EXPERT ADVICE

KIRSTEN MASON

HELPING YOU GET STARTED: WHAT TO CONSIDER

Although buying a home is stressful, it is an exciting time. Try to have fun with the process.

Kirsten Mason is a Realtor with Century 21 Desert Hills Realty. Visit her website at enjoykamloops.com.

She also publishes a blog on the Kamloops real estate market, which is updated regularly:

kamloopsrealestateblog.com

“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.


GET TO KNOW THE MARKETJ U L Y S A L E S

$353,000Kamloops and district median residential price

$367,500Kamloops only median residential price

Residential sales by category, top three

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

Residential sales by sub-area, top three

Sahali . . . 37Brocklehurst . . . 25

Aberdeen . . . 22495

New residential listings

2,137Active listings

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

Statistics provided by Kamloops and District Real Estate Association

Phone: 250-374-3337Fax: 250-374-3037

243 Seymour St, Kamloops

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Purchasing your fi rst home is one of the most important purchases you will ever make and it can be daunting.


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

EXPERT ADVICE

YOUR MORTGAGE: THE FIRST STEP

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 first-time homebuyer, investments and funds gifted to you by a family member.


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WHERE DO YOU WANT TO LIVE?• 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 single-family 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.

WHAT ARE THE TYPES OF OWNERSHIP?

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 ownershipof 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 Associationcrea.ca

FINDING A HOME


IMPORTANT LINKSkadrea.realtyserver.com

Kamloops and District Real Estate Association

realtor.caCanadian real estate listings

cmhc-schl.gc.caCanadian Mortgage and Housing Corporation

crea.caCanadian Real Estate Association

GOVERNMENT PROGRAMS

FIRST-TIME HOMEBUYERS’TAX CREDIT

The first time home buyera $5,000 non-refundable 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.

CMHC GREEN HOME PROGRAM When you use CMHC-insured financing to buy

or build an energy-efficient home or make energy-saving 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.


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WHERE DO YOU WANT TO LIVE?• 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 single-family 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.

WHAT ARE THE TYPES OF OWNERSHIP?

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 ownershipof 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.


FINDING A HOME


CONSIDER INSURANCE COSTSPurchasing 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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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

LEARN THE LANGUAGE

Open Houses, come on inOpen 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 house-hunting 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 homesWalking 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.

WHERE TO LOOK

Kelly Provencher

Check me out at www.realestateforsalekamloops.com250.571.9422

Unlicensed Assistant

Whetheryou’re a fi rst time home buyer,new to Kamloops or just moving, call Kelly for all yourreal estate needs

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MAKING AN OFFER

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

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: fintrac-canafe.gc.ca.


Are you finally ready to make an offer?

Here’s what you need to know.


PREPARING THE OFFERRealtors 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.

MAKING AN OFFER

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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.

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

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

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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 eff ective 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.

6. If you rent, give notice to your landlord or sublease your apartment.

7. Begin planning your big move! Where are those cardboard boxes?

8. Send out your change of address information and fill out a card at the post office. Contact the government about changing information on your driver's licence.

9. Walk through your new home one more time with your Realtor.

10. A day or two before closing, you’ll meet with your lawyer to sign the closing documents. Your lawyer will tell you in advance what certified cheques you’ll need to seal the deal.

CLOSING THE PURCHASE

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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 off ered 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 choos-ing a homebuilder, supplier or renovator.

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

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 fi eld of residential construction.

Visit us online for a complete list of CHBA Members!

www.chbaci.ca

first time home buyers guide 2015

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