Category Archives: Buying A Home

Summer

Things to Do in Duncan This Summer

So far, this summer is one for the records. Wherever you are in B.C., there are lots of summer activities to get out and enjoy, and with lots of hot weather still in the forecast, there is still plenty of time to travel, swim or relax. Vancouver Island is especially beautiful during the summer months and offers many spectacular events, activities and things to see and do. As one of the premier real estate agents in Duncan, we would like to offer you a quick glimpse into some of the water and land activities available in and around the Cowichan Valley. Continue reading

Mistakes You Need To Avoid When Buying a Home

If you are buying your first home then these are the mistakes that you need to avoid:

Don’t … bust your budget. – Shopping for houses can make you a little giddy. Look at this one! And this one! For a little bit more, you could get granite countertops, plus an office nook! You’re dealing with such large numbers when you’re browsing real estate that it might not seem like such a huge deal to stretch another $10,000 or $15,000 to get the home you really love. But that’s not a game you want to play. “People look at the top end of their affordable monthly payment, and they don’t really think about what happens if their income goes down or they have to change jobs,” says Derrick. Source: Forbes

Never underestimate the costs involved in buying a property – Remember to budget in the following when settling your finances.

  • Building and pest reports
  • Valuation costs
  • Application fee
  • Solicitor’s costs
  • Stamp duty on properties and mortgage (Australia)
  • Transfer fees
  • Council rates

Source: Wikihow

Not getting pre-approved – After you’ve assessed your credit report, it’s time to establish with a qualified lender how much you can afford. “First-time home buyers need to take the time to get an approval from their lender before looking at homes,” advises Ray Boss Jr., a seven-year licensed Realtor with RE/MAX Realty Group in Maryland. “This includes getting a credit check and giving their lender a copy of W-2s, pay stubs, and bank and brokerage statements.” Getting pre-approved can help you save time by looking for homes that you know you can afford instead of lusting after something out of your price range. And it will put you in a better position over another bidder with no pre-approval. Source: US News

Contact:
Ian Klepsch – Duncan BC Realtor
2610 Beverly St Duncan, BC V9L 5C7‎
+1 855-710-0011

Tips On How to Get Approved For a Mortgage Loan

If you plan on getting a mortgage loan then here are some things that you need to do in order for you to get approved.

1. Know Your Credit Score – It literally takes a few minutes to pull your credit report and order your credit score. But surprisingly, some future home buyers never review their scores and credit history before submitting a home loan application, assuming that their scores are high enough to qualify. And many never consider the possibility of identity theft. However, a low credit score and credit fraud can stop a mortgage application dead in its tracks.

Credit scores and credit activity have a major impact on mortgage approvals. According to the Home Loan Learning Center, a large percentage of lenders require a minimum credit score of 680 (620 for FHA mortgage loans) – and if your score falls below 680, lenders can deny your request for a conventional mortgage loan.

In addition to higher credit score requirements, several missed payments, frequent lateness, and other derogatory credit information can stop mortgage approvals. Pay your bills on time, lower your debts, and stay on top of your credit report. Cleaning up your credit history beforehand and fixing errors on your credit report are key to keeping up a good credit score. Source: Money Crashers

2. Income

  • Employment, salary and bonuses, and any other source of income for the past two years (bring your most recent pay stub, previous year’s W-2 forms and tax returns if possible)
  • The most recent account statement showing the amount of any dividend and interest income you received during the past two years
  • Official documentation to support the amount of any other regular income you may receive (alimony, child support, etc.) Source: Home Loan Learning Center

3. Get a co-signor – See if a family member or very close friend with a higher income and better credit than yours will cosign a loan for you. That means that the loan will be yours and you’ll be responsible for paying it, but if you don’t, the cosignor will have to pay it. Obviously the cosignor will have to have a great deal of trust in you for this option to work. Source: Michael Bluejay

Contact:
Ian Klepsch – Duncan BC Realtor
2610 Beverly St Duncan, BC V9L 5C7‎
+1 855-710-0011

Vancouver Island’s Seaside Lifestyle and Climate Encouraging Purchases of Second Homes

Thousands of tourists are journeying in droves to visit Vancouver Island during all times of the year, and many of them are buying homes to settle down. Whether they are permanently relocating, retiring or buying a vacation home, Vancouver Island has been seeing a strong growth in real estate sales from people outside the province looking for permanent “staycations.”

This steady influx of people has helped boost the prominence of Duncan real estate and other housing markets on the island. Continue reading

Things to Do Before Buying a Home

Before jumping into the decision of buying a home, you need to consider some factors first so that you will know what you’re up against. So check out the following tips to have an idea on what to do before buying a home:

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1. Are You Mortgage Worthy?

Say you saved enough cash, but what about your credit? It’s not a secret that getting a mortgage these days is harder than it used to be. Lenders are looking closely at all documentation of your income, debts, assets and liabilities, to make sure you don’t exceed the maximum debt-to-income ratio. And when it comes to credit scores, the most competitive interest rates (the 5 percent you may have heard about) only go to buyers with credit scores above 700.

The key is to review your financial situation before you check out open houses. Use our affordability calculator to see what kind of monthly mortgage payment you can comfortably afford. Continue Reading

2. Seek the Help of a Home Inspector

Even if you feel you can trust the seller and your own inspection skills, hire a professional home inspector. “Make sure they’re a member of the American Society of Home Inspectors,” advises Holmes. “It’s also a good idea to avoid home inspectors recommended by your real estate agent. The real estate agent wants to make a sale. Any problems the inspector finds will delay this. If the inspector wants to get clients through the agent they might turn a blind eye to a few issues.” Continue Reading

3. Kick The Credit Card Habit

Another step to cleaning up your credit history? Make sure you aren’t buried under credit card debt. Take steps to stop credit card spending, and consider using a balance-transfer credit card to reduce your debt load faster. Improving your credit will give your credit score a boost, and that will make you more attractive to lenders. A bonus? Kicking the credit card habit can help you get a handle on your finances so making mortgage payments isn’t overwhelming. Continue Reading

 

With the tips you have acquired from this article, you are more ready than ever when it comes to buying your first home.

Contact:
Ian Klepsch – Duncan BC Realtor
2610 Beverly St.
Duncan, BC V9L 5C7
+1 855-710-0011

Expert Tips on Buying Real Estate

If you want to buy real estate then you need the following advice in order to get through smoothly with your deal.

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1. Finalize Your Decision

If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner – even in a rising market. When prices are falling, it’s an even worse proposition. Source

2. Choose Your House Carefully

Everyone’s drawn to the biggest, most beautiful house on the block. But bigger is usually not better when it comes to houses. There’s an old adage in real estate that says don’t buy the biggest, best house on the block. The largest house only appeals to a very small audience and you never want to limit potential buyers when you go to re-sell. Your home is only going to go up in value as much as the other houses around you. If you pay $500,000 for a home and your neighbors pay $250,000 to $300,000, your appreciation is going to be limited. Sometimes it is best to is buy the worst house on the block, because the worst house per square foot always trades for more than the biggest house. Source

3. Ask Suggestions From Your Lender

If you receive a great offer on your home but the closing date is up to 30 days later than the closing date of the property you already purchased, don’t sweat it, Linda says. Most mortgage lenders will approve bridge financing for approximately 30 days, if all conditions have been removed and you have a firm sale. For peace of mind, speak to your current lender prior to listing your property to confirm this, she suggests. Source

4. Perform a Thorough Inspection

Don’t assume that the inspection will allow you to reopen negotiations. It’s certainly acceptable to ask for a credit if the inspection reveals major problems. But in a tight market, you may not get it. These days, it’s unlikely that a seller will make significant repairs, and you’re better off asking for a credit at closing so you can hire your own contractors. In some hot markets, prospective buyers do an inspection before making the offer so they can submit an offer with fewer contingencies. Source

 

5. Seal the Deal

If you’re able to work out a deal with the seller, or better yet, if the inspection didn’t reveal any significant problems, you should be ready to close. Closing basically involves signing a ton of paperwork in a very short time period, while praying that nothing falls through at the last minute. Things you’ll be dealing with and paying for in the final stages of your purchase may include having the home appraised (mortgage companies require this to protect their interest in the house), doing a title search to make sure that no one other than the seller has a claim to the property, obtaining private mortgage insurance or a piggyback loan if your down payment is less than 20%, and completing mortgage paperwork. Source

 

With all the tips mentioned in this article, you can assure that you will be safe with your journey in buying real estate.

Contact:
Ian Klepsch – Duncan BC Realtor
2610 Beverly St.
Duncan, BC V9L 5C7
+1 855-710-0011

Real Estate Buying Tips

4 Tips on Buying Real Estate

Before you start shopping for real estate, consider these 4 real estate buying tips:

Real Estate Buying Tips

Image Source: Flickr

1) Everyone’s drawn to the biggest, most beautiful house on the block. But bigger is usually not better when it comes to houses. There’s an old adage in real estate that says don’t buy the biggest, best house on the block. The largest house only appeals to a very small audience and you never want to limit potential buyers when you go to re-sell. Your home is only going to go up in value as much as the other houses around you. If you pay $500,000 for a home and your neighbors pay $250,000 to $300,000, your appreciation is going to be limited. Sometimes it is best to is buy the worst house on the block, because the worst house per square foot always trades for more than the biggest house. Continue Reading: HGTV

2) If you receive a great offer on your home but the closing date is up to 30 days later than the closing date of the property you already purchased, don’t sweat it, Linda says. Most mortgage lenders will approve bridge financing for approximately 30 days, if all conditions have been removed and you have a firm sale. For peace of mind, speak to your current lender prior to listing your property to confirm this, she suggests. Continue Reading: Style At Home

3) Don’t assume that the inspection will allow you to reopen negotiations. It’s certainly acceptable to ask for a credit if the inspection reveals major problems. But in a tight market, you may not get it. These days, it’s unlikely that a seller will make significant repairs, and you’re better off asking for a credit at closing so you can hire your own contractors. In some hot markets, prospective buyers do an inspection before making the offer so they can submit an offer with fewer contingencies. Continue Reading: USNews

4) If you’re able to work out a deal with the seller, or better yet, if the inspection didn’t reveal any significant problems, you should be ready to close. Closing basically involves signing a ton of paperwork in a very short time period, while praying that nothing falls through at the last minute. Things you’ll be dealing with and paying for in the final stages of your purchase may include having the home appraised (mortgage companies require this to protect their interest in the house), doing a title search to make sure that no one other than the seller has a claim to the property, obtaining private mortgage insurance or a piggyback loan if your down payment is less than 20%, and completing mortgage paperwork. Continue Reading: Investopedia

Contact:
Ian Klepsch – Duncan BC Realtor
2610 Beverly St.
Duncan, BC V9L 5C7
+1 855-710-0011

Choosing the Right Carpet

The right floor choice is as important as the right colour on the wall or the right furniture in any room. Once you have made the decision as to whether you want wood flooring or carpet, the next step is trying to match the right flooring to the room. If you have decided on carpeting, this is a big decision, one that you will have to be happy with for many years. Because of the cost associated with carpet, you want your choice to compliment the colours or planned colour scheme in your home.

The right colour and style of carpet can make all of the difference in the resale value of your home. In a competitive real estate market, this can be a make or break point for many potential buyers. As a premier real estate agent in the Duncan Real Estate market, we would like to offer the following tips to choose the right carpet in order to love the home you live in, but also to make sure that potential buyers will love it too.

Continue reading

Selling Tips for Success on the Summer Market

Duncan real estate sales reach peak numbers during the warm seasons of spring and summer. If you are looking to sell your home successfully and quickly, this is the perfect time. Though it may seem like buyers control the terms of sales these days, the summer months provide homeowners with the edge they need to get a top return on their investment.

The long months of June, July and August see an increase in buyer motivation; a little sunshine can make all the difference in how quickly a home is able to sell. If you are placing your piece of Duncan real estate on the market this summer, here are a few tips to draw in those motivated buyers. Continue reading

Things to Keep in Mind When Buying a Home

It is easy to get caught up in the excitement of buying a new home. Whether it’s your first home or one of many, having a new place to call your own is a great feeling. Before you put in all the research and work and sign the final papers, you are going to need to make some difficult choices. Here are some important things to keep in mind while the search is going on, and before you sign on the dotted line for your new home. Continue reading