brookemiller.com

 

I Work For You!

of listing your property with me...

» Read More

 

Find Your

Dream Home
Find Your Dream Home
- DARE TO DREAM -
ITS GOOD!
.

» Read More

 

MLS Listings



.

» Search MLS

 

Buyer Tips

TIPS ON BUYING YOUR HOME


TOPICS

Closing Costs

From selecting the right real estate partners to understanding market values and financing options - buying a home is a monumental event.

The following tips offer helpful advice as you prepare to make many important decisions surrounding home ownership.

 


First Impressions are everything!
Cut your lawn, trim the hedges and shrubs and remove all traces of outside clutter. In the fall, rake the leaves.

Invest some time and elbow grease!
Clean up your home as if you were the buyer. If the living room of dining room could use a paint job, paint it. A few dollars spent on a gallon of paint can bring great dollar rewards and spruce up the appearance of your home.

Check for water leaks!
Check your faucets, toilet, laundry room for running water leaks. Discolored sinks indicate plumbing problems. Eliminate the problem.

Check the Light Bulbs!
Some showings may be in the evenings. No lights in a room will be immediately visible.

Check all the Doors!
Check to make sure all the room  and closet doors open and close with ease. A prospective purchaser will play with your doors. Make sure they close smoothly.

Get rid of the Junk!
If you have things lying around that create clutter to your home, things you really don’t use or need, throw them out.

Make use of all Storage space!
Buyers are always looking for storage space. They too have “junk” they refuse to part with. Clean up the basement and/or the attic so they can envision space for their “junk”.

Clean and Organize your closets!
Show that they are spacious and suitable for the buyers’ needs.

Shine up your Bathrooms!
The two most important rooms that sell homes are kitchens and bathrooms. Don’t spare the elbow grease when cleaning your bathroom. Make sure it sparkles.

Create a Bedroom of Dreams!
Make your bedroom cozy and comfy where prospective buyers can visualize themselves in blissful slumber. Paint, duvets and blinds can do a lot!

Let the Sun shine in!
Open the curtains and blinds and let the prospects see how bright and cheery your home is during daylight time.

Lights on after dark!
Light up your home if showings occur after dark. Bright lights show prospective buyers the highlights of each room and give them a welcome feeling.

Keep a low profile!
When buyers come through your home, stay in the living or family room so they don’t feel overwhelmed with people, causing the buyers to rush through your home. Ideally, go for a 20 minute walk while your home is being shown. Buyers will never discuss their concerns knowing you are in the house.

Not everyone likes pets!
Keep the dog or cat out of the way when showing your home. Some people don’t care for animals and although you love them dearly, just the sight of an pet can turn off a potential buyer.

Keep the TV and Stereo turned to “Off”!
While a showing is in progress, always remember that the buyer is comparing your home to the homes he has already previewed. If music is blasting in the background, it could be a turn-off to his decision.

Don’t distract the buyer!
The Agent is there to sell your home. Don’t point out the positives and negatives. This will distract the buyers and can make or break a sale. Your agent is there to best serve your needs.

Keep a low profile!
Nobody knows your home as well as you do, but your agent knows what the buyer is looking for and what they want. Your agent will have an easier time relaying the virtues of your home if you stay in the background.

Your home is not a “Garage Sale”
When a prospective buyer comes to view your home, don’t distract them with offers to sell your appliances, furnishings or pets or those things you no longer have any use for. They may be instantly “turned off”.

Let the Professionals help!
When prospective buyers want to discuss price, terms or other real estate matters, let them speak to an expert, your RE/MAX real estate agent.

Support your Agent!
Your real agent will have an easier time showing and selling your home if showings are can be scheduled with some flexibility. You will appreciate the results and be a “very satisfied customer.”

... TOP OF PAGE ...


Closing Costs

Property Purchase Tax
The British Columbia Provincial Government imposes a property purchase tax, which must be paid before any property can be legally transferred to a new owner.  The tax is 1% on the first $200,000 of the property value and 2% on any value over $200,000.  Ask me about the special regulations for first time buyers in B.C.

Goods & Services Tax
If you purchase a newly constructed home, you may be subject to a 7% GST on the purchase price.  However, if the home is under $350,000, and this is your principal residence, a rebate will reduce the GST paid to 4.48% of the purchase price.  If the price is over $350,000 the net GST to be paid increases gradually until it is a full 7% at amounts over $450,000.

Property Tax
If the current owners have already paid the full year’s property taxes to the municipality, you will have to reimburse them for your share of the year’s taxes.  Property taxes are calculated from Jan – Dec and are paid at the end of June.

Appraisal Fee
When the lending institution requires an appraisal of the property before approving your loan, it may be your responsibility to pay the appraiser’s fee.

Survey Fee
The lending institution may also require that a survey certificate be presented to them.  The purpose of the survey is to formally establish the boundaries of the property and to ensure that all buildings are within those boundaries.  If the current owner cannot provide a recent survey certificate, it will be your responsibility to pay the surveyor’s fee.

Mortgage Application Fee
Lending institutions may charge a mortgage application fee.  This application fee may vary between lending institutions.

Mortgage Default Insurance
This type of insurance is required on all mortgage loans in excess of 75% of the appraised property value.  Its purpose is to insure that the lender will not lose any money if you cannot make your mortgage payments and the value of your property is not sufficient to repay your mortgage debt.  The insurance premium is paid to the lender and ranges from ½% to 3.75% of the loan value; however, in most cases this premium is added to the loan amount, and paid for over the term of the loan.

Life & Disability Mortgage Insurance
At your option, you may purchase insurance that will ensure that your outstanding mortgage balance is paid if you die or become disabled.

Fire & Liability Insurance
The mortgage lender will insist that you purchase an insurance policy which guarantees that, in the event of fire, the lender will receive the balance owing on the mortgage loan before you receive any insurance proceeds.

Legal Fees
The transfer of property ownership from the seller to the buyer must be recorded in the Land Title Office in order to protect the new owner’s interests.  You will probably want to engage a lawyer or notary public to act on your behalf during the completion of your purchase.  The legal fees for this service will include payment of a registration fee.  If you are financing your purchase with a new mortgage loan, there will be a further fee to prepare and register the mortgage documents.

Possible Other Last-Minute Costs  

  • Home inspection fees
  • Moving expenses
  • Deposits required by utility companies
  • Household goods:
         kitchen appliances, garden equipment, garbage
         cans, tools, window coverings, etc.  
  • Renovations or redecorating
  • ... TOP OF PAGE ...  

    Free Home
    Evaluation

    Knowing the value of your home, or the homes surrounding it, can be an excellent tool when preparing to purchase or sell real estate.

    » More Info

     

    Newsletter

    READ All
               About It ...

    .

    » Read News

     

    Privacy Policy

    » Read More

     

    Non Residents
    of
    Canada

    If you are a non resident of Canada and would like to buy property ...

    » Read More

     
     

    .

    Home   .   About Me   .   Victoria-City Info   .   Buyer Info   .   Seller Info   .  Tools   .  Resources   .  Links  .   Contact

     

    Remax BalloonBROOKE MILLER - RE/MAX Camosun  4440 Chatterton Way, Victoria, BC, Canada, V8X 5J2
    Tel: 250-744-3301   Fax: 250-592-9410   Toll Free: 1-800-663-2121     brookemiller@shaw.ca 

     
    This site was last updated on  Thursday, September 28, 2006
    Web site designed by:
    CONFIG BUSINESS SOLUTIONS
     
    Brooke Miller: All Rights Reserved © 2003