For Buyers:

Here are some tips to make your home buying process easy.

• Get Pre-Qualified: A very simple yet important step. Cranbrook and Kimberley have a number of mortgage broker’s and banks that will tell you how much you can afford.
  

                                     TIP: When you talk to the mortgage specialist they will ask you about your debt’s, what we don’t realize is that any credit cards we have is counted against our credit, even if there is no balance on it. If you have that Canadian Tire or Home Depot card that you have never used, cancel it.

• Know What You Want: It seems obvious, but so many buyers have no idea what they want when they start looking for a home. Having even a couple requirements will help to narrow down the search. Be realistic, if you think something may appeal to you, let me know, I rather spend time with a client showing than having a client with regrets.

                                     TIP: Talk to friends and family about what’s important to them in a home. These opinions may seem trivial, but may lead you to a great feature you haven’t considered.

•  Have funds available: When you write and offer, you will need to give a deposit within a certain time frame from writing the offer. This amount is dependant on various factors but is rarely less than $1000. You will also be advised on having a home inspection performed on the subject propety. This cost is anywhere from $350 to $500.

                                     TIP: The home inspection is not mandatory, but is important. A prudent home inspector will point out problem areas like excess moisture, inadequate insulation in attics, electrical service, etc.

•  Provincial Property Transfer Tax: First time home buyers will sometimes be exempt from this but a lawyer or notary will provide advice. If you are not exempt, the Transfer Tax is 1% on the first $200,000 and 2% on the balance. Eg; $300,000 home = $4000 transfer tax payable on the completion of a purchase.