FIRST-TIME HOME BUYERS TIPS FOR BUSY SPRING MARKET – 2

When making an offer on a home, include subjects (requirements that must be met to proceed with the purchase) and realistic time frames that will allow you to ensure you have financing in place, have the home inspected, and have time to review strata council meeting minutes, if applicable.

When making an offer on a home, include subjects (requirements that must be met to proceed with the purchase) and realistic time frames that will allow you to ensure you have financing in place, have the home inspected, and have time to review strata council meeting minutes, if applicable.

Always have the home inspected by a professional before finalizing the purchase. While sellers are required to disclose any major problems, that doesn’t always happen. Buyer beware!

To find out if you qualify for a First Time Home Buyers’ Tax Exemption, check the Province of British Columbia website.

Don’t lock into a mortgage term for longer than you think you will own your new home. For example, if you plan to own it for 2 years, don’t take out a 5-year mortgage. The penalties for discharging a mortgage early can be quite costly.

If buying into a strata property, it is important to carefully review the last 2 years’ strata council minutes. Ensure you can live with existing rules and bylaws, particularly those related to pets, parking, smoking, and noise.

If you’re buying with a spouse or partner, make sure you understand the considerations around shared ownership and make a decision that will work best for you in the long run. Your Notary can help you with the details.

“Buying your first home is a very exciting personal milestone,” said Kristy Martin, a Notary Public in Victoria. “It’s natural to be more interested in square footage, layout, and location than in conveyancing, insurance, and strata regulations. That’s why it’s so important to work with a legal professional who is qualified and experienced to protect and secure this important purchase.”

“In Vancouver, thanks to lower interest rates and an increase to the exemption limit for the Property Transfer Tax, we saw an increase in first-time home buyers purchasing in April and that trend seems to be continuing this month,” says David Watts, Vancouver Notary Public. “As Notaries, we provide professional legal guidance on the purchase or sale of a home.”

Recent Changes to Real Estate Buying and Selling

In February 2014, the BC Government increased the threshold of the First-Time Home Buyers’ Exemption to $475,000 from $425,000. At the top end, this saves first-time home buyers $7500 by not paying the Property Transfer Tax (PPT).

Media contacts:

Karen Cook                                                                 Brenda Jones
604 551-9074                                                              604-312-1070

karen@cookpublicrelations.com                                brenda_jones@shaw.ca