Buying in the Okanagan
"Simplified Guide to Buying and Selling real estate"
Do you want to get into real estate but aren’t sure where to begin? I’ve created a helpful guide to simplify buying and selling and provide a solid understanding of real estate processes. The information provided here is a brief summary of what is included in the guide. Click the link at the bottom of the page to download your very own copy of my "Simplified Guide to Buying and Selling Real Estate".
Whether you’re a seasoned real estate investor or a first-time buyer this guide is a great roadmap for navigating buying and selling real estate.
If you have any questions or would like to discuss anything in this guide further, please feel free to text, call or email me. You can also check out my social media, including YouTube channel for helpful videos on buying and selling in the beautiful Okanagan.
Buyers
Establish the Team
Building a successful team starts with finding the right real estate agent, a key player in your home-buying journey. Ensure your agent is proactive, regularly updating listings, and actively collaborating with you. Also, consider a mortgage broker and lawyer, leveraging recommendations from your real estate agent.
PRO-TIP
After pre-approval, avoid actions that could impact your credit. Maintain stability to secure your approved amount.
Costs
Buying involves various costs beyond the home price. Consider legal fees, title insurance, home insurance, down payment, deposit, and property transfer tax. Understand exemptions and consult your lawyer for professional advice.
Optional/Additional Costs
Explore home inspections, strata document reviews, and potential taxes. Professional guidance on tax exemptions is crucial. Take time to understand the local communities and narrow down your preferences.
Next Steps
Time to Look
With your team in place and finances organized, start exploring properties. Pay attention to community overviews provided by your agent. Define your preferences—condo, townhouse, single-family, etc. Understand needs versus wants for confident decision-making.
Offer Time
When you find your dream home, involve your agent to craft a solid offer. Negotiate strategically based on market conditions. Flexibility is key in negotiations. Once the offer is accepted, fulfill conditions promptly, and submit your deposit.
Completion
As conditions are met, your offer becomes firm. Submit the deposit, and prepare for ownership transfer. Celebrate on possession day with your real estate agent conducting a walkthrough and handing you the keys to your new home.
This simplified guide ensures you navigate the buying process seamlessly with the support of a dedicated team. If you have any questions or need further assistance, feel free to reach out!
HOME BUYER'S GLOSSARY
AMORTIZATION PERIOD
The number of years it takes to repay the entire amount of the financing based on a set of fixed payments.
APPRASIAL
The process of determining the market value of a property.
CLOSED MortgageS
A mortgage that can not be prepaid or negotiated for a set period of time without penalties.
Closing date
The date on which the new owner takes possession of the property and the sale becomes final.
Collateral
An asset, such as term deposit, Canada Savings Bond, or automobile, that you offer as security for a loan.
Deposit
A sum of money deposited in trust by the purchaser on making an offer to purchase. When the offer is accepted by the vendor (Seller), the deposit is held in trust by the listing real estate broker, lawyer, or notary, until the closing date of sale, at which point it is given to the vendor.
Equity
The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.
MORTGAGE
A mortgage is a loan that uses a piece of real estate as a security. Once the loan is paid-off, the lender provides a discharge for that mortgage.
Term
The period of time the financing agreement covers. The terms available are; 6 month, 1,2,3,4,5,6,7,10 year terms, and the interest rate will be fixed for whatever term one chooses.
Brett Boholij
REALTOR®
(250) 718-3314
thebrettbrealestate@gmail.com
CENTURY 21 Executives Realty Ltd.
3405 27 St., Vernon, BC V1T4W8
(250) 549-2103
INFO & SERVICES
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The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system. The trademarks REALTOR ® , REALTORS ® and the REALTOR ® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. This listing content provided by REALTOR.ca has been licensed by REALTOR® members of The Canadian Real Estate Association. Not intended to solicit properties currently listed for sale or buyers under contract.
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