FOR BUYERS

LET’S FIND YOUR DREAM HOME.

DECIDING TO BUY

So you’re thinking about buying a property?
Fantastic! It may be your first, or perhaps your fifth, but no matter how many times you’ve been through the process, one thing remains the same: It’s a big job, involving a great deal of effort, time, and of course, money.

The best approach to buying property is to be informed. This guide will help you answer those basic questions, outline what to expect in the key steps ahead, and boost your confidence in finding the right property for you.

Every buyer has unique needs but the questions they ask are very similar:

• How do I know how much I can afford?
• Do I need an agent or should I go it alone?
• What’s the best area to buy in?
• How do I negotiate the best possible price?

PREPARING TO BUY

Logically, the first step to finding the right home is to determine what you’re actually looking for. There are a lot of homes on the market at any one time, and looking at them all is not the best way to spend your time.

To make your home search more efficient, ask yourself these three focus questions:

  • This is your first decision. What neighbourhoods do you want to consider? Do you prefer to be South or North of Whistler Village. Or if you are looking in Pemberton, do you want to be in walking distance of town centre, or would you prefer to up the Pemberton Meadows? Is it important to be close to work or a certain school?

  • What style of home is best for you? It could be a single family home, a townhome, a condo, or maybe you want to build a home on a vacant piece of land?

  • What are the most important features for you in a home? A rental suite? A garage? A pool or a fireplace? How many bathrooms? Bedrooms? Do you have family members with special needs? What do you absolutely not want in a home?

GET PRE-APPROVED FOR A MORTGAGE

When it comes to buying a home, getting pre-approved for a mortgage is a very important step. Not only does it help you understand exactly how much you can afford to spend on a home, but it often allows you to lock in an interest rate for a period of time which could potentially save you thousands of dollars for years to come.

Here are 4 simple steps to a mortgage pre-approval:

  • Whether it’s your bank mortgage specialist or an independent mortgage broker — talk to someone with expertise who can help you compare rates and terms as there are hundreds of options to choose from.

  • There are many factors that go into determining your eligibility for a mortgage. Two of the primary practices are calculating your GDS (Gross Debt Service) and TDS (Total Debt Service) ratios. These factors determine how much you can comfortably afford to spend based on your down payment, income and other financial obligations.

  • Your bank or mortgage professional will require documentation to support your application such as income and down payment verification to finalize the pre-approval process.

  • This is a powerful negotiating tool. It’s extremely frustrating for sellers to lose a sale because of financing. A pre-approved buyer means sellers have one less thing to worry about. Even though many offers are conditional on financing, the seller of your dream home will see you as a more attractive buyer when they know you are pre-approved.

Agent or No Agent?

Most buyers today work with a real estate agent rather than go at it alone for many reasons. In most cases, your home is your most valuable asset, and it makes sense to use a professional.

I will provide you with key market insights, sound advice and save you endless hours of time and money — all while helping you reduce the stress of a large purchase so you can truly enjoy the experience of buying your dream home.

Top 5 Reasons Why Most Homebuyers Choose to Work with a Real Estate Professional:

  • In almost all cases, commission is paid by the seller so having an agent working for you is essentially free

  • If you’re like most buyers, you want to know, with certainty, that you are paying a fair price. Quite often, sellers overprice their homes to “see what happens.” I will educate you on the price of current competitive properties as well as similar homes that have been recently sold to help you make an informed decision on how much to offer for your dream home.

  • In any transaction, it’s important to understand that the seller’s agent is bound by contract to work in the best interests of his/her sellers. As a buyer, you also need representation (an agent), someone to work exclusively in your best interests. Engaging the services of a real estate professional to assist you in the home buying process means you now have someone to work solely in your best interests to provide you with:
    • Confidential advice that addresses your needs first.
    • Loyal and diligent “full disclosure” care, FREE from any conflicts of interest.
    • Access to all listings including MLS®, bank-owned properties, distress and estate sales, even homes that were previously on the market where the seller might still be interested in selling.
    • Expert advice on useful clauses such as home inspections and financing to protect you fully.
    • Expert negotiation of the offer to purchase, to achieve the best possible price and terms.
    • Expert advice on market value, inclusions, location, as well as help you decide when you should walk away.
    • Discovery and disclosure of all information about the property including liens, warranties, disclosures, seller’s purchase price, market and planning activity in the area.

  • Negotiating requires expertise and skill, period. I am a masterful communicator with expert negotiating skills. My job is to help you decide what to offer, what to include, what to give up and most importantly, when to walk away if reasonable terms cannot be reached.

  • Ensuring the i’s are dotted and t’s are crossed and that no balls are dropped from start to finish (and after) is a heavy load off any buyer’s plate. From the moment of engagement, I will ensure smooth sailing and guide you effortlessly through any obstacles along the way.

TIME TO GO SHOPPING!

  • Now the fun begins! Most searches begin online. In fact over 90% of buyers start their home buying process on the internet. Generally the most comprehensive website for property searches is Realtor.ca, a Canada-wide database of all active properties for sale, also referred to as the MLS® or Multiple Listing Service. In Whistler and Pemberton, the Whistler Listing System is the most comprehensive site to search properties. Whistler has many unique ownership structures like Phase One and Phase Two properties, and the MLS does’t have the search criteria for these properties.

    The Whistler Listing System allows you to narrow your search to a specific area, property type, price range, and key features.

    The internet can be very helpful for you to get a sense of what’s available but keep in mind, it’s not a complete picture of the market or all potential properties available. Working on your behalf, I will do an in-depth needs analysis to find all the properties suitable for you, set up a time to view the properties and guide you through the selection process.

  • 1. Homes in hot markets that haven’t made it online yet. These are desirable homes in great locations, at great prices that often get sold before a property listing is loaded online. With your needs on my radar, I will let you know about suitable properties before they hit the market when possible.

    2. Expired listings or private sales not found on MLS® or the Whistler Listing System. I am on the pulse of all potential homes for sale, listed and unlisted.

    3. Insight and an insider’s edge. I not only has access to more data than what is available online, but I bring expertise and a wealth of knowledge so you can be confident in knowing you have a complete picture of each property you are considering.

  • Step 1: Decide on price, terms and conditions

    I will conduct a Comprehensive Market Analysis (CMA), complete with comparable active and expired listings, recent solds, and other historical data to determine the market value of the home. This is extremely helpful when it comes to negotiating a fair price. You also need to decide on a closing date and if there will be any conditions of the offer such as home inspection, appraisal, reviewing strata documents etc. I will guide you through this..

    Step 2: Prepare the offer

    I will create a legal document (Contract of Purchase and Sale) that protects you, follows your instructions, and matches your schedule and needs. Signing can either be done in person, or through DocuSign, which allows my clients to sign online, without needing to print or scan anything.

    Step 3: Review the offer

    I will explains the details and terms of the offer, and suggests options for specialty clauses so that you know exactly what you are agreeing to.

    Step 4: Present the offer

    I will present and negotiate the offer on your behalf.

    What happens next? One of three things:

    1. The seller accepts your offer. Congratulations!
    2. The seller rejects your offer. This isn’t common, but it can happen and I will work to find out why.
    3. The seller countersigns. Changing the terms of the offer, and presents the offer to back to you. I will continue to negotiate on your behalf to reach agreeable terms. I will also advise you if it’s clear that an agreement cannot be reached and it’s time to walk away.

Condition Removal & Inspection

Okay, you have agreed on the price and terms and now have a firm or a conditional offer in place. If you have conditions, now is the time to start the process of satisfying them in order to meet the deadline and firm up your purchase.  Common conditions are reviewing strata documents, attaining suitable financing, reviewing the title search, and reviewing a rental management agreement or tenancy agreement

For a single family home, you should always have a home inspection as one of your conditions. Home inspections allow you to scrutinize the details of the property and potentially save you from any unpleasant surprises.

  • Choose a qualified professional. A member of an association can reassure you are getting an experienced, knowledgeable professional.  I will recommend a few local home inspectors for you to choose from.

    • Ensure the home inspector checks for visible issues with plumbing, electrical systems, roof, insulation, walls, ceilings, floors and windows, and the condition of the foundation. They can also check that the home’s heating and cooling systems are working properly.

    • Ensure your home inspector gives you a close and personal look at your new property. It takes about three hours to go through all the systems, and if there are any problems, you will see them with your own eyes. They will also give you maintenance tips and easy fix-ups, if necessary.

    • At the end, you will receive a detailed report that summarizes the condition of your home.  This also serves as a prioritized list of home maintenance items for the future. 

Preparing for closing day

Typically you will have anywhere from 30 to 90 days before closing day. The closing date is typically the day before your move-in or “possession” date. I will let you know what day and what time you will be getting the keys to your new property. It is normal that the exchange of money and title be complete before keys are released which could be late in the day.

Remember, this is an exciting time! I will ensure you are well-organised. This will pave the way for a much more enjoyable journey. Here are a few details to take care of before your closing date:

  • You and I will need to provide your lawyer or notary with all the necessary documentation for your purchase. My office will take care of getting all the purchase documents to your lawyer or notary. However, you may need to provide your lawyer with some additional information: insurance, down payment information, adjustment payments, and other signed documents your lawyer may request.

  • Make the necessary arrangements to have these funds available a week prior to closing or when the lawyer has requested funds.

  • Whether you are using professional movers, renting a truck, or getting a bunch of friends together, I will help you plan and organize it early.

  • Arrange for home insurance before closing and request a proof of insurance at your financial institution in advance. Provide your insurance agent with the listing information and details such as age of the house, pool or no pool, type and condition of the roof, condition of the furnace, electrical and type of exterior.ription

  • Contact the local utilities such as BC Hydro and Fortis BC to coordinate the change of billing on closing.  Also set up a new account or transfer your existing phone/internet/television account.

Common costs for buyers

No one likes unexpected bad news—especially the financial kind! Here is a list to help you prepare for the cost of closing, moving, and getting settled into your new home.

  • • Balance of down payment after initial deposit with offer
    • Mortgage loan administration and/or appraisal fees
    • Points or loan discount fees paid to receive a lower interest rate
    • Credit report fees
    • Mortgage insurance premiums
    • Land transfer tax and title registration fees
    • Title insurance policy premiums
    • Survey expense
    • Legal fees and related costs (couriers, photocopies, etc.)
    • Pro-rated amounts for your share of any prepaid costs, such as utility bills and property taxes

    Moving Costs:
    • Packing supplies
    • Movers

    Settling-In Costs:
    • Changing locks
    • Cleaning
    • Painting, minor renovations, and repairs
    • Furniture for additional rooms
    • Lawn care and landscaping