Buying a home is the single biggest purchase most people will make in their life. Finding the right home, in the right neighborhood, for the right price all comes down to working with the right REALTOR® you can trust for a stress-free transaction. With my professionalism, knowledge, and strategic approach to real estate, I can help you find your dream home and make it yours with satisfaction.

One of my top priorities is to protect my clients’ best interests, knowing that they have entrusted me as their REATLOR® for making a very significant investment decision. I approach my work with transparency and honesty. I share relevant information, both positive and negative, with my clients and guide them through the process for informed decisions. As a licensed REALTOR®, I work collaboratively with my clients as a team every step of the way, and hold myself accountable for the highest professional standards, work ethics, and integrity. I also have an extensive network of home inspectors, contractors, renovation professionals, mortgage brokers, photographers, videographers, social media strategists, marketers, lawyers, and other professionals.

Check out my bio to find out more about me, and read my clients’ testimonials to find out how happy they are with my REALTOR® services.

No one wants to move very often unless it is necessary. Your housing needs will change with time according to your life stage and family needs. For example, a newly married couple's housing needs is different from a couple with young children. In order for me to find you the right home, in the right neighborhood for the right price, and for you to decide if I am the right REALTOR for you, there will be a lot of talking and listening in the first meeting.

I will spend a lot of time listening to understand your family’s housing needs, your life stage, your neighborhood of choice, property features that are important to you, your budget, and your timeline. I will also tell you more about my realty service and experience, what to be expected during the buying process, and things you need to do when preparing to purchase a home, e.g. getting a mortgage pre-approval.

Three lower mainland real estate boards in Greater Vancouver, Fraser Valley, and Chilliwack regions have implemented a ‘Disclosure of Multiple Offers Presented Form’ to bring more transparency to the bidding wars since July 2023. This form provides a record of the number of offers received. However, it won’t include the amount offered or any conditions that came with it. The selling Realtor and homeowner are required to sign this form and share it with all prospective buyers who submit an offer within 24 hours after the seller accepts it. Since there is already a legislated requirement of a 3-day rescission period that allows successful bidders to withdraw their offers, this new disclosure process aims to bring further transparency to protect home buyers.

Source: https://globalnews.ca/news/9815582/real-estate-bids-disclosure-multiple-offer/

A down payment is the amount of money you put towards purchasing a home, and your mortgage loan will cover the remaining cost. The minimum amount for a down payment depends on the purchase price of the home, and here are the three main categories:

- for $500,000 or less, it is 5%;

- for $500,000 to $999,999, it is 5% of the first $500,000 and 10% for the remaining portion

- for $1 million or more, it is 20% of the purchase price.

If your down payment is less than 20% of your home's price, you must purchase mortgage loan insurance. If you’re self-employed or have a poor credit history, your lender may require a larger down payment.

Reference:

'How much you need for a down payment' by Government of Canada

It is crucial to seek mortgage pre-approval if you need financing for a new home. Getting a pre-approval helps you find out your borrowing capacity based on your current financial profile so that you have a better idea of your total budget when looking for a home. It will also increase your competitiveness in multiple offer situations. As it takes time to secure a mortgage, you should start the pre-approval process at the beginning of your home-purchasing journey, and don’t wait until the moment you are ready to put in an offer.

Lenders have strict lending rules and institutional policies to follow when assessing how much a person can borrow and under what specific terms. As there could be variations among lenders, you should always talk to more than one lender to find out the best mortgage rates and terms for your financing need. If a lender rejects your mortgage application, there could be another lender willing to give you a mortgage loan.

Bear in mind that if you are self-employed or have a poor credit history, your lender may require a larger down payment and mortgage loan insurance. Check out the next FAQ to find out what is mortgage loan insurance.

Reference:

'How much you need for a down payment' by Government of Canada

Mortgage loan insurance, also known as mortgage default insurance, protects the mortgage lender if you can’t make your mortgage payments, so it doesn’t protect you. If your down payment is less than 20% of the purchase home price, you must buy mortgage loan insurance. Bear in mind that a mortgage loan isn’t available if home's purchase price is $1 million or more. Mortgage loan insurance premiums typically range from 0.6% to 4.5% of the amount of your mortgage. Talk to a lender to find out more about mortgage loan insurance. Checkout information from the Canada Mortgage and Housing Corporation (link is below).

References:

'Mortgage loan insurance and premiums' by Canada Mortgage and Housing Corporation

The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.

Check out this government's webpage for more information: 'First-Time Home Buyer Program' by the Province of British Columbia

Subjects conditions are clauses that are listed on the offer for a particular property, and they must be met before closing a deal. Common subject conditions include home inspection, financing, approval of Property Disclosure Statement, Title search, and Strata documents, etc. These subject conditions are requested by buyer and accepted by seller during the negotiation of an offer, and are meant to protect buyers to ensure that they are able to close a deal (e.g. arrange financing), and have enough time to do their due diligence before making the final decision.

The subject removal period is typically within seven business days but could be longer. If subject conditions are not met, such as buyers are unable to secure financing or unsatisfied with a home inspection result, the deal will collapse to end the offer. If subject conditions are met, the buyer will remove subjects to make the offer a firm deal. The buyer will then make a deposit to the seller, usually within 24 hours upon subject removal, to solidify the deal. This deposit then becomes part of the sales proceeds.

B.C. has announced a mandatory three-day period to allow homebuyers time to arrange an inspection and take other important steps like securing financing in the province's high-pressure real estate market. This new law aims at providing people with peace of mind as unconditional offers are common and could later end up costing buyers thousands of dollars in repairs.

Effective January 1, 2023, buyers have 3 days to back out of their offer with a rescission fee of 0.25% of the purchase price to the seller, or $250 for every $100,000. Buyers will still be able to make offers conditional on home inspections or financing at any time,

Source: https://www.cbc.ca/news/canada/british-columbia/bc-real-estate-colling-period-1.6527837

It is strongly recommended that buyers include a home inspection as a subject condition in an offer to ensure the property is in good condition before closing a deal. A standard inspection includes exterior and structural components of the home, insulation and ventilation throughout the home, condition of interior walls, floors and ceiling, status of the roof, plumbing and electrical, and heating and air conditioning systems, etc.

There are different fees associated with the home buying process in addition to the home purchasing price, including but not limited to property transfer tax, property inspection, tax for foreign buyers (if applicable), appraisal fee, legal fee, and loan application fee for financing.

The path up the property ladder is different for everyone, and whether to buy or sell first depends on your unique circumstances. However, the process becomes trickier when buying and selling at the same time. It involves extensive research and a clear understanding of all the steps involved, especially if you have a mortgage in place. Each situation is unique. Here are some things to consider before making a move:

𝙎𝙝𝙤𝙪𝙡𝙙 𝙄 𝙨𝙚𝙡𝙡 𝙛𝙞𝙧𝙨𝙩?

The upside of selling first is that you will know how much money you have to work with, and it’s also easier to get new financing when you need it. However, if there are delays or challenges finding the right new home for you, you may incur additional rent and storage costs in the interim. The ability to port or transfer your existing mortgage to the new property that you purchase comes with a limited time frame (usually 90 days). In other words, the closing date of the existing property must be within 90 days of the closing date of the new property.

𝙎𝙝𝙤𝙪𝙡𝙙 𝙄 𝙗𝙪𝙮 𝙛𝙞𝙧𝙨𝙩?

In this case, you will have time to plan your move and get your current home ready to sell. However, closing dates on both the purchase and sale may not line up, and if your home doesn’t sell for a while, you’ll be stuck with two mortgages, the burden of two mortgage payments, and unable to port the mortgage to the new property.

Source:

https://vancouversun.com/homes/westcoast-homes-and-design/moving-on-up-should-you-buy-or-sell-first