Ken Stef

Buying or selling a home can be a little confusing. This glossary of some of the most common real estate terms that you are likely to encounter will help you better understand the language of real estate.

There are no perfect homes. Be ready to make compromises and concessions. Know what’s most important to you and ‘give’ on those things that aren’t. Location, location, location – some things don’t change...

Why should you be pre-qualified by a Mortgage Specialist? If you are shopping for a new home, there are many reasons why you should consider getting prequalified for a mortgage. In this economy, interest rates can change at any time. Getting pre-approved will give you a rate hold for up to 120 days! If the rates go up before you purchase, you will get the lower rate. If the rates go down, the lender will do a look back to the day you were pre-qualified and give you the lowest rate in that time period. This is a win-win situation!

New or Resale … You NEED a Buyer’s Agent! Buyers should be aware of their options so they are better able to protect their positions in a transaction. The role of the Realtor has been undergoing tremendous change over the past several years. Prior to 1991, all Realtors worked for the Seller in a Real Estate transaction. A buyer can now choose to retain representation with a Licensed Realtor and receive the same legal relationship that Sellers have received for nearly 100 years.

It’s important to educate yourself about the current market before approaching the purchase of a home. The market will always influence a property’s value, regardless of the state of a home, or its desirability.

Whether seeking solace, activity, schools, churches, or green space, every homebuyer looks for a different combination of attributes in a new community. Choosing a neighbourhood that suits your needs and wants is one of the most important decisions you’ll make in the home-buying process; your choice of environment will affect the way you experience your new home. This is a very personal decision, influenced by countless unique factors coloring your own lives, but you should always keep the following in mind...

There are four important dates in a real estate transaction. They are the Acceptance Date, Subject Removal Date, the Completion Date, and the Possession Date. They can be set a day apart from each other or a year apart, but they must come in the order that you see them in this paragraph.

From Chantel Chapman: There are 11 cost to consider when buying a home. 1. Property Transfer Tax: This tax is payable on the purchase of all real estate property in BC. The amount is based on 1% of the purchase price up to $200k and 2% of any amount above $200k. Most first time home buyers are exempt from this if they meet certain criteria. The main criteria are: a) have never owned a principal residence anywhere: b) max purchase price of $425K. A partial exemption is available for purchases costs $425-$450K...

Budgeting for a new home can be tricky. Not only are there mortgage installments and the down payment to consider, there are a host of other—sometimes unexpected—expenses to add to the equation. The last thing you want is to be caught financially unprepared, blindsided by taxes and other hidden costs on closing day.

There is no set equation to determine how you’ll reach an offer price. Rather, the process involves a range of research and comparison that will vary with each situation. You’ll need to look at sales of comparable properties, and factor in additional data such as the condition of the property, the current market, and seller circumstances. With this information in hand, you will be able to determine a fair price range and, from there, establish the price you’re willing to offer.

The process of buying or selling a house seems to involve a million details. It is important that you educate yourself on as many parts of this process as you can—this knowledge could mean the difference of thousands of dollars in the long-run. The legal issues involved in the process are often particularly intricate, ranging from matters of common knowledge to subtle details that might escape the untrained eye. Any of these issues, if not handled properly, could develop into larger problems.