Prince George Real Estate - Buying a home in Prince George is certainly one of the most rewarding experiences most of us ever have; it's also one of the most challenging.
If you're buying for the first time, the process may seem overwhelming. Even if you've been through it several times, every move is different, and presents new challenges.
One clear advantage of enlisting the help of Dean Birks, an experienced 'Full Time' Prince George real estate agent, is simply that you don't have to "go it alone."
Dean delivers the highest level of real estate service. Let Dean Birks assist you with your search for your Prince George home or condo.
Dean will help you establish what you can afford and help you identify your price range.
-Help you determine your needs and the features you will want to look for in a Prince George home or condo.
-Inform you of current Prince George real estate market conditions as you search for your home or condo.
-Assist you with aspects of your offer to purchase.
-Assist you with details involved in closing the sale.
Every home purchase is a big step, no matter how often you move. It helps to be well informed so you're in a better position to make the right choices.
Making an Offer
When it comes time to make an offer, Dean can provide current market information and will assist you in drafting your offer.
Dean will communicate your offer, sometimes known as an Offer to Purchase*, to the seller, or the seller's representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time. Dean can guide you through this process.
Offer to Purchase: a legal document which specifies the terms and conditions of your offer to purchase the home.
The offer can be Firm or Conditional.
Acceptance of the Offer: your Offer to Purchase will be presented as soon as possible. The seller may accept the offer, reject it, or submit a counter-offer.
The counter-offer may be in reference to the price, the closing date, or any number of variables.
The offers can go back and forth until both parties have agreed or one of you ends the negotiations.
Call Dean to arrange a time to meet and discuss your needs. Ph: 250-612-1709.
Basic costs
Here are some basic calculations you can do that will help you determine exactly how much house you can afford.
1) The Down Payment
If you have a down payment of 25% or more, you may qualify for a conventional mortgage loan which does not require mortgage loan insurance. A minimum down payment of 0% (yes zero) is required for a high ratio mortgage and you'll have to pay to insure the mortgage.
2) Don't forget the Tax
The 5% GST applies to new housing. However, there is a rebate, to a maximum of 2.5%, if your home costs less than $450,000. There is no GST on resale housing unless the home has been substantially renovated, and then the tax is applied as if it were a new home.
In B.C. there is a PPT on all real estate, which is 1% to $200,000 and 2% on the remainder. This is due when you pay your funds to the lawyer.
5) Appraisal Fee
If your loan is not insured, your lender may require a property appraisal at your expense. The cost is between $250 to $350.
6) Property Taxes
Your realtor will provide you with this amount.
7) Survey Fee
Your lender will require an up-to-date survey. If the Seller does not have one, you will have to pay to have one done which is approximately $400 to $450.
8) Property Insurance
This covers the replacement value of the structure of your home and its contents.
9) Service Charges
You'll be charged a fee to hook up new services and utilities.
10) Lawyer's Fees
Lawyers review the Offer to Purchase, search the title, draw up mortgage documents and tend to the closing details. Fee will be approximately $700 to $1100 plus Land Titles disbursements. A Real Estate lawyer will provide you with that.
11) Moving Costs
Moving companies charge between $50-$100 pr hour for a van and 2-3 movers. The rates are higher at month end and in the summer.
12) Condominium Fees
Charged monthly. The property manager will provide you with a Form B, stating the fee.
13) Home Inspection Fee
Approximately $300 to $350.
For more information on Closing Costs and helpful Worksheets, visit Canada Housing & Mortgage Site.
All fees and cost are approximate and may not be applicable due to variations in properties and homes and are not to be taken as fact. Please check with the appropriate professional that specializes in that field.
