For most people, buying a home is their single biggest purchase. It is no small feat, yet many will submit an offer on a home without doing their homework and proper planning.
“It does happen that potential buyers are putting in an offer on their dream home when they haven’t been pre-approved for a mortgage,” says Paula Skladan-Roughton, Co-owner, Managing Broker at VP3. “This can lead to many disappointments.”
Laying the groundwork before actively looking is essential.
“You need a solid pre-approval,” says Nik Roughton. Realtor and Co-owner of Value Plus 3% Real Estate Inc. “That includes a look at credit history, up-to-date taxes, employment letters, and T4s. Then sit down with a professional Mortgage Broker.”
The preparation doesn’t end with an adequate down payment and pre-approval.
“It is important to take a good look at your monthly budget,” says Paula. “Just because you qualify for a maximum amount doesn’t mean you should be purchasing a home that hits that maximum.”
It is essential to decide what spending amount fits within your lifestyle.
“Does it make sense? Is it what you are comfortable with,” says Paula. “And don’t forget about the upfront costs. Like doing your due diligence with home inspections before putting in an offer.”
In today’s fast-paced market, most sellers accept offers with no conditions. This means having a home inspection done before submitting an offer. You could be out the expense without having your offer accepted.
Buyers also need to be aware of the Property Transfer Tax in BC. This tax is one per cent of the fair market value up to and including $200,000; two per cent if greater than $200,000 and up to and including $2,000,000; or three per cent if greater than $2,000,000.
By working with a mortgage specialist, buyers will have knowledgeable industry professionals guiding them through the process.
“We have the integrity, effective marketing strategies, and comprehensive knowledge of the North Okanagan,” says Nik. “We work hard for our clients.”
VP3 listings cover the North Okanagan, including Armstrong, Coldstream, Enderby, Lumby, Falkland, and the Westside. In addition to homes you would expect, VP3 has luxury homes for consideration. Whether clients want a waterfront paradise, secluded private estate, or scenic retirement retreat, VP3 makes sure clients find the right home for their ideal lifestyle.
VP3 is a full-service real estate brokerage offering a tailor-made experience for clients. With a combined experience of 150+ years, their professional Realtors provide above and beyond expertise.
For more information on pre-approved mortgages visit: www.askdawn.ca – Dawn Stephanishin – Invis.
VP3 is located at #102 – 4313 27th St., Vernon, BC.