Don’t Miss Out on How to Handle Common Home Buying Pitfalls

Oh the stories I’ve heard and even witnessed with Kamloops Home Buyers, as they search for the perfect place to call home.  

I thought, that what better way to illustrate being ready to buy a home than to present the potential pitfalls that you’ll come up against and how best to handle them. Dodge them at all costs.

So what are these typical, all too common home buying pitfalls?  Do any of these describe what you went through when trying to buy a home? Perhaps you’re a first-time Buyer that wants to avoid any problems now that you’re ready to buy a home.

Don’t be the Buyer who didn’t read this here and missed out on getting educated on what potential pitfalls you can come across when it’s time to buy a home.  If you keep reading, you won’t miss…

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Top 5 Reasons A Mortgage Is Denied After Pre-Approval

Reasons A Mortgage Is Denied After Pre-Approval

One of the most important steps to successfully purchase a home is to get pre-approved for a mortgage before shopping for homes.  The primary reason to get pre-approved for a mortgage before shopping for homes is to ensure you’re looking at homes that are within the price range that you can afford.

Even though a buyer will get pre-approved for a mortgage before shopping for homes doesn’t mean there is a guarantee they will successfully obtain the financing.  Certainly the hope is the if a lender pre-approves a buyer that the buyer will successfully obtain the financing, however, it’s possible a mortgage can get denied even after pre-approval.

A mortgage that gets denied is one of the most common…

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“I Found a Kamloops Home to Buy – How Much Money Do I Offer?”

How much money should I offer for a Kamloops home

Great question! And, a very common question.

You find a home to buy and you wonder, should I offer the full list price, should I come in low or just what should I do?!

Today I’m going to tell you how to crack the code on knowing just how much money you’ll offer the Seller for the home they’re selling. We’ll be analyzing the local Real Estate market where the home resides, how close to perfection is the home you want to buy, what type of Buyer representation do you have and is time on your side, to name a few. Once you understand and recognize these circumstances you’ll be well equipped to be on your way to buying a home in Kamloops or neighboring communities, for that matter! This will affect all…

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A Checklist For First-Time Homebuyers

Once you decide that you’re ready for home ownership, develop a home buying checklist.

The list should be wants and needs to help your realtor find your dream home. Buying a house brings up many questions and ideas of what’s important.

Which Neighborhood?

Choosing a home isn’t just about selecting or building your dream house, it’s also about finding the right neighborhood for you.

Things to consider when choosing your neighborhood:

• Do you want to be in a family neighborhood?
• Do you want to be near a playground?
• Do you want to be close to your child’s school?
• Do you want to bike along the lake?
• Do you want to be close to public transportation?
• Do you want entertainment within reach?
• Do you have easy access to loved…

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To rent or to buy? 8 questions Canadians should ask before taking the plunge

Should you rent or buy?

Conventional wisdom suggests it’s a no-brainer – buying real estate is a worthwhile investment with a high return.

Despite record low interest rates,  the sky high prices and carrying costs are causing many to rethink the allure of home ownership.

When you factor in the costs of repair, maintenance and other expenses associated with owning a home, Toronto-based financial planner Shannon Simmons argues that renting and putting saved money into another investment may earn more in the long run.

If you filled in a  questionnaire asking where you see yourself in 10 years, many would answer “buying/owning a house. Do you really care if you buy a house, but think you should? Lets look at both sides of the argument and…

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Is Your Realtor Trying To "UpSell" You?

High end restaurants train their staff to "up-sell" diners.

 It starts with the designer water.  The server may continue to suggest the higher priced appetizers, entree and wines.  The restaurant and the server make more money if you run up a big tab.  Some top restaurants hold training classes to teach the staff how to recommend the more expensive items.  They seldom recommend the less expensive item if you ask for an opinion.

Car dealers and department stores are also good at upselling consumers.  Buyers worry that Realtors will work the same.  This is one reason buyers are cautious about letting a Realtor know they're looking to buy.  Here are some tips to help you establish and stay with a reasonable budget when buying your home.

Setting…

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Avoid Mistakes When Selecting A Realtor

Common Mistakes In Choosing A Real Estate Agent

You have come to that time in your life when you will be packing your bags and looking for your next housing gig. Part of this process will be picking a great Real Estate agent to work with. Unfortunately choosing the right Realtor is an area where many home sellers can make a mistake that leads to disappointment.

Your Realtor is the most important part of your team when it comes to selling or buying your home. He or she will be the link between your home and the housing market, particularly buyers and their agents. Because your Realtor can mean the difference between a quick and lucrative sale and a sale that is anything but, you should be exercising extreme discretion in your choice or Realtor. Like…

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Kamloops First Time Home Buyers

First-time Home buyer in Kamloops

Making an Informed Investment

If you’re in the market for a new home, take a moment to ask yourself a few key questions about what you should be looking for, how much you can comfortably afford to spend, and whether home ownership is right for you.

How much home can you afford?

• Before you begin shopping for a home, prepare a simple budget, so you can figure out where most of your money is going on a monthly basis. If you aren’t sure how much you’re spending each month, use CMHC’s Household Budget Calculator to take a realistic look at your current expenses.
• When preparing your budget, don’t forget that there are many up-front costs that come with buying a home. This can include a deposit, appraisal…

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Fixed or floating? The great mortgage debate of our time

Fixed or floating?

For those taking on a mortgage or renewing one, it’s a question that can be complicated.

On one hand, interest rates are at historic lows. The Bank of Canada’s benchmark overnight lending rate is at 0.5 per cent. To some borrowers, this might suggest it’s a good time to lock in at a low rate for a long time.

On the other hand, to the surprise of almost no one, the bank suggested that it anticipates no changes. “The near-term outlook remains broadly the same as it did in January,” it said in its most recent rate-setting statement, on March 9. That suggests a floating rate might make sense. The issue becomes more complicated, though, because borrowers likely won’t find much advantage.Compared with times when interest rates were…

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How first-time home-buyers are bridging the gulf between their dreams and reality

Anyone wanting to buy her first home, especially in a big city, sees the gulf between her dreams and reality.

From the Financial post

A so-called starter house in Toronto and Vancouver may cost more than $1 million. In January, the average price of detached homes hit a record high of $1.83 million in the Vancouver region; meanwhile, a tiny fixer-upper in Vancouver’s posh Point Grey neighbourhood sold last month for $2.48 million.

“It’s that white picket fence dream; the dream of owning a home still exists but it needs to be augmented for today’s reality,” says Ryan McKinley, a senior mortgage development manager at Vancity, a Vancouver-based credit union.

“It used to be that you get out of school, get your first job and there you are with your…

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