Top Home Buyer FAQs

These are some of the most frequently asked questions by home buyers – questions that people in the Kamloops area are searching for answers right now! I hope that the responses can give you the answers to your questions..

What are the advantages of buying a home?

Owning a home is a great way to build equity, take control of your living situation, and invest in your family and community. One study found that homeowners also report a higher quality of life. Check out the other findings about the social benefits of home ownership in this info graphic from Pinterest.

How much home can I afford?

A good place to start is to estimate your monthly payments will be around 25% of your gross monthly income. That is a safe number that most lenders feel…

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High real estate costs make having kids in B.C. a ‘luxury’

Home prices in British Columbia are growing rapidly, and more and more having kids is seen by many as a luxury.

Home prices in British Columbia are growing rapidly—particularly in Vancouver, where the average price is almost double that of the national average—and more and more, having kids is seen by many as a luxury rather than a given.

Almost two-thirds of families in this province—65%—say the cost of home ownership has had an impact on their ability to start or expand their families, according to the results of a RateSupermarket.ca poll.

The majority of families across Canada feel the same way, but the national average is nine percentage points lower at 56%.

“While it’s no surprise that kids are hard on the wallet…it is disheartening…

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Baby is Coming! Quickly Sell and Move into Larger Home

It is not uncommon for a young couple to purchase what is known as a "starter home". One that is just the right size for the two of them and priced just within budget to begin a life together with plans to move into a larger home to start a family.

Life moves quickly and some couples can find themselves expecting a bundle of joy before they have planned to look for a larger family friendly home. It can seem like a stressful ordeal to sell a home quickly and move into a new one that is more accommodating before baby arrivals, but it is not impossible.

One option is to get your home in top show worthy condition and list on the traditional market in hopes to sell as soon as possible. You will need to consult an experienced local agent and list at…

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Third of investors unprepared for buying process

Third of investors unprepared for buying process

It is a cardinal sin for investors not to be prepared or knowledgeable about the home buying process, but new figures point out that a third (32 per cent) of first-time investors admit to just that.

The survey, published by the Real Estate Council of Ontario (RECO), also found that 26 per cent of investors wished they had a better grasp of the buying process, 21 per cent wished they had looked at more properties and 14 per cent wished they had a better understanding of the contracts involved.

Other findings include:

• 43 per cent said there were sections of the real estate contract when they bought or sold a home that they did not fully understand.
• 36 per cent mistakenly think that after…

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Why more Canadians are raiding their RRSPs

Why more Canadians are raiding their RRSPs

For the past 22 years, the Home Buyers’ Plan has helped more than 2.5 million Canadians borrow money from their RRSPs to help make the dream of home ownership a reality. However, the $25,000 maximum that can be withdrawn per person doesn’t give prospective homeowners a lot to work with.

The reasoning behind this plan is fairly straightforward. First-time home buyers (or anyone who hasn’t owned his or her primary residence in the past five years), are permitted to take up to $25,000 from their retirement savings without penalty as long as it is paid back within 15 years, which starts two years after the withdrawal occurs.

If you are buying with your spouse or common-law partner, it is possible to withdraw…

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3 things to consider before helping your kids buy a house

3 things to consider before helping your kids buy a house

As prices continue to escalate in many Canadian markets, it’s only natural for parents to want to help their kids buy a home. But there are three things parents should bear in mind before doing so, reports The Globe and Mail.

Ask any Realtor or mortgage broker about home first-time homeowners, and you’re bound to hear stories about parents providing financial assistance.

“The bottom line is that when a first-time home buyer buys a house, the parents more often than not are contributing something to the down payment,” says David Larock, a mortgage broker with Integrated Mortgage Planners.

Some parents are more than happy to help their kids buy that first home. However, there are three good…

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Canadians are big users of hot water

Canadians use an average of 75L of hot water each at home every day—for washing dishes and clothing, cleaning and personal hygiene. For the average family, that adds up!

Water heaters account for 17 percent of the energy consumed in the average Canadian home. That share can vary from 15 to 25 percent depending on the house type, number of inhabitants and their lifestyle habits.

Consumers enjoy greater efficiency and more choices

Manufacturers are making more efficient models of water heaters, due to Canadians’ desire to save energy and money, and to comply with Canada’s Energy Efficiency Regulations.

Canadians can choose from various types of water heaters—storage tank, tankless, combination, solar, and heat pumps—and different energy…

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Kamloops Real Estate Sales - November 2015

The Kamloops and district real estate association have just released the latest statistics for home sales in November.
Aberdeen proved to be the top seller this month with 20 sales. Sahali with 14 sales including 2 sales over the $600,000 mark and Juniper Heights with 11 sales also including 2 over $600,000 scored highest for total value of sales.

Why not have a look at the communities and see what is currently for sale on our KAMLOOPS COMMUNITIES real estate page.

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Understanding Strata Fees

Condo living definitely has its perks. You can take advantage of amazing locations in the heart of urban centres close to public transportation. You can be a part of a community and you don’t have to spend your days doing yard work or home maintenance. But, best of all, you can enjoy convenient amenities like fitness centres, party lounges and pools, all at your doorstep. Sounds great, but how does this affect your bottom line? When purchasing a condo you want to consider your monthly strata fee.

What are strata fees and how are they determined?

Your monthly strata fee is money that’s used by the strata corporation to pay the common expenses of the development. Your individual fee is assessed by taking the total cost of the strata’s expenses and…

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Private mortgage loans - Private Lenders

With a credit score under 600, it is likely that you will be turned down by a bad credit or prime lender and you may have to turn to a private lender. Private lenders provide an option to clients with bruised credit. Since it is a fast financing option with a higher risk to the lender, interest rates are almost always higher.

Most borrowers – real estate investors included – think of private lenders as a last-resort option if they can’t secure financing anywhere else. But private funds are gaining traction as a financing option due to the new mortgage rules set by the federal government and the continued post-crisis caution being exercised by institutional lenders. Private lenders have realized that conservative lending guidelines used by banks and…

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