Buying

Thinking of buying

Buying real estate is one of the most important transactions of your life. Whether you are buying your first home, moving, downsizing, or selecting an investment property, Ronald Klarenbeek has a vast and specific knowledge of the Fraser Valley market, be it condominiums townhouses or single detached property listings throughout the Lower Mainland, BC. Buying process

FAQ

How much can I afford?

If you are not sure what you can afford to spend or finance you should consult your bank, professional or independent mortgage broker. A good lender will help you understand your own finances and range of options as well as debt and payment thresholds. It’s also important to consider real estate taxes, closing fees and moving costs.

How do I write an offer? What price do I go in at?

I can advise you at every stage of negotiation. I will guide you through this process and explain all relevant market variables. I will ensure that you are well informed, comfortable and confident during the entire process.

They accepted my offer, now what?

Once your offer has been accepted by a seller, it is time to complete your paperwork and make sure that all of the conditions pertaining to the contract of purchase and sale can be met. You will need to contact your mortgage broker or bank to finalize payment and financing in a timely manner. You must also contact the lawyer or notary public who will act on your behalf to finalize the property paperwork and transaction. I will assist you throughout this process and answer any questions you might have.

When do I get my key to move in?

You will receive your key on possession day as stipulated in your agreement for sale. I will gather up all the keys from the seller and will arrange to meet you at your new house or another specific location.

When do I need to purchase home insurance?

The policy for home or content insurance should be effective on completion day, so be sure to give your Insurance Provider the exact date. Please see Referrals

Do I need a lawyer or notary now?

Once the offer is firm, it’s best to set up an initial appointment with a lawyer or notary as soon as possible. Please see Referrals / buyer completion guide.

What happens if I need to sell my current house first?

You can still make an offer on a new home. I can write a condition in the contract of purchase and sale that allows you to sell your current home before completing the purchase of your new home.

Do I need to get a home inspection before purchasing?

While it is certainly not mandatory, it is highly recommended to hire a home inspector when you purchase a home. My personal recommendation would be to hire the specific trade or trades that pertain to each area of inspection to come in and do the inspection. For more details and explanation of this please call me personally...

What if I’m an international buyer?

If you live in Canada for less than six months a year you are considered a non-resident, but you can still open a bank account and buy property. If you live in Canada for more than six months a year you must apply for landed immigrant status or apply for citizenship. BC has no restrictions on foreign ownership of real estate in Canada. Please see buyer completion guide

What if I’m a first time buyer?

The best thing you can do as a first time buyer is to educate yourself on the buying process even before you start looking. This will make the experience more enjoyable and less stressful for you.

There is a great deal of information available online, as you will discover. Talk to friends and family to benefit from their experiences too . Ronald Klarenbeek will be able to walk you through the first time buyer’s process and I also offer tours of homes for sale, a great way to introduce yourself to the active real estate market.

What is presale buying?

A presale occurs when homes are offered for sale prior to completion. Buyers purchase the rights to a property before or during the project’s construction. The transaction usually involves a buyer and a developer entering into a purchase agreement, pending completion of the transaction at a future date when the home is ready for occupancy. In most cases a presale purchase agreement requires payment of only 15-25% of the purchase price, with the remainder due when the property is completed.

Can I go to a presentation centre or an open house with or without my real estate agent?

It is recommend that if you are working with a real estate agent that you bring them along with you when you go to any showings. If you do, however, decide to go a presentation centre or open house alone, be sure to let the selling real estate agent know that you represented and have someone in your corner and working with a real estate agent.

What is an assignment?

An assignment is a means by which to resell a presale property such as a townhouse or condominium, during the construction stage. When the original purchaser or buyer sells and/or transfers all the rights and obligations of the original contract between themselves and the Vendor/seller to another party, before the official completion date for the property, this is called an assignment sale. In an assignment sale you are only purchasing or selling the contractual rights to a property, not the physical property itself, and all its rights and obligations, until the unit is complete.

What is involved in renting my investment? Do I need to hire a Property Manager?

There are many things to consider when renting out an investment property:

Determine an appropriate rent to charge.

Collect research on comparable units in your area.

As a landlord, you are responsible for ensuring the property meets health, safety and housing standards. The tenant must maintain reasonable health, cleanliness and sanitary standards throughout the rental unit or site and property. If you decide to hire aproperty manager they can assist you in finding a tenant, collecting rent and fixing any minor tenant problems. They remove a lot of the stress that may come with renting a home, and they generally charge a minimal percentage for their service.

As a landlord, what am I responsible to pay for?

As an owner/landlord you are responsible for paying the monthly strata fee and any special assessments on your condo. You will also need to arrange and pay for home insurance. Standard maintenance and repair of appliances and wear and tear damage is also the responsibility of the landlord. If renting a furnished apartment you are typically also responsible for handling cable, hydro and basic phone costs.

What are the tenants responsible to pay for?

Tenants must put up a damage deposit and/or pet deposit and pay their rent (usually monthly) in a timely manner. They also must pay for their own home content insurance and any damage to the units caused by the tenant and guests of the tenant (with the exception of normal wear and tear.) Contact the Tenancy Board for more information. The Canadian Mortgage and Housing Corporation (CMHC) also has detailed information available for landlords and renters on their website. Tenants must put up a damage deposit and/or pet deposit and pay their rent (usually monthly) in a timely manner. They also must pay for their own home content insurance and any damage to the units caused by the tenant and guests of the tenant (with the exception of normal wear and tear. Contact the Tenancy Board for more information.

Tip: The Canadian Mortgage and Housing Corporation (CMHC) has detailed information available for landlords and renters on their website.