Jan 30
Is this the year you stop paying rent and start paying yourself? If you’re considering buying your first home in 2012, you should make sure that you join me on February 15th (Langford) or February 16th (Sooke) for a free and informative interactive seminar – Buying Your First Home. Read more
Here’s a question from a reader of the blog:
New homes in British Columbia are subject to the HST of 12%. However, to lessen the impact, there is also a rebate from the Provincial government on a sliding scale, depending on the price of the house. The impact is that you never pay 12% HST on the purchase of your new home. Embedded below is a spreadsheet of the actual amount payable.
I think it should be a rule that REALTORS® have to complete one real estate transaction of their own every five years at a minimum. This would help put things in perspective and make us better agents. Having just completed a transaction for me and my family, I can certainly relate to the stress, anxiety, and sometimes, sleepless nights that a buyer experiences. I had purchased a home before, but it was 7 years ago. When we do many transactions each year for different clients, they tend to become routine (in most cases) and we can lose sight of the client experience. As much as we all think we understand our clients, it is worthwhile to become one every now and then to make sure.
In my experience, I had at least two sleepless nights, and more anxiety than I care to admit, wondering what the hell I was thinking buying a bigger house. I’m a pretty logical, reasonable guy, so this was not an impulse buy in the least. I calculated, re-calculated, extrapolated, and otherwise contemplated this purchase for the past 6 months at least. Once I had found the right house, I triple and quadruple checked my math to make sure I wasn’t committing financial suicide. I think I got a pretty good deal on my house – you’d think an experienced agent would know!
But all that doesn’t matter when those nagging, anxious thoughts creep into your brain late at night! No matter how illogical and frivolous these thoughts are when you really think about them, it can scare the crap out of you and shake your confidence so easily when they run away with your brain.
Everyone feels this way. Talk to your friends and colleagues. Talk to co-workers and your family. Chances are they will have had similar thoughts and feelings when they purchased their homes. And it’s not just the first-time jitters. I talked to another agent friend of mine who has completed five or six transactions in the last 20 years or so, and he still freaks out every time. The key is to work with a team of advisers (mortgage broker, REALTOR®, financial planner, etc.) that you trust. They can help separate the important, key details from the noise of your subconscious mind that is keeping you up at night.
For me, all the anxiety and stress disappeared the morning after the move. Here we were in our ‘forever’ house: me, my wife and our new baby daughter, and a pile of boxes and disarray. And it was perfect.
Were you stressed about your first home purchase? What about your second or third? Did it get any better? When did it pass, and what advice can you offer readers about home-purchase anxiety?
-Tim Ayres – Sooke Real Estate Professional
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Mar 22
House for Sale in Sooke
Ah… springtime… when a young person’s thoughts turn to… buying a home, of course! The spring market is here, and many first-time buyers are taking advantage of record low interest rates and making the jump into their own homes.
How much do you need and how can you save for a down payment? What’s the best type of mortgage for you? What homes are available and what sorts of programs are out there to help a first-time buyer?
How will the upcoming mortgage rule changes affect my affordability? Will the HST spoil my dream of home ownership?
All these questions and more will be answered at a fun, free, interactive seminar I’m putting on next month with two other professionals.
A Certified Financial Planner will talk about how to save for that ever-important down payment, and government programs to assist home buyers. Find out the details of how to borrow from your RRSP tax-free to help you buy a house, and other tricks of the trade.
Robert Boyd, Mortgage Expert with Dominion Lending will present on the various types of mortgages that are available, how to apply, and how to get the best rate possible to save you money. Learn about mortgages and rates, amortization and prepayment and take the mystery out of mortgages
Tim Ayres (that’s me!), REALTOR® with Royal LePage Coast Capital Realty will walk you through the home-buying process – how we search for a home together, showings, offers, negotiation and finally, getting the keys to your new home. Find out what to look for, how to ensure you get what you need, and how having an experienced REALTOR® on your side can help.
When: Tuesday, March 30th, 2010, 7PM.
Where: Investors Group Westshore office, 201 – 630 Goldstream [map] – [street view]
The seminar is free, but we have limited space, so please phone me at 250-885-0512, fill in the form below or visit TimAyres.ca/seminars for more information.
-Tim Ayres – Sooke Real Estate Professional
Your comments are welcomed and encouraged!
Just use the form or link below this post.
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or subscribe to this blog for free updates using the big buttons on the sidebar!
House for Sale in Sooke
Is 2010 the year you decide to stop paying rent and invest in your future in the form of your very own home? How much do you need and how can you save for a down payment? What’s the best type of mortgage for you? What homes are available and what sorts of programs are out there to help a first-time buyer?
All these questions and more will be answered at a fun, free, interactive seminar I’m putting on next month with two other professionals.
A Certified Financial Planner will talk about how to save for that ever-important down payment, and government programs to assist home buyers. Find out the details of how to borrow from your RRSP tax-free to help you buy a house, and other tricks of the trade.
Robert Boyd, Mortgage Expert with Dominion Lending will present on the various types of mortgages that are available, how to apply, and how to get the best rate possible to save you money. Learn about mortgages and rates, amortization and prepayment and take the mystery out of mortgages
Tim Ayres (that’s me!), REALTOR® with Royal LePage Coast Capital Realty will walk you through the home-buying process – how we search for a home together, showings, offers, negotiation and finally, getting the keys to your new home. Find out what to look for, how to ensure you get what you need, and how having an experienced REALTOR® on your side can help.
When: February 9th, 2010, 7PM.
Where: Investors Group Westshore office, 201 – 630 Goldstream [map] – [street view]
The seminar is free, but we have limited space, so please phone me at 250-885-0512, fill in the form below or visit TimAyres.ca/seminars for more information.
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-Tim Ayres – Sooke Real Estate Professional
Your comments are welcomed and encouraged!
Just use the form or link below this post.
You can bookmark this post using the button below,
or subscribe to this blog for free updates using the big buttons on the sidebar!
I’ve been working with quite a few first-time buyers in Victoria lately. It’s become somewhat an exercise in frustration, as the homes that are available in their price ranges (typically under $400,000 without a rental suite/apartment, or under $500,000 with one) have been mostly disappointing, sometimes very much so. In one case, in a beat up currently rented place near Mayfair Mall, the smell in the basement was so unbearable, we left through the side door.
You’ll find the odd gem, but then you’ll often be competing with other buyers when it comes time to make an offer. This is very stressful for first time buyers, and often it pushes the price beyond where they’re comfortable.
My solution: move to Sooke. It’s not that far, yet prices are much friendlier, and the selection of homes is greater. Of course it won’t work for everyone – the couple I was out with this evening both work in Victoria, and she’ll be going back to school to UVic, and he often bikes to work, which are both a bit of a trek from Sooke. Plus they really enjoy the in-town lifestyle, so it just won’t work for them to buy in Sooke. Not that they aren’t tempted!
And for good reason. Let’s compare a couple of houses currently on the market:
House for Sale in Victoria
$385,000 – Built in 1948, 3 beds, 1 bath, 950 sqft, 6800 sqft lot in Saanich West. Hard to tell from the pictures, but it looks OK, needing a few updates, and probably a roof too.
House for Sale in Sooke
$379,900 – Built in 2007, 3 beds, 2 baths, 1660 sqft, 7300 sqft lot in Sunriver Estates. Essentially a brand-new home, with garage, warranty, gas fireplace, and all sorts of other modern features, in a new subdivision in Sooke.
Searching Sooke, there are 46 other single family homes on the market under $400,000 – ranging from older homes with suites, to brand new homes yet to be built, to rural acreages. This compares with 20 for sale under $400,000 in Victoria (6) Saanich East (7) and Saanich West (7) – which in total is a larger and more dense geographical area than Sooke.
If you don’t mind the drive to work, or if you happen to be self-employed, you really should check out the value for your dollar in Sooke.
That being said, there are still good houses in the first-time buyer price ranges in Victoria proper, and I know I’m going to find this couple the right home. It just so happens that there are more options in Sooke.
If you’re looking for an experienced, dedicated agent to help you buy or sell a home in Sooke, Langford, Colwood, or Victoria, I’d love an interview! Call me any time at 250-885-0512, email Tim@TimAyres.ca or fill in my contact form.
-Tim Ayres – Sooke Real Estate Professional
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In my continuing series, First-Time-Buyer Fridays, I answer a common question from a first-time buyer. If you have a question to submit, first-time-buyer or experienced investor, put one in the comments below, or fire me an e-mail at Tim@TimAyres.ca.
“Needs TLC”
Q. I made an offer to purchase a house and my inspector found a few problems. How do I know when to walk away?
A. Unfortunately, not all houses are created equal, and you may find that after finally getting an offer accepted on your first home, that the inspection report turns up some issues you missed on your initial viewing of the property. This is normal – it’s the inspector’s job to pick apart the various systems of the home and point out to you everything you’re taking on when you buy the house. The big question is – what is acceptable and what’s too much?
When I bought my home, it was only 11 years old. Everything that I needed to change was merely cosmetic, and if worse came to worse, I could always wait (and suffer through the pastel pink walls and mint-green carpet). But if you’re buying an older home, things like knob-and-tube wiring, a faulty roof, or a cracked or leaking foundation might be a reality and turn your dream home into a nightmare – and this is why an inspection is the best $400 you can spend when you’re shopping for a home.
You should be prepared to replace a few things and make a few changes once you move in, but you’ll probably want a good idea as to how much money this is going to cost. For example, if your inspection report finds that the roof is failing and you’ll soon need to replace it, it’s not hard to get a roofing contractor over for a quick drive-by estimate. It’s another thing altogether if your inspector suspects there may be substandard wiring, cracks in the foundation, or failing stucco or other exterior cladding. These repairs are often much more costly – and sometimes cover up other problems not visible to your inspector. It’s not necessarily the cost of the repairs that is the greatest cause for concern.It’s what you don’t know that can cost the most. If you aren’t comfortable with this, it might be a signal that it’s time to be glad you had an inspection, walk away, and move on to another property.
Your REALTOR® has probably seen lots of similar houses in his or her career and can certainly help counsel you, but you should always get reliable repair estimates from reputable contractors – they are the ones you’ll be writing a cheque to for repairs. The decision to walk away or not has to be your own; you need to be comfortable with any repairs or upgrades that may be necessary when you take ownership of the house.
A smart buyer will also consider if the house will be difficult to sell in a few years’ time if these issues are not looked after when he or she owns the house. The roof might not be leaking now, but the last thing you want is to take a hit on the price of your home because a subsequent buyer doesn’t want to fix the problems you inherited from the previous owner!
As with dating, there are plenty of fish in the sea when it comes to buying houses, and your REALTOR® will help you find the right house. And, also like dating, you’ll probably find that you love that house even more than you did the one you let get away.
I’d love to answer your questions about buying or selling a house. Give me a call at 250-885-0512, e-mail me at Tim@TimAyres.ca or fill in my contact form. Connect with me on Twitter at Twitter.com/TimAyres.
-Tim Ayres – Sooke Real Estate Professional
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Could this be your next home?
I will be co-hosting a series of real estate seminars on Thursday, June 11th at the Juan de Fuca Library, beside the rec centre on the Island Highway. Joining me are Alexis Mills, a mortgage broker, and Jeremy Kimm, a financial planner, for three different perspectives about buying and selling real estate.
We have two seminars planned for the evening. You can attend one or both, depending on your needs.
Your presenters are:
Tim Ayres – Royal LePage Coast Capital Realty: Tim has a unique approach to real estate, and offers sound, impartial advice to all clients, coaching them along every step of the way. Tim’s no-pressure approach makes his clients feel at ease, empowered, and confident in their real estate transactions.
Alexis Mills – Global Mortgage Corp: Alexis is a true professional in the mortgage world, offering her clients outstanding service and the best rates, bar none. Alexis works incredibly hard on every mortgage, ensuring her clients are matched with the best mortgage product in today’s ever-increasingly complex world of mortgage financing.
Jeremy Kimm, CFP, FMA, Financial Consultant, Investors Group Financial Services Inc.: Jeremy has an enthusiastic, yet straight-forward approach to financial services. From life insurance to long-and-short-term investment planning and more, Jeremy’s friendly deameanor and expert knowledge enables his clients to ensure they have the most effective financial plan going forward.
6:45-8:00pm at the Juan De Fuca Library: Upsizing, Downsizing, Investment, and Vacation Properties. Join us for an informative look at moving up or moving down in the Victoria real estate market, purchasing an investment property, and purchasing a vacation property. You’ll learn about buying and selling strategies, mortgage requirements and innovations to help you save, and about the potential tax consequences and how to avoid them.
8:00-9:00pm at the Juan De Fuca Library: Buying Your First Home. First time buyers drive the real estate market in most areas. They allow the move-up buyers to move up and have been instrumental in kick-starting our real estate market in recent months. How can you take advantage of record-low interest rates, falling real estate prices, and government incentives to purchase your first home? What are the steps involved? How can I save a down payment? This very popular seminar has helped many first-time buyers get into their first homes in the past few years.
You can attend both seminars if you wish!
Seminars are free, but space is limited! Please call Tim at 250-885-0512 or fill in the form below to reserve your seat:
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-Tim Ayres – Sooke Real Estate Professional
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Just use the form or link below this post.
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