Vernon BC Real Estate | RE/MAX Realtors | The Open Door Team - Buying A Home

HOT New Listings!

The Open Door Team — Thu, 25 Apr 2013 20:30:49 +0000

To help you with your home search we have provided below some MLS® reports of NEW listings for Single Family Homes and Strata Properties (condo's and townhomes) for sale in the Vernon BC area over the last week. For more information or to view ANY of these properties please email or call us at 250-503-3461.

Click on the links below to view the weekly reports:

Weekly Update of North Okanagan Single Family Home NEW Listings on the MLS® (pdf)

Weekly Update of North Okanagan Single Family Home on Acreage NEW Listings on the MLS® (pdf)

Weekly Update of North Okanagan Strata Property NEW Listings on the MLS® (pdf)

These reports are updated once a week on Fridays.

We would be happy to set you up with a daily, weekly or monthly automated email update of all new listings (complete with pictures) of MLS® properties that come onto the market which match YOUR specific home buying criteria (for example: specific neighbourhood(s), price range, number of bedrooms, bathrooms, fireplace, pool).

If you would like to receive your own fully customized update of new listings right to your email "in-box" please call our direct line 250-503-3461, or sign-up here. We look forward to helping you!

Buying A Home: Where Should You Purchase?

The Open Door Team — Tue, 27 Nov 2012 22:41:11 +0000

Having decided what kind of home you would like and how much you can afford, it is time to consider where you want to live. When buying a home, the neighbourhood you select will not only play a pivotal role in your family's life but will also affect the resale value of the property.

It is important that you consider the needs of all the people your home must shelter and what effect their daily activities will have on your desire for a certain size or location, both now and in the future. The distance from your new home to schools, churches and shopping, for example, will not only affect how you and your family settle into your new home it will also draw or turn off a future prospective buyer. Thinking about some of the following factors will help you determine where and what you should purchase.

Buying A Home: What Can You Afford?

The Open Door Team — Thu, 13 Sep 2012 19:35:38 +0000

Before you start looking for a home, it is important to be aware of how much you can afford to pay. This will save you time and stress by making sure that you start by only looking at homes within your predetermined price range.

You will need to not only plan for the actual purchase of your home, but also for the ongoing expenses related to home ownership such as heating, property taxes, home maintenance and renovation. There are 2 simple guidlines that can help you figure out how much you can realistically pay for a home.

Affordability Rule 1

The first general rule is that your monthly housing costs shouldn't be more than 32% of your gross monthly income (before deductions). This includes your monthly mortgage payments (principal and interest), property taxes, hydro and heating expenses.

Save Money On Upgrading Your Home

The Open Door Team — Thu, 19 Jul 2012 23:55:11 +0000

Whether you're looking at purchasing a home, or making improvements to your existing home, here's some information on how to save money on upgrading your home’s energy efficiency and receive thousands back in rebates! Until March 31, 2013 LiveSmart BC incentives will offer over $7000 in rebates for individual households.

The program, provided by BC Hydro, FortisBC and the Province of BC, helps homeowners reap the benefits of rebate savings now and reduce energy use in the future. There are three easy steps to participate in the program and save:

Choose a service organization to conduct the pre-retrofit home energy assessment.
Make the energy efficiency improvements to the home.
Complete a follow-up (post-retrofit) energy assessment with a Certified Energy Advisor by March 31, 2013.

Buying A Home: Moving From HST Towards PST

The Open Door Team — Thu, 14 Jun 2012 17:30:01 +0000

Following the February announcement of transitional rules, in May British Columbia Minister of Finance, Kevin Falcon, introduced legislation to implement the Provincial Sales Tax (PST) and relief measures for the new housing market.

Bill 45: Income Tax Amendment Act, 2012 – Provides for the BC First-Time New Home Buyers’ Bonus, a one-time refundable income tax credit (to a maximum of $10,000) for first-time homebuyers who purchase newly-constructed homes. More information, including application forms, is available online.
Bill 54: Provincial Sales Tax Act – Reinstates the PST, as of April 1, 2013, essentially as it was before implementation of the Harmonized Sales Tax (HST), though the language of the new legislation is more straightforward and some administrative improvements are evident. Most exemptions will be included in regulations, which are expected in fall 2012.

Buying A Home: A Phased Developer Must Contribute To Common Facilities

The Open Door Team — Thu, 17 May 2012 23:07:41 +0000

In a phased strata project the developer must contribute to the cost of common facilities until the final phase is deposited. The British Columbia Court of Appeal's recent decision in Strata Plan NES 97 v. Timberline Developments Ltd. is a good illustration.¹ In that case, a strata corporation in Fernie successfully sued the developer for roughly four years worth of unpaid contributions to certain expenses.

By developing in phases, a developer can add strata lots and common property over time. The Strata Property Act (Act) defines a common facility as a "major facility in a phased strata plan, including a laundry room, playground, swimming pool, recreation centre, clubhouse or tennis court, if the facility is available for the use of the owners."² Pending the filing of the last phase, Section 227 of the Act requires the developer to share the expense of common facilities with the strata corporation. Subject to the regulations, this is the formula for sharing expenses:

BC First-Time New Home Buyers’ Bonus

The Open Door Team — Fri, 02 Mar 2012 19:17:21 +0000

On February 21, 2012 BC Minister of Finance, Kevin Falcon, announced the BC First-Time New Home Buyers’ Bonus as part of the 2012 budget. The bonus will be a temporary one-time refundable income tax credit for first-time home buyers who purchase a newly constructed home, up to a maximum credit of $10,000.

ELIGIBLE HOMES:

An eligible "new home" includes newly constructed and substantially renovated homes that are purchased from a builder or are owner-built.

The bonus will be available in respect of new homes purchased from a builder where:

A written agreement of purchase and sale is entered into on or after February 21, 2012;
HST is payable on the home (e.g., HST will generally be payable if ownership or possession of the home transfers before April 1, 2013 (see further details below); and
No one else has claimed a bonus in respect of the home.

The bonus will be available in respect of owner-built homes where:

Buying A Home: What Are Your Choices?

The Open Door Team — Thu, 05 Jan 2012 18:13:47 +0000

A number of different housing styles and types of ownership are available. Your individual requirements and income level will govern which is most suitable for you at the present time.

Single Family, Detached Home - has no common walls with any other residential structure and rests on it's own land with front, rear and side yards. It may be any size from a small, one-storey bungalow to a huge mansion.
Semi-Detached Home - is two single family dwellings joined together by a common middle wall. It is sometimes called a "side-by-side" duplex.
Duplex - is two separate dwellings which are attached either side by side (a semi-detached home) or one unit above another. This may sometimes be a strata titled property (see below).
Townhouse - in British Columbia this term is used to describe one of a group of dwellings (usually 2 storey) joined together by common walls, each with it's own entrance from the outside.

Buying A Home: Making The Decision To Purchase

The Open Door Team — Fri, 04 Nov 2011 00:37:26 +0000

Purchasing a home is probably one of the biggest financial investments you'll ever make. You'll not only have to live with your decision, but also live in it, so you don't want to make any costly mistakes! Before you start looking for a home, it pays to organize yourself by considering a few basic questions:

What are my housing needs?
What are my choices?
What can I afford to spend?
Where should I purchase?
What's the most efficient way to search for a home?
What services should I expect from my REALTOR®?
What questions should I ask?
How do I make an offer on a home?
Do I need a home inspection?
Do I need legal assistance to complete the purchase?
What do I need to organize for moving day?