Roz Prince & Joanne West
796 Main Street Dartmouth, NS B2W 3V1 Phone: 1-902-456-6375 Mobile: 1-902-456-6375 Email Roz Prince

Home Buyer's Road Map and other useful Information


Once you click the link below scroll down and you can download the Home Buyers Road Map. There is lots of information provided on our Canadian Real Estate Association (CREA) website for you to browse and/or download. Roz and Joanne are experienced in everything you need to know and do when buying a home. The Homebuyers’ Road Map is a public information toolkit to help homebuyers make informed decisions and planning when choosing a home. Maybe you’re buying a home for the first time. Or maybe you’re selling your old home to move to something new. Whether buying or selling, you’re involved in an intricate process requiring many specialists. 

                                                  http://www.crea.ca/buyers-or-sellers/crea-resources/


Home Buyers Information and Guide



The Consultative Approach


 This guide touches on the basics of buying only. 

Choose your REALTOR® carefully....this will determine what kind of experience you have buying a home. A professional will look after your interests as best they can ensuring you are provided with all kinds of information pertinent to you and your needs.

It is interesting to us that many buyers end up working with an agent they just meet or call without even knowing their knowledge level, their values in terms of integrity and ethics, where do they generally work in terms of area so they know the market, their work ethic and so forth.

We like to meet with a buyer or communicate via email etc. to establish whether we want to work with each other. We do like to consult with you in order to establish what your individual needs/concerns are so we can have a plan that is unique to your situation. This way you get what you want and we know what your expectations are. This is how we establish whether we want to work with each other or not.

It is an organized and consultative approach which rather makes sense when you are talking about what is in most people's cases the biggest investment they will make in their lifetime.

 


Timeline for Buying a Home


If you are a first-time homebuyer, you may be unaware of the process and the amount of time necessary to complete each step from starting out to moving in. This timeline can help you avoid surprises and be prepared. If you have some experience with buying, read on - you may find information that can simplify your next purchase.


Selecting a REALTOR®


Selecting a real estate agent who will represent you in the purchasing of your new home will be one of the most important decisions of your life. This selection process is just as important as selecting any other professional such as your family doctor, dentist or attorney. The individual selected should be working for you, keeping your best interests in mind as well as giving you advice and information which will help you determine the best home for you.  You may want to consider the following criteria for choosing your REALTOR®

 Experience, energy level and attitude

  • Do they know and like their job?
  • How many years have they been in real estate?
  • Have they owned their own home and/or built a home?

Appearance and demeanour

  • Do they look and act professional?

Commitment

  • Are they professionally trained?
  • Do they work full-time in real estate?
  • Do they have the ability and willingness to work around your work schedule?
  • Do they have the ability and willingness to assist you in all aspects of buying a home?
  • Are they able and willing to discuss all costs associated with the sale of your home?

We highly recommend that you buy your home with a real estate agent who has extensive knowledge of the real estate market and house construction details. Like anything in order to master one's craft one has to actually have the practical experience. This is what we have. We  have an amazing level of knowledge about buying and selling having seen tens of thousands of homes in the Dartmouth and surrounding areas of Halifax Regional Municipality over the years let alone dealing with hundreds and hundreds of agents, lawyers,inspectors and all kinds of other professionals through the years.


Our Personal Commitment to You


We promise to...

…consult with you to determine your particular need in a home; to explain the buying process, and to provide you with pertinent purchasing information.

…educate you about the financial market, new loan programs, and up-to date market information, so we can establish your price range and loan preferences accurately

.…recommend experienced mortgage specialists and other professionals such as building inspectors and lawyers, who will assist you.

…research and follow up on any homes, signs, or ads you may see, thus saving you time and assuring you that only homes matching your needs will be shown to you.

…act as a reference source to help you find school information, utilities, and so forth.

…communicate with you on a regular basis and gather information as requested.

…provide sold information in regards to the home you are offering on so you are familiar with prices in that area.

…present and negotiate your agreement of sale in professional and skilful manner.

…follow up on your transaction during the processing stage to ensure that timelines are followed.

...attend the pre-closing inspection with you.

Our goal is to create such a strong real estate relationship with you so that you refer us to your friends, family and business associates. We want to be your chosen real estate professionals for life!


Market Conditions


Buyers Market

The supply of homes on the market exceeds demand or number of buyers.

Characteristics : High inventory of homes; fewer buyers than available homes; homes stay on the market longer; prices stabilize or drop.

Sellers Market

The number of buyers wanting homes exceeds the supply or number of homes on the market.

Characteristics : Minimal inventory of homes; many buyers; homes sell quickly; prices usually increase.

Balanced Market

The number of homes on the market is equal to the demand or number of buyers.

Characteristics : Demand equals supply; sellers accept reasonable offers; houses sell within reasonable time periods; prices are generally stable.

An informed real estate agent will give you all the information you need to determine what type of marketplace it is, and how that affects you.


A Negotiating Advantage


Buying a home or investment property requires good knowledge of market conditions as well as the ability to judge what is a sound investment. Equally important is being in a position to negotiate realistically when you do decide to make an offer. Roz and Joanne have 30+ years experience with negotiating. This skill is something that is acquired by actually being involved in many transactions! We consider ourselves expert negotiators and work in the best interests of our clients not ourselves. Why do we work in your best interests? Because we want you to refer or recommend us to others as this is the lifeline of our business and the reason we have survived as long as we have in a very complex and competetive industry. 


In Your Best Interest


Homes inspections, water tests, well and septic inspections, etc.

The money you spend on necessary inspections/tests insures your peace of mind. We can give you the names of reputable professionals. We will explain your options if you are not satisfied with the inspections and or test results.

Disclosure of material defects

When a property is listed the seller is usually required to fill in a Property Condition Disclosure Statement (PCDS). Ask me to explain what that is. If you don’t see the form prior to writing your offer to purchase, we would make your final acceptance subject to your approval of this disclosure form.

What comes with the house?

We don’t assume there is any kind of an “understanding” regarding what is included and what isn’t. We always make it clear in your offer to purchase. List the items you expect will be included. These are referred to as “fixtures and chattels”. The sellers will counter-offer if they do not agree.

Time frames

Understanding and coordinating condition dates and other deadlines can be confusing, particularly for first-time homebuyers. We draw a timeline of dates to clarify actions you must take to follow the agreement of purchase and sale.

Pre-closing inspection

It ensures the home is in the same state of repair as when you last saw it and to make sure chattels such as appliances are in working order, as well as be certain fixtures have been left in place. This is your last inspection of the home before your lawyer sends your money to the seller’s lawyer.


Down Payment


A down payment is that amount of money needed upfront in order to buy a home. You can buy a home for as little as 0% down, but remember the larger the down payment the more likely you will receive a lower interest rate and of course the easier any other expenses will be to manage. Part of your down payment will be used as a deposit once you’re ready to put an offer on property, so remember to keep some of it available in easily accessible funds.

You may be able to use your RRSPs towards your down payment.

Registered Retirement Savings Plans are a good way to secure your financial future while enjoying tax benefits today. You may also be able to use your RRSP savings toward the purchase of a home. If you are a first time home buyer, or haven’t owned a home in the previous five calendar years, you may be eligible for the government-approved RRSP Home Buyers Plan.

You and your eligible spouse may withdraw up to $20,000 each from your RRSPs using funds which have been in your RRSPs for at least 90 days. You don’t have to pay income tax on the funds as long as you repay the total amount to your RRSP over the next 15 years. Your payments don’t have to start until the second year after withdrawal. Talk to your mortgage specialist to find out if the RRSP Home Buyers Plan is a viable option for you.


Common Closing Costs


Buying a new home is an exciting prospect. It's easy to get swept up in planning the move, shopping for furniture and countless other preparations. Unfortunately, important details are often overlooked. While most people are well aware of mortgages and down payments, they may not know about other potential closing costs. These include legal fees, mortgage insurance, etc. In some cases, new homeowners are not financially prepared for unanticipated fees and expenditures.


Ensuring a Positive Experience


During the initial phase

Use the consultative approach outlined in this guide

Get information first from a qualified real estate agent.

Choose your real estate agent carefully and they will guide you through the process.

Plan your buying process in advance with your real estate agent.

During your negotiation

Pay attention to market conditions and work with them. “Dream homes” have been lost because buyers failed to understand the supply and demand factors in that particular market.

When making an offer, ensure your deposit is large enough to be considered “in earnest”. This is a strong negotiating tactic.

When making an offer, ensure it is large enough to put you in a favourable negotiating position with the seller.

Always get a copy of what you sign and make sure changes are clear and in writing.

At closing

When you are ready to close and take possession of your home, review your agreement and clarify occupancy dates and times with your real estate agent.

I would be more than pleased to work with you in the purchase of your new home. Email me at rozprince@eastlink.ca or call (902) 456-6375 for a free, no-obligation consultation.